Pres. promises removal of unnecessary regulations for businesses

President Park Geun-hye said on Monday, “I’ll do my best to remove unnecessary regulations to help entrepreneurs by creating a healthy economic ecosystem, which can encourage investment and generate more jobs.”

In an opening remark for the “2013 Entrepreneurship Week,” which Industry, Trade, and Resource Minister Yoon Sang-jik read on behalf of the president, the president said, “Entrepreneurship is a driving force behind our economic success and the miracle of the Han River. It is important to revitalize our economy and opening a new chapter for the people’s happiness.” In addition, she asked entrepreneurs to take the initiative in creating a second miracle of the Han River with creative innovation and a challenging spirit.” The president seems to deliver the message that the government will continue its efforts to ease regulations and vitalize the economy and hopes companies to make active investments.

The Entrepreneurship Week event was first held in 2008 to overcome the global financial crisis and encourage entrepreneurship. This year’s event is held under the slogan of “Entrepreneurship, the foundation of the creative economy” and co-hosted by the Industry, Trade, and Resource Ministry and the Korea Chamber of Commerce. It will be held through Thursday.

Minister Yoon said in a congratulatory speech, “All economy-related laws for investment such as the Foreign Investment Promotion Act and the Tourism Promotion Act must be legislated as soon as possible. The first step in encouraging entrepreneurship is to ease certain excessively strict regulations on the environment and make more companies eager to invest.”

“Korea emerged from one of the world’s poorest nations a half century ago to the 10th largest economy in the world. This has been possible by entrepreneurship,” said Park Yong-man, chairman of the Korea Chamber of Commerce, at an opening remark. “We need to add new entrepreneurship to our inherited DNA of unwavering entrepreneurship.