Hankyung Association Holds 'Innovative Growth Policy' Seminar: "Economic Growth Uncertain Without Regulatory Improvement"

The Korea Economic Association (KEA) held a seminar titled 'Evaluation of Innovation Growth Policies and Legislative Tasks' on the 26th at the FKI Tower in Yeouido, Seoul, where various opinions were exchanged.

Korea Economic Association [Image source=Yonhap News]

At the seminar, Lee Gyuseok, Senior Research Fellow at the Korea Economic Research Institute under KEA, introduced that among the global top 100 unicorns, 17 companies are either unable to operate or face restrictions domestically due to regulations, urging the relaxation of regulations on new industries.

Additionally, Park Chansu, Senior Research Fellow at the Science and Technology Policy Institute, stated, "We must strengthen the private sector's central role in R&D through a market-friendly corporate research and development (R&D) support system," and argued, "We need to attract private investment in high-profit, high-risk areas and promote the expansion and efficiency of market-friendly technology development based on innovation policies."

Professor Lee Hyukwoo of Paichai University said, "Regulatory reform is a prerequisite for economic innovation, and without regulatory improvement, any efforts to grow the economy are bound to have uncertain outcomes," adding, "In conflicts between new and old industry regulations, vested interest arguments must be broken down, and conflict-inducing regulations should be avoided."

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