Gov't to establish deregulation committee for venture, startup businesses: PM

Gov't to establish deregulation committee for venture, startup businesses: PM

Prime Minister Han Seong-sook, center, speaks during a discussion on deregulation for startup and venture businesses held at Korea Federation of SMEs in Seoul, Wednesday. Yonhap

The government will soon establish a deregulation committee dedicated to improving regulations hindering startups in emerging industries, Prime Minister Han Seong-sook said Wednesday.

The envisioned committee, to be set up under the presidential Regulatory Rationalization Committee, will deal exclusively with regulations hampering startups and venture businesses, Han said during a public discussion on venture and startup businesses.

"This committee will deal with regulations on emerging industries and new technologies separately (from other regulations) so as to improve them in a speedy manner," Han said. "It will serve as an exclusive organization for startup and venture business regulations."

Han also said that small and medium-sized enterprises should play an important role in the "three megaprojects" initiative.

The initiative calls for a national transformation driven by semiconductors, physical AI and AI data centers, and the government envisions the creation of two memory chip fabrication plants by Samsung Electronics and two fabs by SK hynix in the southwestern city of Gwangju and the surrounding Jeolla provinces.

"For these megaprojects to succeed, SMEs should play an important role as key players of the ecosystem," Han said. Through this, we should create a virtuous cycle where investment and outcomes lead to growth for all."