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S. Korea to ramp up deregulation drive to spur corporate investment

All News 12:49 July 28, 2022

SEOUL, July 28 (Yonhap) -- The government said Thursday it would ease a total of 50 regulatory measures in an effort to promote corporate investment and to spur private sector-led growth.

It is the first result of the Yoon Suk-yeol administration's deregulation push, as it set up a task force last month to review deregulation policy.

The regulations set to be eased spanned six areas, including new industries, environment, bio and health care, and they are expected to remove hurdles for major companies' investment worth at least 1.6 trillion won (US$1.23 billion).

One of the major cases is the relaxation of safety rules on the usage of robots at such workplaces as shipbuilding yards.

The move will allow Hyundai Heavy Industries Co., the country's leading shipbuilder, to invest 320 billion won in the construction of a smart yard as planned, according to the finance ministry.

Also on the deregulation list is the revision of a business classification code for a plastic recycling facility, which will pave the way for LG Chem Ltd. to go ahead with a plan to build a pyrolysis factory within a national industrial complex in the central city of Dangjin.

The plant is meant to recycle plastic waste with an annual capacity of 20,000 tons by 2024, which is expected to create an economic effect worth 300 billion won, the ministry said.

Other measures to be revised include bidding rules and environment-related standards for mid- to small-sized firms and a set of regulations on investment in mobility and renewable energy fields, it added.

"Regulatory reform should not be a one-off event but a task of our time that we should work on through the five years (of Yoon's term) for our future," Finance Minister Choo Kyung-ho said.

"The task force has been looking into many more issues, other than the 50 measures announced today. We will accelerate our deregulation move to achieve greater innovation," he added.

This file photo, provided by LG Chem Ltd. on April 13, 2021, shows a booth of the chemical company set up at an international plastic industry exhibition. (PHOTO NOT FOR SALE) (Yonhap)


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