The Ministry of SMEs and Startups announced that it held a meeting and a memorandum of understanding (MOU) signing ceremony on July 22 at the Startup Venture Campus (SVC) in Seogyo-dong, Seoul, to identify and alleviate regulations affecting startups in new industries.
Seventeen organizations attended the event, including the Korea Startup Forum, the Venture Business Association, the Korea Autonomous Vehicle Industry Association, the Korea Smart Data Association, the Korea AI and Robotics Industry Association, the Korea Climate Tech Association, and the Korea Pharmaceutical and Bio Association.
Noh Yong-seok, the acting minister of the Ministry of SMEs and Startups, listened to the challenges faced by the startup sector during the meeting and discussed support measures. According to the ministry, startups identified securing investment funds and regulatory relief as urgent policy priorities.
Following the discussions, the participating organizations signed an MOU. Under this agreement, the ministry will establish a communication channel to identify and swiftly improve unreasonable regulations that hinder the innovation and growth of small and venture businesses. Each organization will work on identifying regulatory issues, publicizing regulatory relief, and making recommendations to relevant government departments.
Noh stated, "Technologies in new industries such as artificial intelligence and autonomous driving are rapidly advancing, but existing systems and regulations are not keeping pace. We will actively pursue regulatory rationalization through public-private collaboration and government-wide cooperation to identify regulatory challenges."
* This article has been translated by AI.
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