“Addressing Regulatory and Business Challenges for Companies” ... Korea Industrial Complex Corporation Establishes Public-Private Partnership

[Financial News] The Korea Industrial Complex Corporation has established a public-private partnership to review regulations and business challenges faced by companies operating in industrial complexes and support institutional improvements.
The Corporation held a launch ceremony for the Industrial Site Regulatory Rationalization Support Group at its Gyeongbuk Regional Headquarters on the 23rd.
The support group consists of five private-sector experts in fields including law and labor, financing, exports, and supply chains. It will review relevant laws and the appropriateness of how regulations and systems apply to issues identified on the ground, and develop proposals for improvement.
To date, the Corporation has identified on-the-ground challenges through company visits and roundtable discussions organized by the Corporate Grievance Resolution Supporters at its 13 regional headquarters nationwide. Last year, it identified 440 regulatory and business challenges and achieved a total of 115 improvements, including 33 institutional improvements and 82 improvements to outstanding issues through recommendations to relevant agencies and other means. It also reduced businesses’ burden by about 20 billion won by lowering the demolition performance bond at the Gunsan 2 Rental-Only Industrial Complex.
By September this year, 351 regulatory and business challenges had been reported. Location-related issues were the most common, at 55, followed by 40 related to exports and 33 to finance. The Corporation says that, as the challenges companies face become more diverse—including supply chain instability and securing workers—the need for legal and institutional reviews of individual issues and consultations with relevant agencies has also grown.
The Corporation plans to select issues with high urgency and broad impact, have experts review them, and then make improvements itself or submit recommendations to relevant ministries and related organizations. Even after making recommendations, it will track the progress of consultations and the results of actions taken to assess whether they lead to actual institutional improvements.
At a regulatory innovation roundtable held after the launch ceremony that day, the Industrial Convergence Promotion Ombudsman, companies operating in industrial complexes in the Gumi area, and local government officials, among others, attended and discussed regulatory and business challenges arising in the development of new industries and the process of manufacturing innovation.
Gong Seong-ho, head of the Corporate Growth Division at the Korea Industrial Complex Corporation, said, “It is important that challenges identified on the ground do not end as mere recommendations but lead to actual institutional improvements,” adding, “We will work with private-sector experts to pursue regulatory improvements that businesses can tangibly experience.”
[email protected] Lee Ju-mi Reporter