Seoul: President Lee Jae Myung said Thursday the government will ease unnecessary regulations and take a more active role in mediating conflicting interests to revitalize business activities and support economic recovery. Lee made the remarks in an interagency meeting on regulatory reforms focused on bio, renewable energy, and cultural industries held at the presidential office.

According to Yonhap News Agency, President Lee emphasized the need to reinvigorate business activities by rationalizing regulations as a key task to revive the economy. He stated that the most important mission is to restore growth in order to fairly distribute new opportunities and alleviate economic polarization and inequality.

Lee cautioned against bureaucratic rigidity and the excessive exercise of authority by officials, noting that such behaviors could hinder policy execution. He called for a more flexible approach towards strategic sectors such as renewable energy, bio, and cultural industries. He stressed the importance of listening to voices from the field and, within reasonable limits, eliminating potential risks to allow for greater creativity.

Furthermore, President Lee highlighted the government’s responsibility to mediate between stakeholders and balance deregulations with safety measures. He stated that rather than imposing regulations to avoid conflicts of interests, the government should skillfully coordinate differences, which he described as the proper role of the government.