"Discourse on reinvestigating regulatory amendments resurfaces"
In a significant move towards modernizing Korea's regulatory landscape, President Lee Jae Myung convened a first strategy meeting on the subject of rationalizing core regulations on September 15, 2021. The meeting, held at the Korea Institute of Science and Technology in Seongbuk District, central Seoul, was a public event, as it was covered by the Presidential Office Press Corps.
The gathering marked a commitment from President Lee to eliminate unnecessary regulation, a stance that resonated with the heads of Korea's biggest firms who attended the meeting. The SK Group chief, for instance, expressed that regulations alone would not fix social issues, implying a need for a more comprehensive approach.
The focus of the meeting was on rationalizing core regulations, a crucial step towards Korea's ambition to join the top three in AI. A regulatory overhaul is seen as necessary to foster an environment conducive to innovation and growth in the AI sector.
Interestingly, the phrase "Sweeping Away Spider Web Regulations" was highlighted in yellow during the meeting, hinting at a broad sweep of outdated regulations. This phrase was also the title of a photo article published by the JoongAng Ilbo, though the background of the article does not provide information about the head of the Economy and Industry News department at the time. The current deputy director of economic and industry news at the JoongAng Ilbo is Lee Sang-jai.
However, it appears that the phrase "Minimum Adequate Standard for Government Affairs" (MASGA), which has been a driving force in essential regulations, seems to be stalled in committee. This potential change in regulations could signal a significant shift in Korea's regulatory landscape.
As Korean businesses prepare for an economic rebound, they are bracing for a regulatory shake-up under the new government. The strategy meeting is a clear indication of the government's intent to streamline regulations and create a more business-friendly environment. The outcome of these efforts could have far-reaching implications for the Korean economy.
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