April 26, 2024

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[THE INVESTOR] The government said on Jan. 24 that it will accelerate its deregulation efforts, and iron out more measures to help boost the so-called fourth industrial revolution.

The fourth industrial revolution is characterized by many technologies, in areas such as the digital, biological and artificial intelligence fields, which can all be merged to create a new economic and social system.

The government said it would take drastic measures to ease regulations that have been blocking new industries and technologies from moving forward in an era of the fourth industrial revolution.

Early this week, President Moon Jae-in called for swift measures to remove unnecessary and excessive regulations, calling them a major hurdle to a new start for the country‘s economy, and for new and innovative firms.

The Moon administration has been focusing on boosting key, burgeoning industrial sectors such as self-driving cars, drones, robots and financial technology, or fintech, which are deemed to be new growth engines.

The government will step up investment in the next key technology trends to create quality jobs and improve an industrial structure that is heavily reliant on large conglomerates and the manufacturing sector.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)