KCCI and Office for Government Policy Coordination Hold 'Sandbox Entrepreneurs and Experts Meeting'

10 CEOs of Regulatory Sandbox Approved Companies and Private Experts Attend
3rd Anniversary of Regulatory Sandbox Implementation... Sharing Achievements and Discussion

[Asia Economy Reporter Hwang Yoon-joo] The Korea Chamber of Commerce and Industry and the Office for Government Policy Coordination held a meeting on the afternoon of the 29th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, chaired by Yoon Sung-wook, the Second Vice Minister of the Office for Government Policy Coordination, to share the achievements of the regulatory sandbox and listen to field difficulties, with participation from businesspeople, experts, and related government departments.

This meeting was held to review the achievements of the regulatory sandbox, which will mark its 3rd anniversary of institutional introduction on January 17 next year, and to seek development directions by collecting opinions from approved companies and related experts.

The regulatory sandbox is a system that temporarily suspends existing regulations when companies want to conduct innovative businesses using new technologies such as autonomous vehicles, drones, AI, and bio but are blocked by current regulations, providing an opportunity to verify the safety and effectiveness of the business through market testing. It has been in operation since January 2019 and currently operates in six sectors.

Over the past three years, 617 cases have been approved under the regulatory sandbox, 351 cases have been launched in the market, and among these, 125 cases have completed regulatory improvements through legislative amendments, leading regulatory innovation in new industry sectors.

Economically, the regulatory sandbox has attracted about 3.8 trillion KRW in investment, achieved approximately 110 billion KRW in sales growth, and created about 5,000 jobs.

Yoon Sung-wook, the Second Vice Minister of the Office for Government Policy Coordination, urged related ministries, saying, "Even before the demonstration exemption period ends, if safety is proven, please expedite the amendment of regulatory laws," and requested, "Actively mediate conflicts among stakeholders to prevent delays in approval and continuously supplement and develop the regulatory sandbox system."

Woo Tae-hee, the Executive Vice President of the Korea Chamber of Commerce and Industry, also stated, "Since May last year, the Korea Chamber of Commerce and Industry, the world's first private organization for the sandbox, has participated to establish a new public-private cooperation model," adding, "We have consulted with 6,000 companies so far, received 403 cases, and supported the market launch of about 180 cases to date."

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