Yoon vows to continue push for deregulation

President Yoon Suk-yeol said Friday he will continue to push for deregulation to help create an environment where businesses can invest and grow freely.

Yoon made the remark as he presided over the first meeting on regulatory innovation and strategy at a local robot manufacturer’s office in Daegu, 237 kilometers southeast of Seoul.

“An important role of the government is to remove the systems and elements that are in the way so that the private sector can more freely invest and run. At the center of that is regulatory innovation,” he said after watching a robot demonstration at the office of Ajinextek Co.

“One piece of legislation, one piece of regulation that does not reflect reality can determine a company’s fate,” he continued. “Relaxing, correcting and reforming institutional regulations that do not reflect the times and reality from the people’s and private sector’s perspective is the way to find our growth engine.”

Yoon said the meeting would focus on ways to improve environmental regulations and regulations governing economic penalties.

He said his administration will revise environmental regulations in ways that will help businesses increase investments in the environment and raise their competitiveness.

Regulations on economic penalties will also be reviewed using global standards so that entrepreneurs will not be discouraged from developing their businesses and the country can attract more investment and produce more quality jobs, he said.