Prime Minister Han: "The reason for insufficient regulatory reform in past governments is the lack of will and interest from top leaders"

[Asia Economy Sejong=Reporter Kim Hyewon] Prime Minister Han Duck-soo stated on the 20th, "We will reduce the national debt approaching 1,000 trillion won and focus investment on projects that enhance national competitiveness, such as technology development, investment promotion, and nurturing core talents."

At the opening ceremony of the '2022 Federation of Korean Industries (FKI) CEO Jeju Summer Forum' held at Lotte Hotel Jeju on the same day, Prime Minister Han said, "We will create a 'business-friendly environment.' We will remove unnecessary regulatory obstacles so that entrepreneurs can be guaranteed fair opportunities and demonstrate creativity and passion."

Prime Minister Han pointed out, "All previous governments promised regulatory reform but failed to achieve satisfactory results," adding, "The main reason regulatory reform has been insufficient is largely due to a lack of will and interest from the top leadership."

He continued, "Regulatory reform involves the government ministries relinquishing their authority to the market, companies, and individuals, and reducing regulations on their own is never easy," emphasizing, "When the top leadership's interest wanes, the policy's importance gradually diminishes, ultimately resulting in a disappointing outcome. The top leadership's determination and continuous interest are essential to resolutely resolve chronic and unreasonable regulations."

He then promised, "The new government is truly different," stating, "The (Yoon Suk-yeol) administration is steadily finding ways to dismantle major regulations through the Regulatory Innovation Strategy Meeting chaired directly by the President. Some issues have already reached the consultation stage."

He explained, "We will accelerate regulatory reform in the tax, labor, environment, and education sectors, which make our investment environment difficult and reduce corporate competitiveness. We will lower the highest corporate tax rate, expand incentives for investment and jobs, and soon reform tax systems related to business succession to activate the intergenerational transfer of capital and technology."

He also mentioned, "We will review and promptly rationalize laws that excessively restrict corporate management activities, including the Serious Accident Punishment Act, through task forces of relevant ministries." Additionally, he said, "We will flexibly improve uniform regulations related to working hours and wages, strictly respond to illegal acts by large labor unions according to law and principles, redesign environmental regulations to promote investment and technological innovation, and expedite reforms in the education sector to nurture core talents."

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