Gov`t holds regulatory reform committee meeting

The government has decided to classify smartphones equipped with pulse counter and blood pressure gauge functions into industrial goods instead of medical equipment, and promote introduction of related products. Previously there was no standard for classification of smartphones equipped with health management functions, which made it difficult for electronics makers to introduce such products. Also, the ratio of floor space to land size that is applied to factory lots around an industrial complex will increase from the current 70 percent to 80 percent.

The government held a regulatory reform committee meeting chaired by Government Policy Coordination Minister Choo Kyung-ho at Government Complex Seoul on Friday, and decided to accept 123 cases (70 percent) of the 176 cases that had been suggested by seven economic organizations, including the Federation of Korean Industries and the Korea Chamber of Commerce and Industry.

At the meeting, the government decided to increase the number of parking spaces at major tourism hotspots in Seoul to enable more tourist buses to park. For one, the number of parking slots at parking lots near Namsan Cable Car will increase from 191 to 193. Also, in order to address the situation wherein a tourist bus occupies a parking slot for an extended period of time, making it difficult for other busses to park, the government decided to increase the turnover ratio of busses by limiting the maximum duration of parking per bus to two hours.

Also, the number of times at which listed companies are obliged to make public disclosure of pays for their registered board members from four times to once per year. The government has accepted the business community’s claims that because companies are obliged to publicize individuals’ pays too many times, they feel heavy burden due to public disclosures.

In addition, the "fanless electric fan" will be included in the list of items for the government procurement program. Fanless electric fans have been highly popular among consumers, but such fans were not eligible for bidding for government procurement, because the government measured energy efficiency of fans based on the fan of electric fans.

legman@donga.com