Seoul:President Lee Jae Myung has called for prompt and bold reforms of outdated regulations that he argues are hampering the growth of new technologies and advanced industries. He emphasized that these reforms are essential for South Korea's pursuit of global industrial leadership.
According to Yonhap News Agency, President Lee made these remarks during the second plenary meeting of the regulation rationalization committee. The committee's aim is to ease regulations to support advanced industries and ensure balanced development, both of which are priorities for the Lee administration.
President Lee stated that while new regulations will be necessary to protect public safety, fairness, and transparency, outdated regulations that impede growth should be reformed without delay. He described rationalizing these regulations as vital for establishing an "irreplaceable Republic of Korea" and achieving global leadership in advanced industries.
Furthermore, President Lee underscored the importance of his administration's balanced development policy. He advocated for the implementation of "megaprojects," such as establishing semiconductor clusters and artificial intelligence facilities in regional areas, to promote balanced development nationwide.
Additionally, President Lee called for the removal of administrative regulations that hinder the launching of venture businesses. He believes that encouraging venture businesses could lead to job creation and economic growth.