Democratic Party "Economic Transformation, Formation of Regulatory Innovation Task Force"... Likely to Promote Service Industry Development Act

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 15th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea is forming a 'Regulatory Innovation Promotion Team.' The purpose is to overcome the economic crisis caused by the novel coronavirus disease (COVID-19) and create a turning point for the development of new industries.

On the 15th, Kim Tae-nyeon, the floor leader of the Democratic Party, stated at the Supreme Council meeting, "The Democratic Party and the government will complete a Korea-style regulatory innovation platform to leap forward as a global leading country," adding, "We will form a Regulatory Innovation Promotion Team for a leading economic transformation." Kim himself will serve as the head, with Cho Seung-rae, the senior deputy floor leader, leading the K-New Deal Task Force (TF), and Yoo Dong-su, vice chairman of the Policy Committee, in charge of the Economic Innovation TF.

They plan to hold the first meeting next week and select innovative bills to be prioritized for processing in the National Assembly next month. Kim emphasized, "We will actively gather opinions from economic organizations and businesspeople to find a path for regulatory innovation that can be felt on the ground."

Since the inauguration of the Moon Jae-in administration, groundwork has been laid by creating regulatory innovation laws and introducing a sandbox system (a system that exempts or postpones existing regulations for a certain period for new products or services), and this year, they intend to proceed with regulatory innovation more broadly and rapidly.

Kim said, "To overcome COVID-19 and support economic rebound and livelihood stabilization, bold regulatory innovation is needed to alleviate burdens on companies and inconveniences to the public in core new industry sectors such as artificial intelligence (AI) and electric vehicles."

The Democratic Party views that legislation for economic democratization and fair economy has been somewhat concluded, and now plans to focus on economic innovation. There remain long-standing tasks such as the Service Industry Development Act, the Corporate Digital Transformation Act, the Industrial Convergence Promotion Act, the Non-face-to-face Small and Medium Venture Business Promotion Act, and K-New Deal projects.

The Service Industry Development Act has not progressed due to controversy over the commercialization of medical services, but it is expected to proceed excluding the medical sector. The Act involves establishing a systematic nurturing system at the government level, including research and development (R&D) investment and professional workforce training, as well as preparing legal grounds for overseas expansion.

This content was produced with the assistance of AI translation services.