Industry Information

Title Government to Work on Regulatory Innovation-'Growth Through Innovation' Initiative
Manager Ralphy Song Department in charge Exhibition Managment Team
Contact 02-3459-0028 Date 2018-02-26 14:17:55.653

[ Government ]

Government to Work on Regulatory Innovation
'Growth Through Innovation' Initiative


Deputy Prime Minister Kim Dong Yeon presided over the 'Growth through Innovation' Meeting held on February 7. Regulatory innovation and R&D support for the service sector were main topics of discussion. Private experts, as well as related ministers and public experts, participated in the meeting.
The following is a summary of Deputy Prime Minister Kim's keynote speech.
'Growth through innovation' aims at the economy's sustainable growth as it supports increased productivity and efficiency across the board, which will lead to decent job creation. The government has worked on promoting startups and venture capital with this 'growth through innovation' in mind, and as a result, more than 100,000 businesses are expected to be launched over 2018. We will continue to work to reach this year's target of 120,000 startups.
For 'growth through innovation' to work well and create as many jobs as possible for young adults, promoting businesses including startups is the most important. To this end, the government will focus on regulatory innovation and strong R&D investment.
Regulatory innovation
We will ceaselessly pursue the best regulatory reform for each industry, working to improve their business environment as fast as possible. We will start with the 50 regulations whose reforms are directly felt by Korean citizens, such as easing burdens of strict regulations regarding business locations and facilities requirements, as well as other burdens related to getting government approval, increasing businesses' access to markets for their new services, including high tech services, and revising regulations as soon as possible if they are amendable without an approval by the National Assembly. If disagreement arises in the process of regulatory reform, we will put the first priority on the benefits of the Korean people when working to find solutions to the disagreement among groups with different interests.
Strong R&D investment
Despite R&D's critical role in pursuit of 'growth through innovation', the country's R&D investment efficiency has not been great enough to bring innovation into the economy: Support for R&D investment have usually been designed project-by-project from a short-term perspective, rather than from a large picture perspective of its total effect on the economy. The government will entirely revise its R&D support to achieve maximum efficiency for the country's economy.
As for services, we will expand R&D tax incentives from 19 services to almost all services, and use government procurement to promote the commercialization of new services.