Deputy Prime Minister Choo Kyung-ho: "Boldly Abolishing Corporate Regulations... Innovation TF Launching This Month"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kwon Haeyoung] To support private-led growth through bold regulatory reforms, an economic regulatory innovation task force (TF) led by the Deputy Prime Minister for Economy and involving economic ministers will be launched this month. The new government's economic policy direction, to be announced next week, will include bold regulatory and tax reforms aimed at revitalizing businesses.

On the 9th, Deputy Prime Minister for Economy and Minister of Strategy and Finance Choo Kyung-ho presided over the 2nd Economic Ministers' Meeting at the Government Complex Sejong and stated, "Regulatory innovation is a core task of the new government to realize a 'dynamic economy where the private sector leads and the government supports.'

He explained, "Excessive government regulations and market interventions, delays in economic and social structural reforms have significantly reduced private sector vitality and growth potential, weakening the market's distribution function, which has further entrenched and deepened the problems." He added, "A resolute determination is needed to solve the difficult and complex regulations that no previous government has been able to improve. Now is the time to boldly abolish regulations that hinder business activities."

The newly launched economic regulatory innovation TF will form five working groups focusing on ▲resolving field difficulties ▲environment ▲health and medical care ▲new industries ▲location, and will intensively identify and review key tasks by sector.

During the meeting, discussions were also held on the new government's economic policy direction to be announced next week. Along with regulatory and tax reforms, it will include content for structural reforms in five major sectors: public, labor, education, finance, and services. It will also include plans to establish a sustainable growth foundation through proactive responses to digital transformation and demographic changes.

Deputy Prime Minister Choo explained the economic policy direction, saying, "We will strengthen the social safety net for vulnerable groups and restore the ladder of social mobility to realize an economy where everyone progresses together. While focusing all efforts on stabilizing prices and livelihoods, which are urgent issues, we will also ensure thorough management of domestic and external risks."

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