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President Moon pledges to implement 'regulatory sandbox' for new innovative industries Updated: 2017-10-12 10:01:19 KST

"The launch of the Committee on the Fourth Industrial Revolution will be the starting point of a blueprint for innovative growth and for discovering new growth engines."
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A day after President Moon appointed the chair of his new committee on the 4th Industrial Revolution, he announced the collective goal of what he calls the control tower for readiness under the new Ministry of SMEs and Startups -- the goal is to create a vibrant economy through innovation.
And to that, President Moon said he will introduce a "safe space" for innovative start-ups and new industries, allowing them to test their ideas, products, business models, and more, without being subject -- for now -- to the normal burdens of regulation.

"I will establish an innovative ecosystem that will lead to the creation of startups and new enterprises. A 'regulatory sandbox' will be implemented for new industries so they can do business, for the time being, without regulatory inference."
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He also pledged to expand investment in innovative sectors, including artificial intelligence, the Internet of Things, and Big Data to make the best use of them.
The President also said that while the upcoming Industry 4.0 could make our lives more convenient and efficient, it could also result in job losses and unequal access to modern information and communications technology.
He asked his committee to come up with policies that will create better jobs in the new industries while being mindful of the vulnerable members of society,. once again focusing on his administration's 'human-centered economy.'

"President Moon urged the government and private sector to work together -- the private sector harnessing its creativity, the government providing support through infrastructure and the people drawing on their ability to adapt.
This to extend Korea's IT dominance into the future and to lead the Fourth Industrial Revolution.
Hwang Hojun Arirang News."
KOGL : Korea Open Government License
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