Korea vows to ease regulations to support 3 megaprojects

Korea pledged to streamline a range of regulations, encompassing administrative processes, in order to bolster the nation's three megaprojects 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 economy-related ministers, highlighting the government's expectation of attracting a combined 4.2 trillion won ($2.96 billion) in investments.

The government devised these measures to swiftly tackle investment-related obstacles on the ground, with a focus on projects poised for commencement but impeded by regulatory barriers. The ministry explained that such deregulation is necessary to facilitate the seamless execution of the three megaprojects aimed at reshaping the country's economy through investments in semiconductors, physical AI applications, and AI data centers.

For instance, under the existing framework, businesses are obligated to amend their existing building permits when incorporating new structures into ongoing construction projects. The government decided to revise pertinent regulations accordingly.