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As she entered her second year in office, President Park Geun-hye has at times used
strong words to express her intention to implement major regulatory reforms.
And on this Thursday, she is presiding over a four-hour televised debate on deregulation,
with government officials and some 60 representatives from the private sector in attendance.
Let's now connect live to our presidential correspondent Choi You-sun for details on
today's debate, which began just moments ago. You-sun.
Conn-young. During the first session, President Park will
highlight the need for sweeping reforms of regulations that she says hinder economic
activity and job creation. As part of her three-year economic innovation
plan, laid out in her New Year's address, the president had vowed to streamline the
red tape to spur economic growth. This is the first time the president herself
is presiding over the ministerial meeting and the first time it's being broadcast live.
The meeting, previously scheduled for Monday, was postponed because the president wanted
more participation from the private sector and to hear how the current regulations are
actually affecting businesses. More than 1-hundred-50 people, including some
60 businessmen, are taking part in today's debate.
What's also worth noting is that people representing not only conglomerates, but small and mid-sized
firms and even the self-employed will take the microphone.
So it looks like today's meeting will be more like an actual debate, where participants
can really say what's on their minds and toss ideas around?
That's right. Four hours have been set aside for today's
event, but many expect it could continue past 6 p.m., Korea time.
After listening to the private sector's concerns and questions, ministers will explain the
government's goals and details of its deregulation initiatives.
In session two, the debate will focus on case studies detailing how past administrations
failed to achieve reforms. There will also be discussions on ways to
bring about effective regulatory reforms, particularly in Korea's five major service
industries, namely health and medicine, tourism, education, finance and software.
Conn-young.
Alright You-sun, thank-you for that. Do keep us updated throughout the day.
That was our presidential correspondent Choi You-sun on President Park's push for regulatory
reforms and a debate on deregulation that's currently taking place at the presidential
office.