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PM vows to ease business regulations, revitalize economy

All Headlines 15:22 August 31, 2016

SEOUL, Aug. 31 (Yonhap) -- Prime Minister Hwang Kyo-ahn on Wednesday said the government will continue to make efforts to ease regulations and bolster business sentiment, which has been dampened by industrywide restructuring and North Korean provocations.

"Amid the uncertainties from home and abroad, the country's economy is facing employment instability in sectors facing restructuring," Hwang said during his visit to the western port city of Incheon to discuss easing business regulations. He added that North Korea's missile provocations have contributed to weakening business sentiment.

Hwang added the government has been making steady efforts to prop up growth by asking for an extra budget while deploying an advanced U.S. missile defense system.

The prime minister added South Korea will take steps to eliminate unnecessary administrative red tape to help local businesses.

The top policymaker said the government will "think outside the box" to provide solutions to companies facing trouble due to regulations, adding it will also become more active in discovering business barriers.

The prime minister also said he will make efforts to inject more vitality into the free economic zone in the western city of Incheon, including a move to provide broad support in areas such as education, health care and finance.


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