Seoul City to Create a Business-Friendly Environment... Launches 'Regulation Improvement Platform'

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[Asia Economy Reporter Lim Cheol-young] On the 16th, Seoul City announced that it will operate the ‘Seoul-type Regulatory Improvement Platform’ through a collaborative system between the Korea Chamber of Commerce and Industry, which has extensive know-how in regulatory sandboxes, and the Seoul Business Agency (SBA), which has rich experience supporting Seoul-based companies, to create a business-friendly city. In March, the ‘Seoul Business Regulation Support Portal’ will open to provide one-stop support from reporting business regulations experienced on-site by SMEs and startups to management consultations. In April, the ‘Seoul Regulatory Innovation Support Group,’ composed of industry experts, will be launched to diagnose key regulations and derive practical solutions.

The main components of the ‘Seoul-type Regulatory Improvement Platform’ include ▲establishing a regulatory innovation support system ▲launching the ‘Seoul Regulatory Innovation Support Group’ ▲opening the ‘Seoul Business Regulation Support Portal’ ▲and supporting Seoul companies with regulatory sandboxes.

First, Seoul City will create a cooperation channel centered on the city, the Korea Chamber of Commerce and Industry, and the Seoul Business Agency, sharing the regulatory reform processing know-how operated by each institution to jointly respond to practical regulatory innovation. Through this, they plan to maximize contact points with innovative companies by conducting joint on-site visits to Seoul’s innovation industry clusters such as Yangjae, Hongneung·Changdong·Sanggye, G-Valley, Y-Valley, Yeouido·Mapo, Suseo, and Magok.

The ‘Seoul Regulatory Innovation Support Group,’ composed of industry experts, companies, and academia, will be launched in April. Seoul City will establish subcommittees for AI, bio-health, fintech, smart mobility, and robotics, with about five members per subcommittee diagnosing key regulations in each industry. They will also gather stakeholder opinions to derive practical solutions to resolve regulations. Subsequently, the ‘Seoul Business Regulation Support Portal,’ where consultations related to regulations and various public institution business support information can be checked in one place, will begin operation in March. Notably, the portal will operate a ‘Business Regulation Report Center’ where companies can report regulations they experience on-site.

To ensure that Seoul companies’ innovative technologies do not miss demonstration opportunities due to regulations, Seoul City will support entry into the regulatory sandbox in cooperation with the Korea Chamber of Commerce and Industry. The Korea Chamber of Commerce and Industry operates the regulatory sandbox as a gateway, and this support will help promising Seoul companies properly utilize it by assisting with related procedures. The city and the Korea Chamber of Commerce and Industry will receive applications from companies, select projects, and support demonstration costs, liability insurance premiums, and pre-demonstration and demonstration consulting costs to enable companies to receive regulatory sandbox exemptions.

Additionally, Seoul City, together with the Seoul Institute, will hold the ‘1st Seoul Regulatory Innovation Forum’ on the 17th at the Seoul City Hall Multipurpose Hall to promote regulatory reform in new industries. This forum aims to identify key corporate regulations in Seoul’s leading industries and discuss regulatory relaxation measures suited to the realities of Seoul’s companies.

At the forum, presentations will include ▲Corporate perceptions of the new industry regulatory environment (Lee Sang-heon, Head of Regulatory Sandbox Office, Korea Chamber of Commerce and Industry) ▲Current status and improvement plans of the regulatory sandbox system (Won So-yeon, Director of Regulatory Research Center, Korea Institute of Public Administration) ▲Institutional improvement plans for resolving regulations in Seoul’s innovation industry sectors (Lim Hyun-jung, Associate Research Fellow, Seoul Institute). Following this, a comprehensive discussion will be held with Kim Sung-joon, President of the Korean Society for Regulation Studies and Professor of Public Administration at Kyungpook National University, as the chair, with participation from experts across various fields.

Yoo Ki-young, Acting Director of the Seoul Institute and co-host of the discussion, explained, “We expect Seoul City, the Seoul Institute, and experts from all walks of life to actively cooperate in the future to discover and share key regulations in Seoul’s innovation industry sites and seek productive alternatives for regulatory innovation.”

Hwang Bo-yeon, Director of Economic Policy at Seoul City, said, “While Korea’s innovation capabilities rank among the world’s top levels, the regulatory burden felt by companies is the most severe. To achieve regulatory innovation that companies can feel, we will seek ways to resolve difficulties in new industry sites, build an environment where new technologies can be quickly commercialized and brought to market, and create a business-friendly Seoul.”

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