Oh Se-hoon: "A 'Service Government' Removing Obstacles for Businesses Must Strengthen Competitiveness"

Regulatory Reform Forum Held with Korea Chamber of Commerce and Industry on the 4th
Continuous Messages on Deregulation and Economic Growth

Seoul Mayor Oh Se-hoon is intensifying his advocacy for 'economic growth' day by day. On the 4th, Mayor Oh said, "From now on, the government must become a 'service government' that removes obstacles that startups, unicorns, and large corporations inevitably face at each critical stage," adding, "Only then can global competitiveness be strengthened."

On the same day, Mayor Oh delivered a speech on the theme of 'KOGA (Korea Growth Again)' at the 'Enterprise-Centered Growth-Oriented Regulatory Reform' forum held at the Korea Chamber of Commerce and Industry. About 200 representatives from 26 associations, organizations, and companies related to new industries, including the Korea Chamber of Commerce and Industry, the Korea Federation of Small and Medium Business, and the Korea Artificial Intelligence Association, attended the forum.

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Mayor Oh presented a strategy for the re-leap of the South Korean economy, which is heading toward a 'zero growth' era with a long-term growth rate in the 0% range. His plan is to lead the stagnant South Korean economy into a 'scale-up' economy through regulatory reforms emphasized since the first day of the new year. Mayor Oh said, "Companies must be the main agents of innovation, and the most important task is to abolish regulations that hinder companies from growing innovatively," adding, "Since companies are the main agents of industrial growth, and the government's reason for existence is to help those companies thrive, I used the term 'service government'."

He also set a goal of 'per capita income of $100,000' through growth by deregulation. Mayor Oh said, "To achieve a 5% nominal growth rate, we need industrial policies, fiscal investment, financial revitalization, tax reform, labor reform, and regulatory reform," adding, "If we achieve a 5% nominal growth rate and a 3% real growth rate, by 2045, the 100th anniversary of liberation, we could also achieve a per capita income of $100,000."

Specifically, Mayor Oh mentioned revitalizing the capital market. He said, "Yesterday, U.S. President Donald Trump announced the strategic asset status of coins including Bitcoin, and South Korea must not neglect establishing legislative grounds for digital assets at the level of the U.S.," adding, "Including this, we need to reform dividend income separate taxation and the ISA system to build a system that allows funds to flow into the stock market."

He also proposed tax reform measures. Referring to overseas cases, Mayor Oh said, "In other countries, having more children can reduce income tax, but South Korea does not have much difference in effective tax rates," adding, "In this regard, tax reform is necessary." Regarding inheritance and gift taxes, he explained, "By encouraging pre-gifts, it would be possible to boldly transfer assets for education expenses, startup and marriage costs, and other events from elementary school age, thereby expanding consumption and investment capacity through intergenerational asset transfer and promoting productive economic activities."

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Regarding the 'regulatory reform' that Mayor Oh is focusing on this year, he emphasized the need to create an organization at the central government level. He suggested, "Regulatory reform should not be a one-time effort only at the beginning of an administration but should be institutionalized and systematized by creating an organization," adding, "It is necessary to make the Regulatory Reform Committee a permanent body at the level of a single ministry."

Recently, Mayor Oh has been continuously delivering messages related to economic growth. After proposing policies such as 'abolishing discrimination on capital gains tax for overseas stocks' and 'children's funds' through Facebook, he also criticized related remarks by the Democratic Party. Regarding Democratic Party leader Lee Jae-myung's comment, "If a company like Nvidia in the U.S. emerges, let's share 30% of its shares with all citizens," Mayor Oh pointed out, "It is a self-destructive idea that undermines the investment will that should be the driving force for corporate growth."

The upcoming book to be published this month is also expected to include related content. The keynote speech theme, 'Growth Again,' is also the core keyword of Mayor Oh's book scheduled for release at the end of this month. The book's title is Growth Again, with the subtitle Oh Se-hoon's Five Major Companions Become the Future. Through the book, Mayor Oh is expected to emphasize the need for our society to find innovative driving forces to grow again and to gain confidence.

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