Startup Industry "Welcomes Government's 'Economic Regulatory Innovation Plan'"

"Need for Proactive Regulatory Issue Identification and Presentation of Progressive Policy Roadmap"

[Asia Economy Reporter Kim Cheol-hyun] The startup industry welcomed the government's joint announcement with related ministries on the 28th of the 'Economic Regulatory Innovation Plan to Boost Economic Vitality and Restore Dynamism.'

Korea Startup Forum (Chairman Park Jae-wook, hereinafter Kospo) stated in a press release that "we welcome the government's declaration of its intention to shift policies toward future-oriented negative regulation through this announcement."

According to Kospo, the core of the announcement is to improve outdated regulations that constrain companies and markets in new industries, healthcare and medical sectors, environment, and finance. In particular, it emphasized focusing policy directions on voices from the field and enabling the private sector to play a leading role throughout the regulatory innovation process.

Kospo explained, "With the government's regulatory innovation plan, some of the dilemmas caused by outdated systems that have been applied in the new industry sector, causing mismatches in reality, can now be partially corrected." For example, delivery robots, which were classified as automobiles under the current Road Traffic Act and thus blocked from pedestrian sidewalks, are now allowed to operate on outdoor sidewalks, enabling autonomous delivery services as the name suggests." It is also expected that the expansion of non-medical institution health management services, which have recently seen a surge in demand, will proactively secure a related market worth 600 billion KRW.

Kospo evaluated that "the expansion of demand-responsive passenger transport areas in new industries, the increased use of mobile driver's license services, and the relaxation of network separation regulations in the financial sector in line with digital transformation are policies that correct outdated laws and systems and respond to new growth directions."

The startup industry also emphasized the importance of strong commitment to implementation. Kospo stated, "We will continue to take the lead in creating a startup ecosystem that drives innovation in the Republic of Korea together with the government," and "We hope that the government's regulatory innovation efforts will lead to a higher takeoff of Korea's digital economy."

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