Chairman Park Yong-maan of the Korea Chamber of Commerce and Industry(KCCI) hands the Regulatory Reform Tube over to Deputy Prime Minister and Minister of Finance and Strategy Kim Dong-yeon, L, at a meeting on June 15 at the Government Complex Building in Sejong-ro, Seoul. (Photo: MOSF)

Chairman Park Yong-maan of the Korea Chamber of Commerce and Industry (KCCI) delivered the Regulatory Reform Tube to Deputy Prime Minister as well as the Minister of Strategy and Finance Kim Dong-yeon at a briefing session he had with the top economic government official on June 15 at the Government Complex Building in Sejong-ro, Seoul.
The KCCI chairman said the regulatory reform proposal collection contains regulations he wanted to see improved. He said he asked for such improvements on 38 occasions for the past four-and-a-half years while heading the KCCI.
“It’s about time that the government should take a hard look at the regulatory reform now that times have changed and the big change is about to occur in the inter-Korean affairs with the U.S. and North Korea just held a crucial meeting on denuclearization while President Moon and North Korean Leader Kim also holding a summit meeting at Panmunjom,” he said.
The chairman also called on the government to look for ways to solve problems with regulatory reforms.
“We want to see the government to make up a regulatory reform process,” the KCCI chairman said, adding that he wants the government to refer to the Regulatory Reform Proposals while working to come up with the regulatory reform process.
The Regulatory Reform Tube refers to the processes in which reform tasks are channeled to legislation and implementation.
DPM Kim concurred with what the KCCI chairman told him on regulatory reform, saying the government worked on reforms with many government regulations, but he agreed with the chairman that not many of those reforms were good enough to impress the public. The DPM swore that he will make sure that the regulatory reforms will be speedy and good enough to impress the business firms and the market.
The top economic planner said the regulatory reforms that can be made should be set aside in the inter-ministry consultations as early as possible, while those that are delayed due to disagreements among the parties concerned would be made to find their solutions with the participation of the citizens turning them into public concerns.
The DPM went on to add that the government will set up something to compensate for the losses suffered due to the regulatory reforms and pursue reforms of the regulations that are very tough to touch up, if only to find out the reasons for the impasses.
In the meantime, over 50 representative entrepreneurs from Korea, Japan and China gathered to discuss new strategies for economic cooperation in East Asia based on a theme of “Accommodation and Innovation.”
On May 9, the Korea Chamber of Commerce & Industry (KCCI, chairman: Park Yong-maan ) hosted the “Korea-Japan-China Business Summit” in Tokyo a joint endeavor with the Japanese Business Federation (JBF, chairman: Sadayuki Sakakibara) and China Council for the Promotion of International Trade (CCPIT, chairman: Jiang Zengwei).
The summit was also attended by South Korean President Moon Jae-in, Japanese Prime Minister Abe Shinzo and Chinese Premier Li Keqiang, all of whom encouraged entrepreneurs of the three countries.
A total of 15 Korean businesspeople attended the summit: KCCI Chairman Yongmaan Park, Samsung Electronics CEO BK Yoon, Hyundai Motor President Jin-haeng Chung, SK Innovation President & CEO Jun Kim, LG Electronics CEO Seong-Jin Jo, Lotte Holdings Vice Chairman Kaggyu Hwang, GS Holdings CEO & Vice Chairman Taik-Keun Jung, CJ Group CEO Kyung-shik Sohn, LS Group Chairman Cha-yeol Koo, Amorepacific Corporation Chairman & CEO Kyungbae Suh, Samyang Holdings Chairman & CEO Yoon Kim, SM Entertainment President Young Min Kim, Shinhan Financial Group Chairman Yong-byoung Cho, The Export-Import Bank of Korea Chairman & President Sung-soo Eun, and Korea Electric Power Corporation President Jong-gap Kim.
They mingled with their counterparts from Japan and China in taking up core issues related to closer cooperation among the biz communities in three close neighboring countries.