Korean government to overhaul major regulationsUpdated: 2014-03-24 14:38:52 KST
This is Yeosu Industrial Complex -- the driving force of Korea's petrochemical industry.
Completed in 1979, the complex has continuously undergone expansion, but the factory site is still far from enough.
The government planned to remove a ban on development of a greenbelt area inside the complex last year, but this was put off as it would have required the payment of over 55 million U.S. dollars in development charges.
This is the result of a regulation that is under the control of more than one government ministry.
When it comes to industrial location, the land ministry, trade ministry and environment ministry all have a role, such as operations or environment management.
In response to this issue, the government has decided to overhaul such regulations, which experts point out hamper new business projects that could revitalize the economy.
March 21, 2014
"As for issues that require cooperation between a number of ministries, we will allocate their roles and set a deadline."
The government will also revamp regulations related to labor and environment, as well as regulations on five promising service sectors, such as health, education and tourism, in order to spur corporate investment and create more jobs.
An official from the Ministry of Strategy and Finance said they have set their first task to ease regulations in such sectors, and get rid of regulations controlled by more than one ministry.
Financial authorities are also taking follow up measures to ease regulations.
It will review the adoption of 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.
As of last year, some 11-thousand out of over 15-thousand registered regulations were related to the economy.
The government has pledged to cut the volume of registered regulations to 80 percent of the current level by 2016.
Kim Min-ji, Arirang News.