Seoul: The government will soon establish a deregulation committee dedicated to improving regulations hindering startups in emerging industries, Prime Minister Han Seong-sook announced on Wednesday. This initiative is part of the government's effort to foster innovation and streamline processes for new businesses.

According to Yonhap News Agency, the envisioned committee will be set up under the presidential Regulatory Rationalization Committee and will focus exclusively on regulations impacting startups and venture businesses. During a public discussion on venture and startup businesses, Prime Minister Han emphasized the importance of addressing regulations in a manner that is swift and tailored to the unique challenges faced by emerging industries and new technologies. "This committee will deal with regulations on emerging industries and new technologies separately... so as to improve them in a speedy manner," Han stated. "It will serve as an exclusive organization for startup and venture business regulations."

In addition to the establishment of the committee, Prime Minister Han highlighted the critical role that small and medium-sized enterprises (SMEs) are expected to play in the "three megaprojects" initiative. This national transformation initiative is driven by advancements in semiconductors, physical AI, and AI data centers. The government also plans to facilitate the creation of two memory chip fabrication plants by Samsung Electronics Co. and two fabs by SK hynix Inc. in the southwestern city of Gwangju and the surrounding Jeolla provinces.

"For these megaprojects to succeed, SMEs should play an important role as key players of the ecosystem," Han said. "Through this, we should create a virtuous cycle where investment and outcomes lead to growth for all." The government is optimistic that these actions will not only boost the startup ecosystem but also drive significant growth and innovation across the nation.