(SEJONG=NEWSIS) The Ministry of Trade, Industry & Energy (MOTIE) has completed half of 32 tasks for regulatory reform, according to the Ministry on August 14.

MOTIE is preparing bills for the remaining 16 tasks that need to be legislated. It has organized a task force team for private-public cooperative regulatory reform and also held the first regulatory hearing in April to find and solve irrelevant regulations.

MOTIE has focused on reforming cumbersome regulations that were addressed at the hearing, including overlapping regulations between government agencies and unrealistic and outdated regulations.

Regulations that have thus far been revised include those upgrading the country-of-origin system for export support, simplifying the registration of a changed oil business operator and expanding the types of businesses that can move into industrial complexes. Amendments of enforcement ordinances and regulations made these revisions possible.

MOTIE will review all of its registered regulations and reduce them by 15 percent by the end of this year. The Ministry has selected 108 regulations for reform in the five sectors of trade and investment, industrial technology, location, energy and resources and standard certification.

MOTIE will enact the regulations that need to be revised, including those for the mutual recognition system of overlapping tests and adoption of complex zones in industrial complexes.

"We will be able to reduce the number of economic regulations by 15 percent this year. To do this, we will focus on the regulations that need to be legislated,” said a MOTIE official.

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