Koo made these remarks during a meeting at the Government Seoul Complex that combined the Emergency Economic Headquarters, the Economic Ministers' Meeting, and the National Entrepreneurship Strategy Meeting.
From May 1 to 20, exports increased by 64.8% compared to the same period last year, indicating a positive trend. Additionally, the consumer sentiment index for May has shown an upward turn for the first time in three months. However, due to ongoing economic uncertainties stemming from the prolonged conflict in the Middle East, the government plans to continue monitoring supply chain impacts and extend fuel tax reductions to ease the burden on citizens.
Koo emphasized the need for structural reforms to boost potential growth rates and address polarization, stating, "We will accelerate various policies that citizens can feel in their daily lives."
The meeting also focused on the "Everyone's Entrepreneurship" project, which is led by the Ministry of SMEs and Startups. This initiative supports anyone with an idea to start a business by providing funding and resources.
Previously, the government held a competition for the first phase of the Everyone's Entrepreneurship project, attracting 63,000 applicants. In the coming month, about 5,000 successful candidates will be selected for close mentoring, startup funding, and support for utilizing artificial intelligence (AI) solutions, with 2 million won allocated for each. Among these, 1,100 individuals will receive preferential guarantees of up to 500 million won and business funding of up to 20 million won. The final winner will be determined through regional and national auditions.
Koo announced that the second phase of the Everyone's Entrepreneurship project will expand to 10,000 participants, starting in July, and will introduce new categories for universities, youth, and global leagues to foster broader competition.
The meeting also included discussions on transitioning to a preventive personal data management system and plans for the early expansion of public incineration facilities.
The management system for high-risk personal data will be closely monitored, with recommendations for improvements based on risk levels. Personal data processors will be categorized into high, medium, and low-risk groups based on industry, data processing scale, and characteristics.
Companies that actively invest in personal data protection will be offered incentives, such as reduced fines. Small businesses will receive subscription-based consulting services, and efforts will be made to enhance the personal data protection ecosystem through professional training.
Additionally, the government plans to reduce the typical 12-year timeline for public incineration facility projects to a maximum of 3.5 years. Instead of forming a separate site selection committee for expansions on the same site, approvals will be granted through local resident support committees.
Koo stated, "We will simplify administrative procedures, including exemptions from local government investment reviews, and conduct environmental impact assessments and various permits concurrently with facility design to shorten construction periods."
* This article has been translated by AI.
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