4 Years of Regulatory Sandbox Attracting 10.5 Trillion KRW Investment... Creating 11,000 Jobs

Prime Minister Han Duck-soo Hosts Meeting... "Will Be a 'Door of Opportunity' for Innovative Companies"

[Asia Economy Reporter Koo Chae-eun] Since the introduction of the regulatory sandbox system in 2019, a total investment of more than 10.5 trillion KRW has been attracted. This is the result of 860 new businesses receiving regulatory exemptions over four years.

The regulatory sandbox is like a child playing experimentally in a sandbox, temporarily suspending or exempting regulations. New business services are first launched in the form of pilot projects, and if issues arise, regulations are applied afterward.

The government announced that the implementation of the regulatory sandbox has increased sales by over 400 billion KRW and created about 11,000 jobs.

On the 15th, the Office for Government Policy Coordination presented the "Regulatory Sandbox Operation Performance" at the "Innovative Companies Meeting" chaired by Prime Minister Han Duck-soo. Prime Minister Han explained, "The regulatory sandbox has become a door of opportunity for innovative companies. We will establish it as a genuine regulatory innovation platform for new industries."

At the meeting, 18 innovative companies currently conducting regulatory sandbox demonstration projects with approval also participated. Prime Minister Han listened to the experiences of company representatives operating the demonstration projects, explained the government's position, and requested improvements from related ministries.

Companies undergoing demonstration projects with regulatory sandbox approval and contents exhibited at the briefing session (Source: Office for Government Policy Coordination)