Government and Business Sector Discuss Directions for Regulatory Innovation After COVID-19

Office for Government Policy Coordination Holds the 3rd Public-Private Regulatory Innovation Policy Council Meeting with Economic Organizations

[Asia Economy Reporter Kwangho Lee] The Office for Government Policy Coordination announced on the 7th that it held the '3rd Public-Private Regulatory Innovation Policy Council' at the Korea Chamber of Commerce and Industry located on Sejong-daero, Seoul, chaired by Koo Yoon-cheol, Minister for Government Policy Coordination, together with major economic organizations and economic research institutes.

At the meeting, the 'Achievements and Future Plans of Regulatory Innovation' were explained, and opinions from economic organizations and research institutes were heard and points for improvement were discussed, focusing on the 'Direction of Regulatory Innovation to Revitalize the Economy after the Novel Coronavirus Infection (COVID-19)'.

Minister Koo said, "As we enter the post-COVID era, the non-face-to-face and online era is becoming full-fledged, and the transition to a digital economy is accelerating, leading to rapid changes across the entire economic and industrial ecosystem," and urged, "Government ministries should undertake more bold and proactive regulatory innovation."

He also requested economic organizations and research institutes to "actively convey the difficulties faced by companies to the government and serve as a bridge to inform the public and businesses well about the government's regulatory innovation status."

Representatives of economic organizations and research institutes proposed various support policies and institutional improvement measures to overcome the economic crisis caused by COVID-19 and to enhance vitality.

Key improvement demands emphasized the necessity of regulatory innovation in digital-based industries and non-face-to-face service sectors such as telemedicine in preparation for the post-COVID era. They also raised the need for bold deregulation and investment in future new industries such as autonomous vehicles and robots to strengthen overseas competitiveness, while recommending revitalization of existing industries and promotion of reshoring.

In response, Minister Koo stated, "We will promote 4C regulatory innovation to overcome the economic shock caused by COVID-19 and to proactively respond to the post-COVID era."

The 4Cs are ▲ Comfort: promoting regulatory improvements in quarantine, safety, bio, and health sectors to lead a safer and healthier society in the normalized quarantine era ▲ Convenience: enhancing public convenience by activating non-face-to-face industries such as remote education, telecommuting, and non-face-to-face logistics in the new normal era where contactless methods spread in all areas of life ▲ Coexistence: supporting existing industries and vulnerable groups by easing recognition requirements for returning companies and resolving field difficulties of small business owners and self-employed in the era of coexistence and inclusion ▲ Competitiveness: fostering and supporting digital new industries such as artificial intelligence, virtual reality, future cars, and robots in line with the 4th Industrial Revolution era.

Minister Koo particularly said, "We have selected bio-health and future cars as the 'Top 10 Regulatory Innovation Agendas' and will significantly strengthen communication with stakeholders through on-site dialogues and Thursday dialogues directly chaired by the Prime Minister to promote demand-centered regulatory innovation."

He added, "We will strive to faithfully reflect the discussions held today in the future direction of regulatory innovation," and emphasized, "We will continue to listen to the voices of the public and businesses and do our best to facilitate active communication."