Seoul Mayor Oh Se-hoon: ”Regulations that hinder innovation are the cause of the 'Korean disease'”

Seoul Mayor Oh Sehun said on the 3rd, "Regulatory reform, tax reform, fiscal policy, financial innovation, and industrial policy all need to be fundamentally changed with a focus on revitalizing businesses and the economy."
On the same day, Mayor Wu posted an article on Facebook titled, "Growth again, deregulation is the answer," in which he wrote, "Without deregulation, companies and the economy will not be able to grow any more."
"The Korean economy is suffering from the 'Korean disease,' in which the growth rate declines by 1% every five years. If we cannot get back to growth, the country and its people will not be able to survive," Mayor Wu said.
He continued, "The world is rapidly reorganizing around new industries such as AI, bio, fintech, and robotics, but our main industries have remained the same for the past 20 to 30 years.
"Of the top 100 global unicorn companies, 17 are unable to operate or can only operate in a restricted manner in South Korea due to regulations," it said.
Mayor Wu said, "Regulations that hinder innovation are the root cause of the Korean disease. In the past, we called on entrepreneurs and asked them to invest in the name of economic revival.
"In order to revive the economy, the government needs to change the environment so that companies can innovate," he said.
"We need new forces to make new alcohol. Tomorrow, we will have business people,
I will meet with entrepreneurs to announce the “Business Growth-Oriented Regulatory Reform Plan” and provide specific measures,” he added. The Seoul Metropolitan Government will hold a “Business-Centered” event at the Korea Chamber of Commerce and Industry International Conference Hall at 9:30 am on the 4th.
The city will hold a forum on "Growth-oriented Regulatory Reform." At the forum, Mayor Wu will deliver a keynote speech on the theme of "KOGA" (Korea Growth Again), and will promote R&D investment in cutting-edge industries.
Bold industrial policies such as fostering the capital and creative industries, active fiscal investment in infrastructure and nurturing future human resources in science and technology, and revitalization of the asset market by creating an Asian digital financial center and cultivating a virtual asset market.
I plan to emphasize that.