Seoul City to Promote Deregulation of Businesses with Korea Chamber of Commerce and Industry and Korea Federation of SMEs

Seoul Signs MOU with KCCI, KBIZ, and SBA
Joint Discovery and Elimination of Corporate Regulations

The Seoul Metropolitan Government is accelerating regulatory elimination by joining hands with the Korea Chamber of Commerce and Industry and the Korea Federation of Small and Medium Business. They are determined to swiftly collaborate with the largest economic organizations in the country, which have the most members, from discovering regulations to government proposals and activating the sandbox.

On the 27th, Seoul signed a four-party Memorandum of Understanding (MOU) with the Korea Chamber of Commerce and Industry, the Korea Federation of Small and Medium Business, and the Seoul Business Agency to discover and eliminate regulations affecting Seoul-based companies. Attendees at the signing ceremony included Joo Yong-tae, Director of the Seoul Metropolitan Government’s Economic Office; Lee Jong-myung, Head of the Industrial Innovation Division at the Korea Chamber of Commerce and Industry; Choo Moon-gap, Head of the Economic Policy Division at the Korea Federation of Small and Medium Business; and Kim Hyun-woo, CEO of SBA.

On February 13, 2025, Seoul Mayor Oh Se-hoon attended and spoke at the report meeting on the abolition of regulations for investment and affiliated institutions held at the Seoul City Hall in Jung-gu, Seoul. Photo by Jo Yong-jun

Through this agreement, Seoul plans to broaden the scope to include both formal regulations and shadow regulations for improvement. According to the agreement, each organization will collaborate on ▲joint discovery of regulations through surveys of regulations and difficulties faced by companies in the Seoul area, as well as holding meetings and forums ▲collaborative support to resolve regulations, public discussions, and government proposals ▲support for activating the regulatory sandbox for Seoul companies ▲collaboration on regulatory cooperation plans and new business discovery among the organizations.

In particular, Seoul, SBA, and the Korea Chamber of Commerce and Industry will focus on identifying and resolving key regulations centered on new industries and startups. Seoul, SBA, and the Korea Federation of Small and Medium Business will conduct surveys to jointly discover and resolve common regulations and management difficulties by industry for companies and small business owners in the Seoul area.

The four organizations plan to actively promote various cooperative projects utilizing each organization’s expertise to discover and resolve regulations faced by companies in Seoul. Additionally, they will proactively seek and collaborate on any further necessary measures to eliminate regulations affecting Seoul companies. Joo Yong-tae, Director of the Seoul Metropolitan Government’s Economic Office, stated, "This agreement will be a pivotal turning point in the regulatory elimination efforts led by Seoul. Through cooperation, we will swiftly resolve unreasonable regulations faced by companies and do our best to enhance Seoul’s competitiveness."