Choo Kyung-ho Repeatedly Emphasizes 'Regulatory Reform'... "Boldly Overhaul Regulations That Hamper Businesses"

"Mobilizing Pan-Government Capabilities to Reform Regulations"...Sitting Deputy Prime Minister of Economy Visits Federation of Korean Industries for the First Time in 8 Years
Regulatory Reform Task Force Led by Deputy Prime Minister Also Launches This Month

On the 9th, former Finance Ministers are taking a commemorative photo at the special talk "Economic Policy Directions Hoped for by the New Government," held at the Federation of Korean Industries Conference Center in Yeouido, Seoul. From the left: Yoo Il-ho, Hyun Oh-seok, Kang Man-soo, Huh Chang-soo, Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho, Yoon Jung-hyun, former Minister of Strategy and Finance Park Jae-wan, and Kwon Tae-shin, Vice Chairman of the Federation of Korean Industries. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Sejong=Reporter Kwon Haeyoung] "We will boldly reform regulations that hinder corporate and economic activities by mobilizing cross-ministerial capabilities."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho has repeatedly emphasized 'regulatory reform' to support private-led growth. Following the decision to launch a regulatory reform task force (TF) led by the Deputy Prime Minister himself within this month, he visited the Federation of Korean Industries (FKI) for the first time in eight years since 2014 as the incumbent Deputy Prime Minister of Economy to reiterate his commitment to regulatory reform.

On the 9th, at a special dialogue with former Ministers of Economy and Finance held at the FKI headquarters in Yeouido, Seoul, Deputy Prime Minister Choo said, "We will break the existing government-led economic management framework and promote a policy shift toward a private-centered economy."

In his congratulatory remarks, Deputy Prime Minister Choo stated, "The new government will do its best to create a corporate environment where the private sector, market, and companies can freely demonstrate creativity and passion," adding, "Furthermore, we will revise major tax laws such as corporate tax to align with international standards so that corporate investment can revive and our companies can compete confidently with overseas firms."

That morning, Deputy Prime Minister Choo held an economic ministers' meeting and decided to launch an economic regulatory innovation TF with the Deputy Prime Minister as team leader and economic ministers participating. At the meeting, he said, "Regulatory innovation is a core task of the new government to realize a 'dynamic economy where the private sector leads and the government supports,'" and urged, "We need a strong determination to solve difficult and complex regulations that no previous government has been able to improve this time." Later in the afternoon, he visited the FKI again to emphasize his commitment to regulatory reform.

The new government's economic policy direction to be announced next week will include bold regulatory and tax reforms to invigorate companies, as previewed by Deputy Prime Minister Choo.

He also expressed his commitment to strengthening fiscal soundness. In his congratulatory remarks, Deputy Prime Minister Choo said, "Considering the characteristics of our economy, which is highly open despite not being a key currency country, and the expected increase in expenditure due to low birthrate and aging population, we must establish a sound fiscal stance," adding, "We will move away from populist fiscal omnipotence and secure fiscal sustainability through legislating fiscal rules and restructuring low-performance projects, holding the belief that fiscal policy is the foundation and last bastion of national governance."

He also previewed structural reforms in economic and social sectors such as labor, public, and services. He said, "We can no longer delay pension reform to implement a sustainable welfare system and provide a seamless social safety net." He then emphasized, "No matter how difficult and criticized it may be, it is the duty of public officials to carry out what must be done without avoidance," adding, "During the reform process, we will listen to voices from the field and form social consensus through sufficient dialogue and persuasion to steadily solve the structural problems facing our economy."

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