Korea will cut the total number of regulations on business activities to 80 percent of the current level by 2016.
The plan was unveiled during a seven-hour marathon meeting led by President Park Geun-hye on national television and translates into the removal of 22-hundred regulations and a drop in the total from more than 15-thousand to just over 13-thousand.
For a closer look at the latest pledge by the Korean government, we're joined live in the studio by Dr. Kim In-chul, professor of International Economics at Sungkyunkwan University.
There were many points of note in the seven-hour-long televised discussion. What is the significance and what were some of the most important things we should take away?
Why this unprecedentedly aggressive deregulation drive now?
Previous administrations have also attempted to carry out similar drives in vain. Why weren't they successful?
In terms of how to go ahead with the deregulation drive, is there evidence that this administration has learned the lessons from its predecessors?
The government has pledged to cut the total number of regulations on business activities to 80 percent of the current level by 2016 and adopt Britain's "regulation cap" system to steady the total cost of regulations borne by businesses and the public.
How do you assess these plans?
Which factors would determine the success or failure of the Park administration's ambitious deregulation drive?
Dr. Kim In-chul, professor of International economics at Sung Kyung Kwan University thanks for speaking with us this evening. We appreciate it.