Five Public Institutions in Busan Region Take Steps to Improve Unreasonable Corporate Regulations

On the 7th, officials from various organizations are taking a commemorative photo together at the 'Busan Munhyeon Financial Complex Corporate Growth Response Center Council Launch Ceremony' held in the conference room of Korea Southern Power on the 35th floor of BIFC. Photo by Korea Asset Management Corporation

[Asia Economy Reporter Song Seung-seop] On the 8th, five public institutions in the Busan area announced that they have formed a consultative body to seek ways to improve unreasonable regulations and protect corporate civil complaints.

On the previous day, the five institutions including Korea Technology Finance Corporation, Korea Housing & Urban Guarantee Corporation, Korea Southern Power Co., Ltd., Korea Asset Management Corporation, and Korea Housing Finance Corporation held the launching ceremony of the ‘Busan Munhyeon Financial Complex Corporate Growth Response Center Consultative Body’ at the Korea Southern Power main conference room on the 35th floor of BIFC.

The Corporate Growth Response Center is an organization established in accordance with the government’s ‘Public Institution On-site Empathy Small and Medium Business Regulation Difficulty Improvement Plan.’ It is a dedicated consultation window set up by each institution to improve unnecessary regulations and support the innovative growth of small and medium enterprises by resolving regulatory difficulties.

The five public institutions will join forces as agents of regulatory innovation to promote corporate regulatory reform. To this end, they will discover tasks for improving corporate regulations and engage in mutual cooperation and support. They also plan to share operational information of each institution’s ‘Corporate Growth Response Center’ to enhance expertise in civil complaint protection work and revitalize local small and medium enterprises.

A representative of the consultative body explained, “We will strive to help small and medium enterprises in the Busan area, which have been struggling due to the prolonged COVID-19 pandemic, regain vitality. We will collect corporate civil complaints and opinions on regulatory improvements from various channels, and actively improve and reflect the received opinions within the consultative body.”

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