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

Prime Minister Han Seong-sook announced Wednesday that the government will establish a deregulation committee under the presidential Regulatory Rationalization Committee to exclusively handle regulations hindering startups and venture businesses in emerging industries. Han said the committee will deal with regulations on emerging industries and new technologies separately to improve them speedily, and emphasized that small and medium-sized enterprises should play an important role in the 'three megaprojects' initiative, which includes semiconductors, physical AI, and AI data centers.

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 an