The government will establish a dedicated body to improve regulations for new industries and technologies in startup ventures.
Han Seung-soo, the Prime Minister, announced on August 12 during the 'Regulatory Innovation Forum for SMEs, Ventures, and Startups' held at the Korea Federation of SMEs in Yeouido, Seoul, that a Startup Venture Regulatory Innovation Committee will be created under the Regulatory Rationalization Committee. Han explained that this committee will specifically address regulations affecting startups and ventures to facilitate swift improvements.
He added, "Recently, the government announced three major mega-projects for Korea's leap forward. This is a significant shift from being a country that follows to one that leads in transformative changes, and we must all work together to achieve this." He emphasized the crucial role of small and medium enterprises (SMEs) in creating a thriving ecosystem that supports the success of these mega-projects, stating that their contributions are essential for fostering a virtuous cycle of growth for everyone.
The forum was organized to directly discuss structural regulations that hinder entry into new industries and the growth of SMEs, with participation from Han and representatives from ten government ministries, as well as over 100 business leaders, including Kim Ki-moon, president of the Korea Federation of SMEs. The discussions were divided into three sessions focusing on regulatory issues arising from new industries, regulatory improvements for SME growth, and sector-specific proposals. Suggested topics included enhancements to the regulatory sandbox, easing entry and exit regulations for the KOSDAQ market, and the need to adjust industrial safety and health management costs.
Kim Ki-moon remarked, "The delinquency rate for SME loans is at its highest level since 2015. Regulatory innovation is the best way for the government to support SMEs without spending a single penny of the budget." He urged Prime Minister Han to prioritize improvements to the KOSDAQ delisting criteria and the separate procurement of public construction materials by public institutions.
* This article has been translated by AI.
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