PM says need for corporate regulations to be guided by market

Prime Minister Han Duck-soo speaks during his first meeting with ministers on reforming regulations at the Government Complex in Seoul, May 24. / Yonhap

Prime Minister Han Duck-soo said Tuesday there was a need for the government to be guided by the market in adopting corporate regulations.

Han made the remarks as he presided over his first meeting with ministers on reforming regulations earlier in the day.

"Rather than directly regulating corporate activities, the government needs to leave it to the market's judgment," Han said.

Without direct regulations, some foreign companies set their own standards much higher than those set by law for fear of market retaliation, Han said.

Han said President Yoon Suk-yeol "is very determined to innovate regulations," calling for all ministries to establish task forces to reform regulations.

Yoon has promised to give his full support to companies if they create more jobs and increase domestic investment.

Yoon also pledged to let the private sector drive economic growth and to remove around 80 types of regulations that he said were tying up businesses, although the details still remain sketchy. (Yonhap)

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