13th Ministerial Meeting on Boosting the Economy
12th Ministerial Meeting on the Economy of 2019
Government to Focus on Deregulation
Deputy Prime Minister Hong Nam-ki presided over the 13th Ministerial Meeting on Boosting the Economy, that is, the 12th Ministerial Meeting on the Economy of this year, held on April 17. In his keynote speech, DPM Hong stressed the importance of deregulation to promote innovation and boost growth. A framework for developing nuclear decommissioning into a new growth engine, plans to raise funds to support overseas plant construction and deregulation reflecting the requests from the field were main topics of discussion.
The following is a summary of DPM Hong’s keynote address.
Government deregulation efforts: regulatory sandboxes
The government has adopted a regulatory sandbox system: the industry-ICT convergence sandbox introduced on January 17, the financial service innovation sandbox on April 1, and the zone-specific sandbox on April 17. The outcomes so far are as follows.
- The industry-ICT convergence sandbox applied to 17 businesses
- 19 businesses out of 105 applications chosen for the financial service innovation sandbox
- The zone-specific sandbox just introduced to promote regional growth engines and new technologies
The government will work to produce annually more than 100 cases of successfully applying regulatory sandboxes.
A framework for developing nuclear decommissioning into a new growth engine
With an outlook of around 123 trillion won worth of global nuclear decommissioning markets in 2030, as well as domestic markets worth more than 22 trillion won, the Korean government will work to have a 10 percent share of the global market by 2035. We will focus on
- Growing experts and providing financial support to promote the business
- Building up a cooperation channel with major economies for joint research and human resources exchange
- Drawing up a plan for going into overseas markets
- Establishing regulations necessary, such as to develop standards and evaluate the company
Plans to raise funds to support overseas plant construction
The government has decided on the details of the fund-raising of which the announcement was made in March.
- 1.5 trillion won to be raised initially out of the three trillion won target, with 600 billion won invested by the government and public institutions, and 900 billion won by the Korea Eximbank, the national pension fund and private investors
- Korea Overseas Infrastructure & Urban Development Corporation to run the fund
The fund, when its fund-raising is completed, will enable Korean companies to participate in around 80 projects overseas and receive US $40 billion worth of orders
Deregulation reflecting requests from the field
The government has worked to improve regulatory difficulties confronted by those working in the field. So far 56 difficulties have been found through meetings with businesses and by ombudsmen, and 31 of them have been improved.
- Allow the sales of functional foods at large supermarkets and department stores
- Relax reporting duties required when there are changes in products or business is closed
- Improve the food production tracking regulation to allow manufacturers to use their own tracking system
- Allow the functions of ordinary food, if proved scientifically, to be presented on the label, and identify functional ingredients to promote the development of functional foods
- Apply revised approval regulations to the sales of high-tech products, and streamline the procedures to be taken to exhibit export medical equipment
Please refer to the attached pdf
