Accelerating Regulatory Innovation... Meeting with the Korea Chamber of Commerce and Industry Next Week

[Asia Economy Reporter Jeon Jinyoung]

[Image source=Yonhap News]

The Democratic Party of Korea held a task force meeting on the 20th to discuss regulatory innovation measures and announced that it will accelerate regulatory innovation to enhance corporate vitality. They also decided to hold a policy meeting with the Korea Chamber of Commerce and Industry next week to listen to voices from the field.

Hong Jung-min, the floor spokesperson, said in a briefing after the regulatory innovation task force meeting held at the National Assembly in the morning, "We plan to hold a Korea Chamber of Commerce and Industry meeting and a public-private-government meeting in the fourth week of January, and based on the opinions from the meetings, we will select a major legislative list by sector."

Hong added, "The government requested to confirm and promote detailed tasks in 10 core areas of new industries, corporate burdens, and public inconveniences for major legislative reforms for regulatory innovation," and emphasized, "We will comprehensively organize the legislative tasks for regulatory reform selected by the task force and swiftly push for their passage at the plenary session of the National Assembly scheduled for the 26th of next month."

The innovation areas currently being discussed by the party and government include amendments to five laws related to industrial convergence, regulatory free zones, innovative finance, smart cities, and ICT convergence regulatory sandbox, as well as seven law amendments including the Electric Utility Act necessary to verify the safety and validity of 344 unfinished approval projects under the regulatory sandbox.

Kim Tae-nyeon, the floor leader, stated at the meeting, "We will cut off outdated regulations and practices and support corporate innovation," expressing his intention to accelerate regulatory innovation.

Kim emphasized, "The Democratic Party will select legislative tasks for regulatory innovation and ensure results starting from the February National Assembly session," and added, "We will review legislation proposed by the business community and actively collect voices from the field to implement regulatory innovation that companies can tangibly feel."

He also added, "Next week, we will hold a policy meeting with the Korea Chamber of Commerce and Industry to expand the foundation for innovative growth."

Hong Ik-pyo, the chairman of the Policy Committee, also said at the meeting, "We will boldly eliminate regulations that block new leaps and proactively introduce systems that help new industries."

Hong stated, "The validity period of regulatory sandbox projects is sequentially approaching," and added, "We will thoroughly inspect and frequently judge whether to legislate to ensure that the effects of innovation permeate throughout the industry and respond swiftly."

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