KRA Holds 'Regulation Improvement' Idea Contest for Small and Medium Enterprises

[Asia Economy Sejong=Reporter Kim Hyewon] Korea Racing Authority announced on the 15th that it will hold a regulatory improvement idea contest targeting small and medium-sized enterprises (SMEs) to improve unnecessary regulations and resolve difficulties faced by partner companies.

The Racing Authority planned this contest to discover practical regulatory improvement items from the perspective of SMEs. The Authority explained, "For example, it covers all opinions including rationalizing the selection criteria for support targets, improving guarantee (usage) fees to reduce management cost burdens, expanding the limit on the amount for sole-source contracts that are stricter than the law and the scope of small-scale sole-source contracts, and easing barriers to using electronic bidding sites."

The Racing Authority plans to evaluate submissions based on necessity, concreteness, effectiveness, and originality, and finally select 1 grand prize winner, 2 excellence winners, and 3 encouragement winners. Results will be individually notified on the 24th. Incentives of 2 million KRW for the grand prize, 1 million KRW for excellence, and 500,000 KRW for encouragement will be awarded.

The contest period is from the 11th to the 22nd, and applications can be submitted on the Racing Authority's Corporate Growth Response Center website.

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