Choo Kyung-ho "Resolving Issues in 5 Projects, Supporting with 300 Billion Won Investment"

Deputy Prime Minister for Economy Choo Kyung-ho is attending the 'Economic Regulation Innovation TF' meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 7th, delivering opening remarks. Photo by Yoon Dong-joo doso7@

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, “Through economic regulatory innovation, we have resolved difficulties in five investment projects, including factory expansions,” adding, “This has supported investments totaling 300 billion KRW.”

On the 7th, Deputy Prime Minister Choo attended the 7th Economic Regulatory Innovation Task Force (TF) meeting at the Government Seoul Office in Jongno-gu, where he said, “The government is preparing and implementing more than 30 export measures, including strengthening export capabilities in sectors such as semiconductors and K-content, to ensure a swift export rebound and recovery of investment sentiment.” During the meeting, the 5th Economic Regulatory Innovation Plan and regulatory innovation measures for chemical substances affecting small and medium-sized enterprises (SMEs) were discussed.

Deputy Prime Minister Choo explained, “For example, we plan to support business activities and factory expansions of resident companies by improving industrial water supply in the Sejong City agricultural and industrial complex and easing entry requirements in the Ulsan industrial complex,” adding, “Regarding offshore wind turbine installations, we will develop improvement measures to allow the installation of large turbines within the scope that does not interfere with military operations, thereby accelerating investment in power generation projects.”

He also said, “For export companies recognized for their ability to certify the origin of multiple items, we will support the integration of differing expiration dates for each item into a single date to enable batch renewal,” and “While foreign language instructors were previously required to have a university degree or higher unlike domestic instructors, this requirement has been improved to be the same as domestic instructors, such as enrollment in the third year of university or higher.”

Regarding chemical substance regulations, improvements were made to reduce the burden on SMEs. Deputy Prime Minister Choo stated, “If solid substances that do not pose dust concerns are stored indoors, the obligation to install ventilation facilities will be exempted,” and “The import permit procedure for prohibited substances will be unified and simplified so that obtaining an import permit from the Ministry of Environment will be recognized as having also received import approval from the Ministry of Employment and Labor.”

He added, “To alleviate manpower shortages in SMEs, the validity period of the relaxed qualification standards for technical personnel at small businesses (fewer than 30 employees), which was temporarily applied until the end of this year, will be extended until the end of 2028.”

Deputy Prime Minister Choo emphasized, “Going forward, we will actively identify and improve local government projects facing difficulties due to central government regulations related to corporate attraction and infrastructure development,” and “We will strengthen efforts to revitalize regional economies and restore economic vitality.”

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