South Korean President Moon “Scrap unnecessary regulation to boost development of new technologies”

문 대통령 “혁신 성장 위해 과감한 규제 개혁 필수”

South Korea will speed up slashing government regulations… especially in areas of new technology and industries.
Part of efforts to promote and develop innovative growth.
A presidential meeting took place to discuss this very topic today.
Our chief Cheongwadae correspondent Moon Connyoung has the highlights from that session. Entrepreneurial economy is generating all manner of interesting and valuable new technologies around the globe, but these innovations seem to be increasingly colliding with government regulations.

South Korean President Moon Jae-in believes despite deregulation efforts made by previous administrations, it’s still difficult to feel the ease as for every elimination, there has been a new regulation.

“New technologies, new industries, technologies that define the fourth industrial revolution make up our new growth momentum. We cannot afford to lose global competitiveness in these areas due to regulations.”
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The South Korean leader’s remarks came from a meeting specifically designed to discuss ways to remove over-regulation in the nation’s industrial sectors.

“Let’s first begin with new industries and new technologies. I urge you to reconsider the very premise that one can start a new business only when there exists a governing regulation.”
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President Moon’s proposal is to allow new products and new technologies to be introduced to the market first and then create regulations if deemed necessary.

Even if there are regulations in place, entrepreneurial firms of new technologies should be given the freedom to experiment in the market place without the burden of tight regulations: it’s the so-called ‘regulatory sandbox system’ which the president urged to be swiftly written into law.

“Regulatory innovation is the foundation for innovative growth. I would like to stress once again that any regulation that cannot keep up with speed and advancement of new technological convergence should be scrapped.”
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“What President Moon means by regulatory innovation is to create a more efficient and effective regulatory system that benefits everyone and that can speed up innovation – innovation in areas that can serve as a new growth momentum for the economy.
And to make sure this leads to more investment and hiring, the South Korean government will test the market intro first, regulation later system on 38 projects… and return to the Blue House for a regular review session.
Moon Connyoung, Arirang, News, the Blue House.”

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