Prime Minister Han Duck-soo (left) is presiding over the Economic Strategy Meeting at the Government Complex Sejong in Sejong City on the morning of the 22nd. May 22, 2022. [Image source=Yonhap News]
[Asia Economy Sejong=Reporter Son Seon-hee] Prime Minister Han Duck-soo said on the 22nd, "I believe this is truly the last chance, and we must do our utmost for regulatory innovation," adding, "Efforts to persuade for the national interest and the people must ignite like fire." Han, who was appointed the day before after the parliamentary approval process, just 11 days after the government was launched, chose 'economy' as the theme for his first presiding meeting.
On the afternoon of the same day, Han held an economic strategy meeting at the Government Complex Sejong with ministers from major economic departments attending, stating, "If we do not transform the domestic economic system into an 'investment-friendly' one, the outflow of our investments overseas will continue."
Han said, "In the short term, we need to comprehensively identify the current issues where companies want to invest but cannot start due to regulations, systems, and various problems, and resolve them as soon as possible." He added, "While advanced industries are important, we must also create a system that enables investment-driven growth in mature industries and service sectors that employ many people," and noted, "There will be conflicts with vested interests, but good solutions can definitely come out if we put our heads together and negotiate."
Han emphasized, "This is not the kind of regulatory innovation done by a single ministry, organization, or research institute as in the past," and urged, "Everyone must participate, and if there are roles to be played, we should boldly entrust each ministry, organization, or research institute to autonomously carry out regulatory innovation."
He also said, "We should establish something like a Regulatory Innovation Strategy Meeting with the President at the top, where at least once every two months, the President makes the final decisions on regulatory reforms," adding, "The Prime Minister's Office and the Cabinet must play the role of boldly removing large-scale regulations in each field that support such final decisions and push forward."
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho (right) and Vice Chairman of the Financial Services Commission Kim So-young (left) are listening attentively to Prime Minister Han Duck-soo's remarks at the economic strategy meeting held at the Government Complex Sejong in Sejong City on the morning of the 22nd. 2022.5.22 Photo by Yonhap News
Regarding the recent situation of the Korean economy, Han said, "It is extremely severe," and added, "We must resolve the various structural problems our economy is facing." He continued, "The President has already presented a paradigm for economic management including 'freedom with responsibility, liberal democracy, market economy, protection of the socially vulnerable, fairness, and community,'" and said, "The Cabinet is in a very urgent situation where it must seriously review these issues and produce results." He reiterated, "In the short term, while avoiding falling into the trap of low growth and stabilizing prices, our breakthrough must be to achieve 'investment-driven growth' without fail."
On fiscal matters, Han said, "Over the past year, we have pursued ultra-loose economic and monetary policies in response to COVID-19," adding, "Now, from the perspective of sustainability, we are in a situation where we must normalize and gradually shift away from past patterns." He continued, "We must restore the soundness of our finances to enhance domestic and international credibility, normalize monetary policy, firmly root the market economy, and seek public understanding to promote tasks such as faithfully protecting the socially vulnerable, so that those in power can make decisions. The Cabinet must carry this out well."
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