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  • Seoul to implement regulatory reform to breathe life into grassroots economy

  • Economy & Investment News SMG 3441


    The Seoul Metropolitan Government plans to push forward with regulatory reform with a focus on taking daring steps toward deregulation in an effort to breathe life into the grassroots economy, create jobs, and encourage young people to launch startups. The three core targets of this regulatory reform are: 1) the grassroots economy, 2) 50 leading urban/housing-related items, and 3) a shift in the system.

    With regard to the grassroots economy, the Seoul Metropolitan Government plans to take several steps, including: ▴ the expansion of areas where outdoor restaurant businesses are permitted to operate, ▴ securing permission for some commercial activities in parks, and ▴ the invigoration of food truck-based businesses. In the second half of the year, the city government will set right the unreasonable business approval/authorization systems that are limiting economic activity.

    As for regulatory reform pursued by the 50 leading urban/housing-related items, 44 items are related to the easing of relevant regulations, while the remaining six items concern social regulations that need to be supplemented or reinforced. The 50 items were selected from among the opinions of 79 private businesses and autonomous districts collected by a regulation improvement task force composed of relevant experts.

    Finally, concerning a shift in the system, the Seoul Metropolitan Government will push forward with ▴ open sessions of regulation-related discussion, ▴ legalization with the assistance of grassroots economy participants, ▴ meetings for regulatory improvement, ▴ efforts to identify pending issues through on-site visits, and ▴ governance through collaboration with the private sector, all based on the mottos such as “sharing ideas with people,” “private-sector collaboration,” and “site-centered operation.”