Taskforce for Economic Regulatory Reforms
1st TF Meeting on Economic Regulatory Reforms
to Boost Vitality and Restore Dynamism In The Economy
Deputy Prime Minister Choo Kyung-ho presided over the first taskforce meeting on Economic Regulatory Reforms[1] on July 28 and announced that the government would relax 50 regulatory measures to facilitate corporate investment and boost private sector-led economic growth.
It is the first outcome of the government’s deregulation efforts since a taskforce for economic regulation reforms was set up a month ago. More importantly, the taskforce puts the private sector at its core by appointing more experts from the private sector than those from the public sector as its members. The following is major reforms among 50 regulatory measures that the government plans to carry out.
Solving difficulties in the industrial sites
The deregulation will be focused on solving difficulties in industrial sites by easing regulations that impede corporate investment and these regulatory overhauls are expected to create new investments worth over 1.6 trillion won.
- Revise unnecessary regulations in industrial sites such as the 1.8m high fence requirement for using auto welding robots in shipyards, which will allow 320 billion won investment in smart shipyard construction
- Make the country’s national business classification code[2] more accurate, which in turn would create an economic effect worth 300 billion won by resolving difficulties in moving into national industrial complexes
- Create an environment to promote biodegradable plastics by designating business areas for use, which is expected to attract 1 trillion won investment by 2030
Environment, health care and new industries
Regulatory overhauls were conducted in the sectors of environment, health care and new industries.
- Enable Over The Air (OTA), a wireless software update of automotive electronic control devices, even outside vehicle maintenance shops to make vehicle maintenance more convenient
- Prepare guidelines for using mobile radiation devices outside medical institutions, which is expected for each company to create 70 billion won worth export value and 80 billion won worth domestic sales a year
- Build grounds for shipbuilding and transport of ammonia-fueled vessels for Korea to take the lead in the eco-friendly vessel industry that is projected to create economic effects worth 11 trillion won by 2030
[1] The meeting was joined by ministers from related ministries including Ministry of Science and ICT, Ministry of Land, Infrastructure and Transport, and experts from the private sectors.
[2] The Korean Standard Industrial Classification
Please refer to the attached pdf.
