New Gov’t to Cut Swathe Through Red Tape

    January 18, 2008 09:27

    President-elect Lee Myung-bak’s transition team has announced a plan to ease some 2,320 corporate, financial, broadcasting, education and communication regulations.

    Lawmaker Park Hyung-joon, a member of the planning and coordination team at the Transition Committee, said Thursday massive deregulation will be carried out around the next government’s inauguration to stimulate investment. The new government will first ease regulations on the financial sector, like a ban non-banking companies expanding into the banking sector. The ban on large companies from expanding or building factories in the capital area will also be eased, he said.

    The transition team will also review a cap on cross-investment among conglomerates’ affiliates. It will come up with detailed measures to ease broadcasting and communication-related regulations and introduce Internet protocol television (IPTV) in February.

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