Oh Se-hoon: "Regulations Suffocate Growth Engines... Need to Consider Regulatory Innovation Department"

"Regulation: More Means Death, Less Means Survival"
Pointing Out the National Assembly, "Economic Recovery Through Reform"

On the 15th, Seoul Mayor Oh Se-hoon stated, "Regulation omnipotence stifles growth momentum," adding, "The National Assembly, which produces regulations, must also awaken, and it is time for us to consider establishing a Department of Regulatory Innovation."

Mayor Oh conveyed this message in a Facebook post titled "Regulations: Increase them and you die, reduce them and you live."

On the 15th, Seoul Mayor Oh Se-hoon attended the National Assembly inspection of Seoul City Hall held by the Administrative Safety Committee at Seoul City Hall in Jung-gu, Seoul, responding to questions from lawmakers. Photo by Kang Jin-hyung aymsdream@

In particular, Mayor Oh expressed concern, saying, "There is growing worry about a Korea Exodus, with both money and people fleeing Korea," and "While global stock markets are booming, only the Korean stock market is plummeting, and the won-dollar exchange rate has surpassed 1,400 won." He criticized, "Since Trump's election, neighboring countries have been protecting their domestic companies, but the Democratic Party has declared its intention to push forward a revision of the Commercial Act that expands directors' responsibilities from the company to all shareholders," adding, "Ultimately, they intend to force through legislation that could threaten corporate management rights."

Using autonomous driving, a future mobility technology, as an example, he pointed out, "In the U.S. and China, over 1,000 Level 4 unmanned autonomous vehicles operate 24 hours a day, but in Korea, only three are allowed to operate under strict limitations," and criticized, "Due to the central government's stringent regulations and discriminatory subsidies, there is no space to accumulate data and foster technological innovation."

He also analyzed that at the core of countries that have prospered and become hegemonic powers was "freedom." Mayor Oh elaborated, "The UK revived its economy through bold deregulation under the Thatcher government, and New Zealand also achieved economic recovery through regulatory reform." He continued, "It is not only the U.S. that needs a 'Department of Government Efficiency'; we too must consider a Department of Regulatory Innovation."

Meanwhile, U.S. President-elect Donald Trump has pledged to create a Department of Government Efficiency (DOGE) to dismantle the existing federal bureaucracy and reduce excessive regulations. He has nominated Elon Musk, CEO of Tesla, as its head.