Korean President Aims to Cut Red Tape and Boost Business with New Task Force

President Lee Jae Myung presides over the third meeting of an emergency economic review task force held at the presidential office in Seoul on Wednesday. (Yonhap)

President Lee Jae Myung announced Wednesday the formation of a government task force aimed at exploring ways to mitigate excessive penalties on corporate activities. This initiative is designed to reduce regulatory hurdles and stimulate investment.

Lee outlined a series of measures for what he termed a pragmatic, market-oriented government. These include streamlining outdated regulations, curbing excessive penalties, and encouraging companies to enhance shareholder value.

“It’s time we address concerns that breach of trust charges are being overzealously applied, hampering business activity,” he stated. “To ensure corporate management isn’t stifled by excessive economic punishments, the government will immediately establish a task force to rationalize these measures.”

Acknowledging growing apprehension among business leaders regarding the risk of criminal punishment, Lee affirmed that the administration will pursue legislative and regulatory reforms during the upcoming regular session of the National Assembly.

To foster new growth engines, he also called for the swift creation of a 100 trillion KRW (72.4 billion USD) public-private fund to invest in cutting-edge industries, including artificial intelligence and renewable energy. (Yonhap)