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Cheong Wa Dae on Wednesday announced it will slash the red tape involved in building industrial complexes. Complicated bureaucratic procedures mean that building an industrial facility in Korea can take upwards of three years; the new policy would shorten the time to less than six months.
Cheong Wa Dae will reportedly outline a "one-stop" process for setting up industrial complexes during the first session of the presidential National Competitiveness Reinforcement Committee on Thursday.
"Building an industrial complex under the current system requires several stages of procedures, including submitting separate basic plans and action plans," said a presidential official who announced the new policy.
While he was president-elect, Lee Myung-bak pointed out that it can sometimes take four years to build a factory under the existing rules. "Under the current system it would be impossible to build even a single industrial complex during my term," he said.
The National Competitiveness Reinforcement Committee will prioritize some 130 policy regulations which the Grand National Party submitted recently for deregulation, and work out a step-by-step deregulation policy.
A government official said, "The government will give top priority to removing restrictions on corporate founding and production procedures, and on some areas in the financial sector. The government will also ease restrictions on policies related to people's livelihood on a step-by-step basis."
Meanwhile, the government will reportedly appoint the following persons as civilian members of the National Competitiveness Reinforcement Committee: chiefs of various economic organizations, such as the Korea Chamber of Commerce and Industry, the Korea Employers Federation and the Federation of Korean Industries; CEOs of venture firms and small and medium-size enterprises; heads of consumer groups; academics; Federation of Korean Trade Unions chairman Jang Seok-choon; Sogang University president Sohn Byung-doo; Hana Financial Group chairman Kim Seung-yu; Lee Suk-chae, an advisor to law firm Bae, Kim & Lee LLC; and David Eldon, the chairman of the Dubai International Financial Center.
(englishnews@chosun.com )
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