President Yoon: "Regulatory Reform Is National Growth... As Prime Minister of Korea, Please Oversee the Regulatory Judgment System"

Yoon and Han's First Weekly Meeting... Reviewing National Tasks and Inflation

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol on the 13th told Prime Minister Han Duck-soo, "Regulatory reform is the growth of the nation," urging him to "swiftly activate the regulatory innovation promotion system and listen closely to the voices from the field."

President Yoon made these remarks during a lunch and the first weekly meeting with Prime Minister Han at the Yongsan Presidential Office in the morning, discussing major national tasks and current issues related to state affairs.

According to the Presidential Office and the Prime Minister's Office, during the meeting, President Yoon received a report from Prime Minister Han on the new government's national administration and regulatory innovation promotion direction, including the advancement of key national projects, and they jointly reviewed inflation and major economic trends.

President Yoon and Prime Minister Han agreed on establishing a strong promotion system, such as the Regulatory Innovation Strategy Meeting, to produce tangible results that the public can feel regarding the direction of regulatory reform.

A Presidential Office official stated, "They decided to grant sufficient authority and autonomy to each minister and to make every effort to achieve national performance under the principles of autonomy and responsibility."

In particular, they agreed to introduce a Regulatory Adjudication System from the perspective of the regulated parties and to operate a public-private joint Regulatory Innovation Promotion Group to discover and improve related tasks.

The Regulatory Adjudication System refers to a system where regulatory adjudicators, composed of experts in each field, conduct neutral reviews and recommend regulatory improvements to enhance regulations from the perspective of regulated entities such as companies.

A Presidential Office official said, "President Yoon mentioned, 'I felt the necessity of such a system from the perspective of the regulated parties during the economic sector meetings,' and urged Prime Minister Han to 'manage it effectively.'"

Regarding the announcement of large-scale investment plans exceeding 1,000 trillion won over five years by the top 10 conglomerates including Samsung, SK, and Hyundai Motor, President Yoon also asked Prime Minister Han to "ensure that the companies' investment plans materialize quickly by improving regulations that hinder investment and resolving on-site difficulties."

President Yoon and Prime Minister Han also reviewed the recent economic situation and agreed to pursue multifaceted measures to stabilize prices in order to minimize the burden on the public.

A Presidential Office official said, "In terms of consumer prices, compared to the same period last year, the United States saw an 8.6% increase, and OECD countries experienced a 9.2% rise, showing a sharp increase in consumer prices among major economies. At the Chief Secretary meeting presided over by the President, President Yoon noted that South Korea's consumer prices rose by 5.4% and urged to do their best in price management," adding, "Especially when prices rise, real wages fall. He instructed to find ways to alleviate the difficulties of ordinary people through preemptive measures."

The Prime Minister's Office also stated, "President Yoon and Prime Minister Han decided to regularize the weekly meetings as a control tower for future national administration to conduct in-depth discussions on overall state affairs."

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