Lee Jaemyung presides over senior aides meeting on July 31
"Major shift needed to negative regulatory approach"
Cites 'reverse direct purchase' as area needing regulatory improvement
Stresses need for power grid while mentioning artificial intelligence
Lee orders: "Pursue a Korean-style next-generation power grid"
President Lee Jae-myung is entering the 6th Chief Secretary and Aide Meeting held at the Yongsan Presidential Office building in Seoul on the 31st. Photo by Yonhap News
President Lee Jaemyung has ordered that a negative regulatory approach be established as the principle for the advanced new industries sector. He called for a fundamental shift in the regulatory system to one that allows all activities except for specifically prohibited items, enabling the private sector to operate freely.
On July 31, during a meeting with senior aides at the presidential office in Yongsan, President Lee stated, "We need a major shift to the so-called negative regulatory approach, where only essential prohibitions are defined and everything else is permitted in principle, so that the private sector can operate freely." He emphasized, "While it may be difficult to apply this comprehensively, I believe that for advanced new industries, negative regulation should be the guiding principle."
President Lee pointed out, "There are many unreasonable practices and systems that hinder the growth of our companies," and analyzed, "In today's rapidly changing world, the public sector cannot keep pace with the development speed of the private sector." He further noted, "If the public sector tries to define everything that is allowed, it ends up holding back the private sector."
He identified the 'reverse direct purchase' market as a sector in need of regulatory innovation. President Lee explained, "Recently, due to the global Korean Wave, overseas demand for domestic products is surging," and added, "While overseas direct purchases by our citizens have increased significantly, it is said that the reverse direct purchase market for Korean products among people around the world is growing very slowly."
President Lee continued, "If the reverse direct purchase market expands, we could increase exports without necessarily going abroad, so I believe this deserves special attention." He instructed, "The relevant departments should prepare comprehensive measures."
Lee orders: "Pursue a Korean-style next-generation power grid"
President Lee Jae Myung is presiding over the 6th Senior Secretary and Aide Meeting held at the Yongsan Presidential Office Building in Seoul on the 31st. Photo by Yonhap News
During the senior aides meeting, discussions also took place on artificial intelligence (AI) and power grids. President Lee remarked, "Energy transition has become an essential task for us, but due to the AI revolution, it has become extremely urgent to supply renewable energy through improvements in the power grid."
President Lee stated, "We must completely overhaul the paradigm of power grid infrastructure, focusing on renewable energy, which will inevitably increase in the future." He urged, "Relevant ministries should fully consider the characteristics of our current power landscape, work to reduce the inefficiency of long-distance transmission, and actively utilize advanced AI technologies to explore ways to build a Korean-style next-generation power grid."
Regarding the government's ongoing 'energy highway project,' President Lee commented, "There seems to be some misunderstanding," and clarified, "An energy highway related to renewable energy means installing an intelligent power grid densely across the country, not building a route to Seoul."
Meanwhile, on the recently concluded Korea-US tariff negotiations, President Lee stated, "This negotiation is assessed to have resolved much of the uncertainty in the trade environment," and analyzed, "Economic cooperation and the alliance between Korea and the United States are expected to become even stronger."
He further instructed, "Relevant ministries should thoroughly review public concerns and ensure that follow-up measures are taken to protect our core interests."
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