Ministry of SMEs and Startups Initiates Regulatory Improvements for Companies Entering New Industries

The 1st Small and Medium Venture Regulation Innovation Strategy Meeting Held

[Asia Economy Reporter Kim Cheolhyun] The Ministry of SMEs and Startups has initiated regulatory improvements concerning the entry of startup venture companies into new industries and the on-site difficulties faced by small and medium enterprises. The Ministry of SMEs and Startups (Minister Lee Young, Ministry of SMEs) announced on the 21st that it held the '1st SME and Venture Regulatory Innovation Strategy Meeting' attended by Minister Lee Young, heads of major departments, and about 15 private experts.

This meeting was newly established to review the regulatory innovation achievements of the Ministry of SMEs and Startups and to seek regulatory reform measures that startup venture companies and SMEs can directly feel. Since launching the dedicated SME and venture regulatory reform task force (TF) in May, the Ministry identified 244 regulatory improvement tasks based on proposals received from private associations and startup venture companies. After discussions with related ministries, 31 cases were announced, and the meeting discussed improvement directions and strategies for the remaining unresolved tasks.

In particular, discussions were held on the future policy direction for regulatory improvements in the SME and venture sectors. The Ministry set the following as major future tasks: ▲ shifting the regulatory innovation paradigm from solving individual regulations to institutional solutions ▲ promoting a pan-government regulatory innovation forum (tentatively named "Breaking Regulations") to tackle difficult core complex regulations ▲ improving the execution system of support policies with high demand such as startup support.

They also decided to build a communication page so that companies can directly report regulatory difficulties and share progress on regulatory improvements in real time. Additionally, they accepted proposals that the current submission documents required for startup support are excessive and decided to reduce the burden on companies by more than half. They plan to review improvement measures for the execution system of other high-demand policies such as research and development (R&D) in the future.

Minister Lee Young emphasized, "We will swiftly eliminate hurdle regulations that block innovation ventures and startups from creating new industries and value, as well as hidden regulations that increase the burden on small and micro enterprises, and will continue to push forward regulatory innovation through discussions with related ministries until the end."

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