'Announcement of Global Innovation Zone with Korea's First Negative Regulation Applied'
First Full Application of Negative Regulation in Korea
Two Global Innovation Zones Designated for Non-Capital Metropolitan Local Governments by October
On the 31st, the Ministry of SMEs and Startups announced, "By advancing and expanding the existing Regulatory Free Zones, the first-ever comprehensive negative regulation will be applied domestically to foster new product development and overseas expansion in future technology sectors, and a ‘Global Innovation Zone’ (Zone) will be established with the introduction of systems such as overseas demonstration support and immediate safety verification·. We are announcing the designation plan to create this Zone." Non-metropolitan local governments wishing to participate can submit their application forms and business plans by Wednesday, September 13. Detailed information can be found in the announcement on the Ministry of SMEs and Startups website (www.mss.go.kr).
Comprehensive negative regulation allows everything except explicitly listed prohibitions. Currently, positive regulation is applied, which prohibits everything except explicitly listed items, making it difficult to address ‘hidden field regulations.’ For example, gene-editing bio-venture company A operates overseas research services because clinical trials are restricted domestically. Once negative regulation is applied, all demonstrations and clinical trials using such new technologies will be permitted. This enables creative challenges to keep pace with rapidly changing environments.
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On the 8th, the Ministry of SMEs and Startups announced the ‘Global Innovation Zone Creation Plan.’ To establish a Korean-style innovation cluster that meets global standards in future new technologies and advanced fields, two Zones will be designated in non-metropolitan local governments by October. Baek Woon-man, head of the Ministry’s Zone Innovation Planning Group, stated, “We will form a Zone designation evaluation committee composed of top domestic experts from various fields and designate Zones through fair and objective evaluations focusing on the excellence of Zone operation plans and local government support capabilities.”
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