SEOUL, March 10 (Yonhap) – President Park Geun-hye on Monday denounced unnecessary regulations on business activity as Korea’s “archenemy” and a “lump of cancer” killing the country, underscoring her commitment to eliminate all such regulations to revitalize the economy.
The remark was the latest in a series of calls by Park for sweeping deregulation that she sees as key to spurring the slowly-recovering economy. The tone in Monday’s remarks was much stronger than before, which may show she is frustrated with the lack of progress in removing regulations, despite her repeated pleas.
“We should push for deregulation with extraordinary determination,” Park said during a weekly meeting with senior secretaries. “If we are going to keep the economy going ... we should consider unnecessary regulations to be our archenemy and a lump of cancer killing our body, and should put all our strength into taking them out.”
Deregulation is also a key point in the three-year economic innovation plan that Park announced last month, with goals to raise the country’s potential growth rate to around 4 percent and the per-capita national income to more than US$30,000 by 2017.