▲ Prime Minister Han Duck-soo (L) presides over a meeting with relevant ministers on regulatory reforms in Seoul on March 2, 2023. (Yonhap)

PM-deregulation

PM presides over meeting on regulatory reforms

SEOUL, March 2 (Yonhap) -- Prime Minister Han Duck-soo presided over a meeting Thursday with relevant ministers on regulatory reforms and pledged support for South Korean firms to lead new businesses.

"The issues of bio-health, robots and the metaverse are intended to preemptively create standards by predicting future development directions, and to remove unnecessary existing regulations," Han said at the meeting.

"We will support our companies in a speedy manner to lead the global new industry," Han said.

Since the government of President Yoon Suk Yeol was inaugurated, a total of 688 regulatory items have been improved, and it is expected to generate an economic benefit worth 34 trillion won (US$26 billion) over the next five years, Han said.

During the meeting, the ministers discussed plans on remote medical treatment and the use of sidewalks by mobile robots, Han's office said in a statement.

They also discussed a temporary industrial standard for the metaverse, a term used to describe a hypothetical virtual world that exists entirely online.

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