Lee urges reform of outdated regulations hampering growth of advanced industries
President Lee Jae Myung speaks during the second plenary meeting of the regulation rationalization committee held at Cheong Wa Dae in Seoul, Friday. Yonhap
President Lee Jae Myung on Friday urged prompt and bold reform of outdated regulations that hamper the growth of new technologies or advanced industries, calling it an essential task in the country's drive for global industrial leadership.
The president made the call at the second plenary meeting of the regulation rationalization committee, aimed at easing regulations to help nurture advanced industries and ensure balanced development, both of which are key initiatives of the Lee administration.
"Rationalizing regulations is an essential task in establishing an irreplaceable Republic of Korea," Lee said, reiterating his administration's push to establish global leadership in advanced industries.
The president said new regulations would still be needed and should even be strengthened to protect people's lives and safety, as well as social fairness and transparency, but any outdated regulations hampering growth should be promptly reformed.
"Outdated, inconvenient regulations that block new technologies and the development of new industries should be reformed promptly and boldly," he said.
The president also highlighted the urgency of pursuing his administration's balanced development policy, stressing that the strategy of promoting balanced regional development should be implemented boldly.
He said the "megaprojects" aimed at establishing a semiconductor cluster and other artificial intelligence-related facilities in regional areas could help promote balanced development across the country.
Additionally, the president called for the removal of administrative regulations related to launching venture businesses, saying that promoting venture businesses could help create new jobs and spur economic growth.