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President Park highlights deregulation in revitalizing Korean economy Updated: 2014-07-25 07:41:56 KST

President Park highlights deregulation in revitalizing Korean economy

During Thursday's economic-ministerial meeting, President Park highlighted the need to cut through red tape that has been deterring domestic investment.
The president said a task force should be established to remove unnecessary regulations to create jobs, specifically in medicine, tourism and finance.

"The government and the public should together manage each and every case on the government's deregulation portal site. And deregulation efforts must continue until the people can start to feel the effects."
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Referring to a delay in removing a mandatory electronic identity verification for online transactions, President Park urged officials not to be confined to the Korean market, but to look beyond its borders and come up with a simpler, online transaction system for foreign consumers.
Positively assessing the government's measures to spur domestic demand, the president said corporate achievements should lead to an increase in household income.
On public sector reforms, President Park talked about removing each organization's excessive functions, to bring down their debt.
And with national safety one of the government's top priorities since the ferry tragedy, the president asked her economic advisers to prepare a plan to foster safety-related industries.

"Consider the area of safety as another potential market to create demand, that could lead us on a path of maintaining national safety while also contributing to the economy."
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As for her new economic team, the president asked ministers to unite in coordinating their policies to improve the livelihood of the Korean people.
Choi You-sun, Arirang News.
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