Korean government to pursue mass deregulation with 3-year economic planUpdated: 2014-02-17 16:13:56 (KST)
The Korean government is gearing up a new three-year economic plan that includes a negative list system for deregulation, in an effort to boost investment.
Government officials said Sunday that the new plan will ease restrictions within the regulations and streamline red tape.
The new plan will mainly bolster Korea's promising industrial sectors namely health, education, tourism, finance and software.
The plan, which will be announced before the end of the month, also aims to boost the number of women and young people in the workforce and ease the financial burden of private education.
In an effort to raise the nation's slumping youth employment level, students not entering university will be able to receive vocational training.
The government will also provide financial support to small and medium-sized media content developers, to promote the sector as a high-valued industry.
The government will also adjust underground economic activities, enforce strict taxation and eliminate unfair business practices on smaller companies.
Regarding inter-Korean relations, the government is also looking to include reunification matters as part of the three-year plan.
President Park Geun-hye has said her administration has set itself a "4-7-4 goal" by the end of her term, which means four-percent economic growth, a 70-percent employment rate and annual per-capita income of around 40-thousand U.S. dollars.
Shin Se-min, Arirang News.
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