Korea Chamber of Commerce and Industry (KCCI) Chairman Park Yong-man said on Nov. 5 that there are still too many regulations for South Korea to embrace Industry 4.0.
He cited the Personal Information Protection Act as one of the biggest obstacles to Industry 4.0. “Big data accumulation and research can lead to a huge number of opportunities for those starting their own business, yet the law places too many constraints on data collection and utilization,” he lamented, continuing, “Except for regulations related to life and safety, the government needs to allow people to pursue what they want to pursue, and this is a matter closely related to their basic rights.”
“The 50 most innovative enterprises in the world do not include any South Korean company,” he went on to say, adding, “I recently looked into whether the business items of the 100 most innovative companies are applicable to South Korea and found that less than half of those are possible and some of them are impossible from the get-go.” He also mentioned a mother who had to undergo seven investigations for having developed an application for her son suffering from juvenile diabetes. “Is starting a business a threat to other people’s economic activities?” he asked back.
When it comes to the government’s predictions that economic indices will improve next year, he said, “It is not entirely impossible and the government budget can prop up the economy in the short term, yet what matters more is that we need to deal with the ongoing downward movement of the economy.” He also said, “Things may get better or worse next year, but what the government should do is to change the flow.”