Venture Business Association Proposes Establishment of Presidential Direct 'National Innovation Council' to Yoon Transition Team

Kang Sam-kwon, Chairman of the Korea Venture Business Association

[Asia Economy Reporter Donghyun Choi] The Korea Venture Business Association announced on the 26th that it held a policy meeting with the Innovation Venture Organizations Council and the Presidential Transition Committee at S Tower in Gwanghwamun, Seoul.

At the meeting, the Korea Venture Business Association proposed ▲ the establishment of the 'National Innovation Deliberation Council' to realize private-led innovation policies ▲ the implementation of an ‘Advanced Country-Level Industrial Regulation Innovation Strategy’ to boldly eliminate regulations.

The association explained, "The establishment of the National Innovation Deliberation Council was proposed on the premise that it is impossible for the government to predict all situations and formulate detailed policies due to the rapidly changing external environment brought by the Fourth Industrial Revolution and the continuous convergence and fusion among industries, which are inherent characteristics of the innovation ecosystem." It added, "A presidential direct agency is needed to mandatorily submit and deliberate all new policy proposals and new budget projects related to innovative industries from all ministries to the council, and to perform the final coordination role with existing industries that are inevitably affected by the introduction of innovative industries."

Regarding the proposal for an advanced country-level industrial regulation innovation strategy, the association stated, "The current government has promoted various measures for regulatory innovation, such as the introduction of regulatory sandboxes and a negative regulation system, but it is true that these have fallen short of the expectations of the industrial field." It emphasized, "The government should boldly reform the ‘Regulatory Challenge System’ it is promoting and proceed with quality management of regulations and systematic improvement of regulatory policies."

Kang Sam-gwon, chairman of the Korea Venture Business Association, said, "The new government has declared that it will implement market-centered policies led by the private sector," adding, "We hope that institutional support will be provided so that innovative and venture companies do not miss the golden time for growth and are not eliminated from the market through rapid regulatory innovation."

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