Regulations will be cut to encourage tech, first vice minister says

Bang Ki-sun, the first vice minister of economy and finance, speaks during Digital Economy Forum 2022 held at COEX, southern Seoul, Thursday. [KOREA STARTUP FORUM]

Amid the intensifying race in the digital transformation, the government will cut red tape to boost the private sector, the economy vice minister promised.

“Nations worldwide are rushing to get ahead of the digital economy race,” said Bang Ki-sun, the first vice minister of economy and finance, during his opening speech for Digital Economy Forum 2022 Thursday. “I believe that the countries around the world are joining the unlimited competition because digital economy became the game changer.”

Bang said that the government will “create a private-led innovative digital economy” by removing regulations that are blocking the industry’s growth.

The Digital Economy Forum 2022, hosted by the Ministry of Economy and Finance and organized by the Korea Startup Forum, was held Thursday at COEX in Gangnam District, southern Seoul. In its fifth year, DEF 2022's theme is "Toward Dynamic and Innovative Digital Economy."

Jake Park, Socar CEO and chairman of Korea Startup Forum, said that “active technological investments are being eyed as the solution for the current global economic crisis,” during his opening remarks, emphasizing that start-ups will play a pivotal role in the global digital transformation.

Deregulation was one of the main themes of the event.

During a panel discussion over the Yoon Suk-yeol government’s regulatory framework, Kim Beom-seok, director general of policy coordination of the Ministry of Economy and Finance, said the “self-regulation” will be at the core of the new administration’s policy agenda.

Kim said that the Yoon government will reverse the policy direction of the Online Platform Fairness Act proposed by the previous government, saying that “the government will enact only minimum regulations into law.”

Jennifer Zhu Scott, the founding partner of I.N. Capital, said that technological capabilities became a must rather than a plus for corporations these days, during her keynote speech.

“Doesn’t matter what company you are running. Every company should be a data company,” said Scott. “Every company is a data company.”

Scott, who was named one of the top 50 most powerful women in technology by Forbes, argued that companies need to make artificial intelligence a very fundamental strategy.

Other panelists and speakers at the event included Mike Orgill, Uber’s senior director of public policy and government relations in APAC, Lee Hyun-jae, head director at Woowa Brothers, and Steven S. Hoffman, CEO of Founders Space.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]