"Companies are competing in the global market, and the government should not hinder them domestically," said Park Yong-jin, vice chairman of the Regulatory Reform Committee, during an interview with Aju Economy on November 12. He noted that while industries and technologies are rapidly evolving, regulations and administrative processes remain outdated.
To address this, Park aims to streamline complex approval processes and unreasonable regulations to encourage investment and the entry of new industries. He stated, "When I meet with business leaders, their most pressing request is not for tax cuts but for the ability to operate their businesses. If they know when they will receive approvals, the extent of their business capabilities, and what they need to prepare, they can invest."
Park identified future growth industries such as AI, autonomous driving, robotics, and biotechnology as top priorities for regulatory reform. He emphasized, "In the past, it was important to eliminate existing regulations; now, it is crucial to create reasonable rules where none exist. We need to allow the practical testing of new technologies first and then verify safety based on accumulated data before refining necessary regulations."
He believes that improving the overall approval system is essential for expanding investments in advanced industries. In sectors requiring large-scale investments, such as semiconductor manufacturing and AI data centers, the speed of administrative procedures and the predictability of policies can significantly influence corporate investment decisions.
Currently, companies must navigate multiple reviews from various ministries and local governments to build factories, starting from industrial complex designation to environmental impact assessments, power and water supply, and construction permits. Park stated, "While we must maintain necessary safety timelines, we should eliminate wasted time due to administrative inefficiencies. Relevant ministries should participate from the outset, and a dedicated office should manage the approval process through a one-stop administrative system."
He cited the example of Hyundai Motor's new plant in Ulsan, where local government formed a dedicated team that reduced the typical three-year approval period to just ten months. Park plans to expand such initiatives to help companies reduce the time spent on administrative procedures and focus on executing investments.
Alongside corporate growth, Park is also prioritizing regulatory improvements that the public can feel in their daily lives. He explained, "On one hand, we aim to resolve inconveniences faced by citizens, and on the other, we seek to improve regulations that hinder corporate growth and innovation. It’s like using one foot for public welfare and the other for business."
A notable example is the allowance for mobile sales of prepared foods at baseball stadiums. Previously, there were restrictions on selling prepared foods like hot dogs in the stands, but after discussions with the Ministry of Food and Drug Safety, hygiene and safety standards were established to permit mobile sales. Additionally, efforts are underway to shorten the stock settlement cycle from the current two business days (T+2) to one business day (T+1) by 2028.
Park concluded, "The goal of regulatory reform is not to give preferential treatment to businesses but to remove unnecessary obstacles so that they can freely challenge themselves and grow. Citizens want their lives to change rather than just hearing about regulatory reform, and businesses want an environment where they can invest rather than just announcements of regulatory changes. I will show results, not just words, during my remaining term."
* This article has been translated by AI.
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