"Government-Level Social Consensus Needed to Resolve 'Chunk Regulation' Issues"

Korea Employers Federation 'Regulatory Reform Forum for a New Leap in the Korean Economy and Society'

Lee Dong-geun, Vice Chairman of the Korea Employers Federation.

[Asia Economy Reporter Kiho Sung] There has been a call for the new government to pursue bold regulatory reforms to overcome the crises of low growth, high inflation, and declining growth potential.

The Korea Employers Federation (KEF) held a "Regulatory Reform Forum for a New Leap in the Korean Economy and Society" on the 21st at the Seoul Press Center.

Professor Taeyoon Kim of Hanyang University’s Department of Public Administration stated, "To incentivize innovation and growth across politics, economy, and society, our country’s unique mid-sized economy requires creative regulatory reform policies as a national strategy," adding, "It is necessary to design a detailed regulatory reform program" and emphasized, "under the principle of maximizing private sector autonomy and creativity, a 'bold regulatory reform' (resolving labor, education, and metropolitan area regulations) that increases overall social welfare is needed."

Professor Hyukwoo Lee of Paichai University’s Department of Public Administration said, "The new government should establish a sustainable and stable regulatory reform oversight body and implementation system, and promote social consensus to resolve 'massive regulations' that cause inefficiencies throughout society," emphasizing, "based on social consensus, it is necessary to resolve massive regulations such as metropolitan area regulations, appropriate industry regulations, and the designation system for large business groups."

Donggeun Lee, Vice Chairman of KEF, in his opening remarks stated, "Regulatory reform is necessary to create an innovation ecosystem," and added, "We must eliminate 'sandbag' regulations and pursue bold and swift regulatory reforms to create a business-friendly environment."

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