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| The plan, the fourth of its kind, will help local firms go ahead with 55 projects, including the construction of a pharmaceutical firm's production line, according to the Ministry of Economy and Finance in this Dec. 8, 2020 file photo. Korea Times photo by Hong In-ki |
Korea plans to pave the way for private businesses' investments of 600 billion won ($455 million) by reducing regulations, the finance ministry said Wednesday.
The plan, the fourth of its kind, will help local firms go ahead with 55 projects, including the construction of a pharmaceutical firm's production line, according to the Ministry of Economy and Finance.
Korea has been making efforts to lift regulations to support more investment to address the economic slowdown.
Since announcing its first batch of deregulation in July last year, the government has supported private investments of 7.7 trillion won, according to the ministry.
"We have made efforts to find and improve regulations on-site by expanding communication with the private sector and the market by hosting meetings with major economic organizations, associations and businesses," the finance ministry said in a statement.
For example, the government plans to suggest an alternative site to the Germany-based Merck Group as the company's desired site to build a large production line was designated as a research zone that allows the construction of only small factories.
The country plans to recommend a new site to Merck by the end of June.
In addition, Korea will set up plans to lease state-owned sites at Daesan Port in South Chungcheong Province to private companies, as such guidelines are currently not available despite the demand from the private sector.
The government will also revamp regulations to help Yeongdeok build a marine cable car facility to attract more tourists.
"Recently, domestic demand has been recovering gradually, but the economy has been slowing due to sluggish exports and facility investment," Finance Minister Choo Kyung-ho said during a meeting on deregulation.
"We plan to continue efforts to revamp regulations in order to support exports and investment." (Yonhap)
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