Regulatory innovation strategy meeting led by the president without substance…Will regulations be broken? = South Korean report

The Regulatory Innovation Strategy Council, which was established immediately after the inauguration of the Yun Seo-gyul administration, is a representative department that shows the government's intention to reform regulations. President Yoon serves as the chairman and serves as the control tower for the government's regulatory policy.
It's fulfilling its share. This shows President Yoon's intention to directly carry out regulatory reform. From the Regulatory Reform Committee, co-chaired by the Prime Minister and a private citizen, and the Regulatory Innovation Promotion Group, chaired by the Prime Minister.
It is also a department that can resolve much more complex and important regulations. However, the Regulatory Strategy Council has been held four times to date, including the first meeting held in August 2022, President Yoon's first year in office.
or not opened. The second (November 2022) and third (March 2023) meetings were presided over by the prime minister in place of the president, and did not attract particular attention. in August 2023
President Yoon presided over the fourth meeting, but five months have passed since then and the next meeting has not been held. After the first meeting, President Yoon announced that he would hold a regulatory strategy meeting once every two to three months.
This means that the president's office's teaser, ``I'm going to do this,'' is not being followed. Many regulatory experts point to the ``president's will'' as an important point for regulatory reform. Vested interests still exist or multiple
This is because many ministries and stakeholders are intricately intertwined, making it difficult to unravel regulations. This is the same reason why President Park presided over the ``Private-Government Joint Regulatory Council'' during the Park Geun-hye administration.
The weight of the regulatory strategy meeting also changes depending on whether the president directly presides over it. It remains unclear how successful the regulatory reforms of the Yun Seok-Yeong administration, which is in its third year in office, have been successful. President Yoon is
Although a new term has been coined, ``killer regulations,'' companies are still unable to feel the effects of regulatory reform. In March 2023, the Korean Employers Association will select 1019 companies with over 50 employees nationwide.
60.2% of companies that responded to the ``2023 Corporate Regulation Outlook Survey'' answered that the regulatory environment for companies is almost unchanged from the previous year.
The reason why the Korean government emphasizes regulatory reform is simple. To experience economic dynamism through the power of the private sector
, companies will have to break free from regulations, invest more, and create jobs. In addition, the previously sound fiscal system has resulted in a tax revenue shortfall, making it difficult to grow through government spending.
This is also cited as a reason why the Yoon administration must succeed in abolishing regulations. In his New Year's address, President Yoon said, ``In order to boost economic vitality, we will eliminate killer regulations that hinder business investment.''
It will be abolished.” Furthermore, the recently announced ``2024 Economic Policy Directions'' includes many proposals for improving regulations. The Korean government's way of showing its will for half-finished regulatory reform is through Yun Dae.
The president should start by directly convening regulatory strategy meetings. Also, is the Korean government's regulatory reform emphasizing quantity over quality?
Now is the time to consider whether or not you are laying on the floor.