South Korea plans to cut the number of regulations on business activities by 20% by 2016. President Park Geun-hye said last week her administration plans to remove 2,200 regulations, dropping the total from 15,269 to 13,069.
Park said South Korea has many obsolete rules and regulations that aren’t found anywhere else. Reducing these obstacles is essential for encouraging inward investment, boosting job creation and driving forward the government’s aim of creating an innovative economy, she said. Business people have complained about restrictions such as where buffet restaurants can buy bread.
