Yoon Administration's First Step in Regulatory Innovation Council... Prime Minister Han Orders Formation of Departmental TFs

Prime Minister Han Duck-soo is presiding over the Regulatory Innovation Ministerial Meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 24th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Sejong=Reporter Kim Hyewon] The Yoon Seok-yeol administration has taken its first step toward forming a government-wide regulatory innovation consultative body.

On the 24th, Prime Minister Han Duck-soo presided over the Regulatory Innovation Ministerial Meeting for the first time since his inauguration at the Government Seoul Office, attended by key ministers including Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho. At the closed-door meeting, extensive discussions were held on regulatory system innovation measures to support the private investment-led growth promoted by the Yoon administration.

It was reported that opinions were also exchanged regarding the establishment and operation of a Regulatory Innovation Strategy Meeting chaired by President Yoon Seok-yeol, as previously mentioned by Prime Minister Han. The Prime Minister envisions a system where President Yoon makes the final decisions on regulations at least once every two months. The Prime Minister's Office and the Cabinet intend to act as the 'action leader' supporting these final decisions. Prime Minister Han instructed the formation of regulatory innovation task forces (TFs) in 18 ministries.

Prime Minister Han has been emphasizing regulatory innovation daily, advocating private investment-led growth driven by corporate investment. In his opening remarks, he said, "(For regulatory innovation) ultimately, the will of the highest ruling authority is necessary," adding, "President Yoon's determination for regulatory innovation is very strong." According to Prime Minister Han, regulatory innovation is a highly useful policy tool that can enhance economic and social productivity and efficiency, and raise potential growth rates without requiring large expenditures.

Prime Minister Han explained, "Currently, the Regulatory Reform Committee under the Office for Government Policy Coordination has been responsible for almost all government regulatory innovations," and added, "The 'mass' (scope) responsible for regulatory innovation needs to be larger. Now, all ministries should form regulatory innovation TFs." In his inaugural speech, Prime Minister Han also forecasted, "Based on a market economy system, proper growth is possible only when the private sector leads and the government supports from behind," and "Above all, we will pursue bold and strong regulatory innovation."

Regulatory innovation is becoming a major pillar of the Yoon administration's national philosophy. Deputy Prime Minister Choo ordered at his first expanded executive meeting the day before to find ways to resolve large-scale regulations, and Minister of Trade, Industry and Energy Lee Chang-yang, in his first move after inauguration, met with Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry to request the creation of regulatory reform proposals reflecting industry opinions.