President Park highlights regulatory reforms needed for job creationUpdated: 2014-03-20 16:36:53 (KST)
In her second year in office, President Park Geun-hye has at times used strong words to express her intention to implement major regulatory reforms.
And on this Thursday, she presided over a televised debate on deregulation, with government officials and some 60 representatives from the private sector in attendance.
Let's now connect live to our presidential correspondent Choi You-sun for details on today's meeting.
In her opening remarks, President Park highlighted how sweeping regulatory reforms would be the key to encouraging businesses to innovate and actively invest, ultimately leading to job creation.
Referring to a recent Korean drama that has become a hit in China, she said overseas fans cannot buy the fashion products seen in dramas, because they don't have the unique electronic identification certification required for online transactions in Korea.
The president then called for government employees to be more proactive in regulatory reforms, proposing an evaluation system where they would be rewarded for their deregulation initiatives.
She also asked for a balance between easing unnecessary regulations and boosting ones that are required in the areas of welfare, the environment and personal information protection.
What were some of the concerns raised by representatives from the participating businesses?
The country's business leaders talked about how often times a regulation is controlled by more than one ministry, which hampers new business projects that can revitalize the economy.
They said there should be a system where the ministries can communicate to resolve regulation issues.
The corporate community also asked for a negative regulation system and post regulations, which they say will lead to more innovation and initiatives by businesses.
I understand the government also reported to the president a set of deregulatory measures?
The government has pledged to wipe out more than 2-thousand economic regulations by 2016, which means bringing down the volume of registered regulations to 80 percent of the current level.
The government is hoping to complete 10 percent of the reduction by the end of this year.
And a regulatory control system adopted from the British model will be implemented next year.
The system would automatically rid the system of existing regulations upon the introduction of new ones to ensure there's no additional cost to the public and businesses.
All right You-sun. Thank you for that.
That was our presidential correspondent Choi You-sun on President Park's push for regulatory reforms and a meeting on deregulation at the presidential office on this Thursday.
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