Speeding up deregulation efforts and exempting preliminary economic assessment of megaprojects
- 5 years ago
Our top story this lunchtime...
Prime Minister Lee Nak-yon is looking to speed up new deregulation measures aimed at stimulating economic growth.
The government wants to allow certain companies to go about their business without worrying about regulations AS LONG as they don't threaten citizens' life or security or environment.
The government will also have to explain and defend the need for certain regulations if companies question them.
For more, our Choi Si-young is on the line for us.
Si-young, tell us more.
Jiyoon.
At a weekly cabinet meeting on Tuesday, Prime Minister Lee reaffirmed the government is committed to deregulation.
Two things stood out as particularly interesting.
First, companies engaged in new industries like hydrogen energy or solar panels will now be able to go about their business without being burdened by existing regulations... as long as their activities DO NOT threaten citizens' life, security or environment.
It's hoped the measures will free the firms up to take bold decisions without the burden of suppressing regulations.
The government will expand this "allow-first-regulate-later approach" to other industries as they see it fit.
Second, when companies question regulations they see as unfit or are in need of revision, the government will have to prove the regulations in question are needed.
If the government fails to deliver a powerful defense, the regulations are likely to be revised.
This change comes amid criticism that companies had to follow regulations even if they don't reflect the reality of the industry they are regulating.
Now that companies have become more vocal, it is expected they will no longer be burdened by outdated regulations.
Other than deregulation efforts, we hear the government has also deliberated over which large scale economic projects will be exempt from the government's preliminary economic assessment. Any updates?
Yes Jiyoon.
Prime Minister Lee and the government ministers DID discuss which large scale economic projects need exempting from that test.
The government has to review the economic validity of projects that receive over 26-million U.S. dollars in government funding.
But 17 cities and provinces have requested a government exemption to projects such as building railways, highways, airports and hospitals.
The government DID give out exemptions in some cases to promote "balanced regional development" as some regions didn't receive benefits in the past due to their low population.
Back to you, Jiyoon.
Prime Minister Lee Nak-yon is looking to speed up new deregulation measures aimed at stimulating economic growth.
The government wants to allow certain companies to go about their business without worrying about regulations AS LONG as they don't threaten citizens' life or security or environment.
The government will also have to explain and defend the need for certain regulations if companies question them.
For more, our Choi Si-young is on the line for us.
Si-young, tell us more.
Jiyoon.
At a weekly cabinet meeting on Tuesday, Prime Minister Lee reaffirmed the government is committed to deregulation.
Two things stood out as particularly interesting.
First, companies engaged in new industries like hydrogen energy or solar panels will now be able to go about their business without being burdened by existing regulations... as long as their activities DO NOT threaten citizens' life, security or environment.
It's hoped the measures will free the firms up to take bold decisions without the burden of suppressing regulations.
The government will expand this "allow-first-regulate-later approach" to other industries as they see it fit.
Second, when companies question regulations they see as unfit or are in need of revision, the government will have to prove the regulations in question are needed.
If the government fails to deliver a powerful defense, the regulations are likely to be revised.
This change comes amid criticism that companies had to follow regulations even if they don't reflect the reality of the industry they are regulating.
Now that companies have become more vocal, it is expected they will no longer be burdened by outdated regulations.
Other than deregulation efforts, we hear the government has also deliberated over which large scale economic projects will be exempt from the government's preliminary economic assessment. Any updates?
Yes Jiyoon.
Prime Minister Lee and the government ministers DID discuss which large scale economic projects need exempting from that test.
The government has to review the economic validity of projects that receive over 26-million U.S. dollars in government funding.
But 17 cities and provinces have requested a government exemption to projects such as building railways, highways, airports and hospitals.
The government DID give out exemptions in some cases to promote "balanced regional development" as some regions didn't receive benefits in the past due to their low population.
Back to you, Jiyoon.