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Our top story this morning is President Park Geun-hye's aggressive campaign to strip back
on excessive regulations. In a rare, live, televised debate Thursday,...
the president said cutting down on red tape is the best way to boost Korea's economy and
create jobs. Our presidential office correspondent Choi
You-sun reports.
"I believe regulatory reforms are the only way Korea will achieve economic innovation
and take a leap forward without any great costs. The reforms would create an environment
where businesses at all levels could freely take on challenges with confidence."
" .")
At a special televised debate on deregulation Thursday, President Park highlighted how sweeping
regulatory reforms would encourage businesses to innovate and actively invest, ultimately
leading to job creation. As an example of unneccesary red tape, the
president talked about how overseas fans of Korean dramas are not able to purchase the
products they see on their screens. That's because they don't have the electronic
identification certification required for online transactions in Korea.
The president then called for government employees to be more proactive in regulatory reforms,
proposing an evaluation system where they would be rewarded for their deregulation initiatives.
She also asked for a balance between easing unnecessary regulations and boosting ones
that are required in the areas of welfare, the environment and personal information protection.
Some 60 business representatives, from conglomerates to small- and mid-sized firms, also voiced
their opinions. They said a regulation is often controlled
by more than one ministry, which hampers new business projects that could revitalize the
economy. The business leaders said there should be
a system in place where ministries communicate more effectively.
"Also on Thursday, the government pledged to cut the volume of registered regulations
to 80 percent of the current level by 2016. Next year, the government will adopt Britain's
control system, that automatically eliminates existing regulations when new ones are introduced
to ensure there's
no extra cost to the public and businesses. Choi You-sun, Arirang News."