The Korea Times
President Lee Jae Myung on Wednesday called for removing unnecessary and outdated regulations to promote new businesses while urging efforts to ensure global competitiveness. Lee made the remarks at an inaugural meeting of the presidential committee tasked with rationalizing regulations, attended by officials from related ministries, senior presidential aides and experts. "The most important way to restore the Korean economy's growth potential is through regulatory rationalization," he said. "We need to eliminate unnecessary and inefficient regulations in accordance with global standards and transition regulatory systems in cutting-edge industries toward a negative framework." He said negative-style regulation, a system in which activities are generally permitted unless explicitly prohibited by law, is essential to spur innovation in the face of rapidly evolving technologies. "It is essential for the Korean economy, which relies heavily on trade, to secure global competitiveness," he said. Pointing to the side effects of the overconcentration of resources in the Seoul metropolitan area, L
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