MOTIE Promises Regulatory Reform
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MOTIE Promises Regulatory Reform
Minister Yoon suggests the top three tasks his ministry will carry out this year

28(Tue), Jan, 2014



Minister of Trade, Industry and Energy Yoon Sang-jick poses for pictures with

 the CEOs of the nation¡¯s top 30 business groups following their meeting at the Seoul Plaza Hotel on Jan. 14.



Minister of Trade, Industry and Energy Yoon Sang-jick said his ministry, designating this year as the first year of regulatory reform, will devote itself to removing hurdles to corporate investments. 

At a meeting with the CEOs of the nation¡¯s top 30 business groups at the Seoul Plaza Hotel, MOTIE Minister Yoon unveiled the top three tasks the ministry will implement during this year: regulatory reform, stabilization of an environment for companies to do business, and solving manpower shortages at work sites. 

Minster Yoon said, ¡°I will attach top priority to making an overall review of all regulations related to corporate investments by introducing a regulatory cap.¡± He went on to say that his ministry will focus on enhancing the predictability of investments and solving manpower shortages by stabilizing an environment for doing business despite external and internal unfavorable management conditions such as the low yen and a rise in ordinary wages. 

Looking back at last year, Yoon said Korea racked up a record high of exports despite the difficulties, and he urged the top 30 business groups to aggressively make investments so as to contribute to turning around the national economy.

Among the representatives of the top 30 business groups on hand at the meeting were President Lee Sang-hoon of Samsung Business Group; Senior Executive Vice President Park Kwang-shik of Hyundai Motor Group; President Cha Hwa-yeop of SK Group; President Chung Do-hyun of LG Group; President Chae Jung-byung of Lotte Group; President Park Ki-hong of POSCO; President Kim Oe-hyun of Hyundai Heavy Industries; President Lee Wan-kyung of GS Group; President Suh Yong-won of Hanjin Group; President Pang Han-hong of Hanwha Group; President Kim Il-young of KT; and President Lee Sang-hoon of Doosan Group.

Minister Yoon told the participants the government will establish and implement a three-year economic innovation plan unveiled by President Park Geun-hye during her recent New Year¡¯s news conference. 



MOTIE Minister Yoon speaks at his meeting with 

the CEOs of the nation¡¯s top 30 business groups. (photos: MOTIE) 



The following is a look at the suggestions and request the participants discussed with Minister Yoon. 

LG Electronics President Chung said the Korean government offers fewer policies to support electric vehicles (EVs) compared to other nations. He went on to say that electronics, communications, and automobile industries are undergoing interdisciplinary convergence at a rapid pace, and in particular his company is focusing on securing new growth engines related to EVs. 

Lotte President Chae said regulations denying large-sized companies access to business areas classified as fit for SMEs sometimes gives an advantage to foreign-invested companies. 

Executive Vice President Um Hyang-sup of DSME called for the government¡¯s support to localize equipment and materials to nurture the marine plant engineering industry, which is emerging as one of the future growth industry engines. 

KT President Kim demanded that the government give consideration to the telecommunications industry¡¯s characteristics as a service industry lest the industry is given disadvantages in evaluation of the shared growth index.

POSCO President Park talked about the spread of trade protectionism, saying that his company is now under import restrictions from 15 countries.  

   
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