April 25, 2024

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[THE INVESTOR] The Korean government said on Dec. 28 that it has decided to remove some legal and administrative regulations in the local service sector as part of its efforts to promote fair market competition and boost growth.

The Fair Trade Commission said it checked restrictions that hampered competition in the sectors of food, leisure and public services.

Related government ministries and agencies have agreed to get rid of or improve a total of 18 rules, with a detailed deregulation schedule for the remaining cases to be decided in the near future, the watchdog added.

According to the FTC, the government will ease regulations on small private beer breweries and liquefied petroleum gas vehicles, which have been high on the list of the government-led deregulation drive.

The entry barriers in businesses like travel agencies will be lowered as well, according to the watchdog.

By Alex Lee and newswires (alexlee@heraldcorp.com)