Presides Over First 'Core Regulatory Rationalization Strategy Meeting'
"I Will Personally Lead Multiple Regulatory Reform Meetings"... Pushes Forward With Strong Momentum Including Legislation
Plans to Eliminate Unnecessary Regulations and Expand Needed Ones
Breach of Trust for Businesspeople Also to Be Addressed "Rationally and Reasonably"
On September 15, President Lee Jaemyung stated, "Due to complex interests and differing positions among ministries, regulations have become entangled like a spider web. The goal of this administration is to boldly and decisively remove these tangled regulations." He added that he will personally preside over several regulatory reform meetings going forward and, if necessary, will push ahead with strong momentum, including legislative measures.
President Lee made these remarks while holding the '1st Core Regulatory Rationalization Strategy Meeting' at the Korea Institute of Science and Technology (KIST) on this day. He emphasized, "We need to innovate outdated regulations that are holding back the activities of entrepreneurs," and continued, "Let’s eliminate and reduce unnecessary regulations, and expand those that are truly needed. My point is not to unilaterally reduce or expand regulations, but to make them rational."
President Lee further explained, "Currently, there are many conflicts among stakeholders regarding regulations. Even within the government, ministries have different positions when it comes to their work," adding, "Ideally, people would regularly meet, communicate, and debate with a common goal to achieve good results, but there are too many barriers. Each department makes its own judgments and often fails to overcome these silos, which has led to delays and inefficiencies."
To accelerate regulatory changes, President Lee said he would preside over several regulatory reform meetings and, if necessary, pursue legislative action with strong determination. He added that, as part of this initiative, the first step toward opening new growth opportunities would be to discuss regulations related to future core industries.
President Lee remarked, "Countries around the world are fiercely competing to gain leadership in future industries such as artificial intelligence, mobility, and bio-health. There are always crises, but if we can move a step ahead, we can take a leading position and seize opportunities. Since companies worldwide are struggling, our results will depend entirely on how we respond. It all depends on our actions."
He also pledged to actively address regulations that are excessively focused on punishment. President Lee said, "I believe that among the types of regulations in Korea, quite a few are unreasonable, unnecessary, and pointless. Even if it takes years, in the end, the staff involved are briefly detained, then released on probation or pay a fine, which is not very effective. It consumes a tremendous amount of national energy," he pointed out.
President Lee continued, "In the United States and other advanced countries, they impose massive fines instead. Isn’t that a much greater burden for companies?" He added, "In Korea, there are far too many unnecessary punitive provisions. I intend to make sweeping changes in this area during this administration."
President Lee went on to mention a case where Korean nationals in the United States were asked to submit records of past convictions during visa or immigration screenings, saying, "If you have to submit that information, it becomes almost impossible to pass the screening." He pointed out, "From the American perspective, if you have a criminal record, you are seen as a serious criminal. This is the way our country has operated until now."
Regarding the crime of breach of trust for businesspeople, President Lee said, "It is said that when entrepreneurs consider investing in Korea, they are told that a single poor investment decision could land them in jail. The nature of business is to make judgments and decisions freely, and we need to fundamentally correct this. Everything should be handled rationally, reasonably, fairly, and effectively," he concluded.
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