S Korean PM renews deregulation pledge to foster new technologies
SEOUL, (MILLAT ONLINE)::South Korean Prime Minister Lee Nak-yon on Wednesday renewed the government’s pledge to carry out sweeping deregulation, saying freeing new technologies and industries from regulatory fetters is key to powering Asia’s fourth-largest economy, Yonhap reported.
During a discussion on economic policy, Lee said that South Korea’s economy is expected to grow at 3 percent this year, with its per capital national income exceeding US $30,000 for the first time, 12 years after the national income broke the $20,000 mark.
Lee said, however, that the country shouldn’t be complacent and should try to further expand the economy. Development of new technologies and new industries is inevitable for economic growth in the era of the fourth industrial revolution, he said.
“In order for the fourth industrial revolution and innovative growth to succeed, business people should exercise entrepreneurial spirit and the government should help them,” Lee said. “The biggest help the government can provide is none other than deregulation.”
Earlier this week, the government announced sweeping deregulation measures centering on revising dozens of laws and regulations involving new technologies and industries.
Under the measures put together by the Office for Government Policy Coordination, the government said it will adopt a sweeping system of allowing new products and technologies to get into the market first before considering whether or not regulations are necessary.
Other measures included introducing a “regulatory sandbox” so that companies in new industries can do business without regulations for a specific period of time, and rewriting laws and regulations in a broader way to make them inclusive of new industries and technologies.