Lee Urges Reform of Outdated Regulations Hampering Growth of Advanced Industries

In a recent meeting, President Lee Jae Myung emphasized the necessity of reforming outdated regulations that hinder the growth of advanced industries in South Korea. He described this reform as essential for the country's ambition to achieve global industrial leadership.

During the second plenary meeting of the regulation rationalization committee, Lee stated that while new regulations are necessary for safety and fairness, existing regulations that obstruct innovation must be addressed promptly. He argued that these outdated rules prevent the advancement of new technologies and industries, which are crucial for economic development.

Lee highlighted the importance of balanced regional development and proposed 'megaprojects' aimed at establishing semiconductor clusters and artificial intelligence facilities in various regions. He believes these initiatives could foster economic growth and job creation across the country.

The president also called for the removal of administrative barriers that impede the launch of venture businesses, underscoring that supporting entrepreneurship is vital for job creation and economic stimulation. Lee's administration is committed to nurturing advanced industries as part of its broader economic strategy.