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

The South Korean government plans to establish a deregulation committee specifically focused on regulations impeding startups and venture businesses in emerging industries, according to Prime Minister Han Seong-sook. The committee, to be formed under the Presidential Regulatory Rationalization Committee, will independently address regulations affecting startups and venture businesses separately from other regulations.

This dedicated committee aims to expedite improvements in regulations within the startup and venture sectors. Additionally, Prime Minister Han emphasized the crucial role that small and medium-sized enterprises (SMEs) should play in the government's three megaprojects initiative, which envisions national transformation through advancements in semiconductors, physical AI, and AI data centers.

Two memory chip fabrication plants are planned by Samsung Electronics Co. and two fabrication facilities by SK hynix Inc. in Gwangju and Jeolla provinces. To ensure the success of these megaprojects, Han highlighted the importance of SMEs as integral components of the ecosystem, aiming to establish a mutually beneficial cycle of investment and growth for all stakeholders.