15th 'Regulatory Sandbox Innovative Companies Meeting'
Han Deok-su "Aiming for Continuous System Improvement"
Choi Tae-won "Need to Introduce Mega Sandbox"
[Asia Economy Reporter Han Ye-ju] It has been found that the regulatory sandbox has generated various economic effects, including attracting investments worth 10.5 trillion KRW over four years since its implementation.
The Korea Chamber of Commerce and Industry (KCCI) and the Office for Government Policy Coordination held a "Regulatory Sandbox Innovative Companies Meeting" on the 15th at the Sang-ui Hall in Jung-gu, Seoul, to share achievements so far and discuss ways to develop the system.
Prime Minister Han Duck-soo is delivering opening remarks at the 'Regulatory Sandbox Innovative Companies Meeting' held on the 15th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Dongju Yoon doso7@
The event was attended by Prime Minister Han Duck-soo, KCCI Chairman Chey Tae-won, Deputy Minister Lee Jung-won of the Office for Government Policy Coordination, Deputy Minister Park Yoon-kyu of the Ministry of Science and ICT, Deputy Minister Cho Joo-hyun of the Ministry of SMEs and Startups, Deputy Minister Song Sang-geun of the Ministry of Oceans and Fisheries, Vice Chairman Kim So-young of the Financial Services Commission, among others. Representatives of companies approved under the regulatory sandbox also participated.
The regulatory sandbox is a special system introduced in 2019 that temporarily exempts existing regulations for innovative companies demonstrating new technologies and products. Over the past four years, through 860 regulatory exemptions, it has been confirmed that more than 10.5 trillion KRW in investments were attracted, sales exceeded 400 billion KRW, and about 11,000 jobs were created. Since May 2020, KCCI has been acting as a private reception body for the regulatory sandbox, supporting companies in passing the regulatory sandbox process.
In his greeting, Prime Minister Han Duck-soo said, "The number of regulatory sandbox approvals has increased by about 200 cases annually, reaching approximately 860 cases currently, and even during the demonstration period, more than 80 regulatory improvements have already been completed." He added, "Especially this year, as many approved companies' demonstration periods expire, we will promptly organize related laws and regulations so that businesspeople can start their businesses officially without difficulties." He continued, "We will minimize inconveniences for businesspeople through continuous system improvements to ensure that procedures related to regulatory sandbox approvals proceed more swiftly."
Chairman Chey Tae-won evaluated, "The tasks solved by the government and KCCI as one team have doubled compared to the beginning, and nearly half of all tasks approved last year were jointly handled by the government and KCCI, demonstrating very close cooperation." He emphasized, "For the regulatory sandbox to achieve more practical and extensive effects, a different level of approach is needed that integrates regulatory innovation with current issues such as future industries, regional economies, and job creation."
He added, "We should select future strategic industries specialized in regions, significantly exempt regulations at the industrial unit level, and build a massive testbed by establishing related infrastructure." He said, "I would like to propose the concept of a mega-sandbox that induces corporate relocation and investment activation by providing fiscal and tax incentives and forms industrial clusters."
Before the meeting, Prime Minister Han and Chairman Chey encouraged businesspeople while touring the exhibition hall. At the exhibition, companies licensed under the regulatory sandbox showcased various innovative products and services.
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