Korea vows to ease regulations to support 3 megaprojects
Korea vowed to ease a set of regulations, including administrative procedures, to support the country's three megaprojects centered on semiconductors and artificial intelligence (AI) facilities, the finance ministry said Thursday. Finance Minister Koo Yun-cheol unveiled the plan during a meeting with economy-related ministers, with the government expecting the measures to generate a total of 4.2…
The Korean government pledged to simplify regulations to bolster three major projects centered around semiconductors and artificial intelligence (AI) facilities, according to the finance ministry. Finance Minister Koo Yun-cheol announced the plan during a gathering with relevant ministers, projecting the policy to attract a combined 4.2 trillion won ($2.96 billion) in investment.
The government devised the measures to swiftly tackle investment-related obstacles on the ground, concentrating on projects poised to commence but stalled by regulatory barriers, the finance ministry explained. The ministry emphasized that such deregulation is essential to seamlessly execute the three megaprojects intended to revamp the nation's economy through investments in semiconductors, physical AI, and AI data centers.
For instance, under the existing framework, entities must modify their existing building permits when introducing new structures to an ongoing construction project. The government resolved to amend pertinent regulations accordingly.
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Also reported by 2 other outlets
- Korea vows to ease regulations to support 3 megaprojects koreatimes.co.kr
- S. Korea vows to ease regulations to support 3 megaprojects en.yna.co.kr
