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President Park highlights regulatory reforms needed for job creation Updated: 2014-03-21 10:09:01 KST

President Park highlights regulatory reforms needed for job creation

"I believe regulatory reforms are the only way Korea will achieve economic innovation and take a leap forward without any great costs. The reforms would create an environment where businesses at all levels could freely take on challenges with confidence."
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At a special televised debate on deregulation Thursday, President Park highlighted how sweeping regulatory reforms would encourage businesses to innovate and actively invest, ultimately leading to job creation.
As an example of unneccesary red tape, the president talked about how overseas fans of Korean dramas are not able to purchase the products they see on their screens.
That's because they don't have the 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.
Some 60 business representatives, from conglomerates to small- and mid-sized firms, also voiced their opinions.
They said a regulation is often controlled by more than one ministry, which hampers new business projects that could revitalize the economy.
The business leaders said there should be a system in place where ministries communicate more effectively.
Also on Thursday, the government pledged to cut the volume of registered regulations to 80 percent of the current level by 2016. Next year, the government will adopt Britain's control system, that automatically eliminates existing regulations when new ones are introduced to ensure there's no extra cost to the public and businesses.
Song Ji-sun, Arirang News."
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