Korea to remove regulations in service sector

The South Korean government said Wednesday that it will remove legal and administrative regulations in the local service sector as part of its efforts to promote fair market competition and boost growth.

The Fair Trade Commission, the country's antitrust watchdog, said it checked 39 restrictions that restricted competition in the sectors of food, leisure and public services.

Related government ministries and agencies have already agreed to get rid of eight of them, with a detailed deregulation schedule for the remaining cases to be decided in the near future, the watchdog added.

The FTC said the government will lift restrictions on opening small cafeterias and kiosks at facilities for mountain biking and paragliding before the end of the year, while it will ease administrative requirements for running boat and yacht rental businesses in the first half of next year in order to boost the marina industry.

Also the government will lower the entry barriers in businesses like light airplane rental services and travel agencies next year.

Regulations on small private beer breweries, liquefied petroleum gas vehicles and online games are also high on the list of the government-led deregulation drive.

It is part of the FTC's efforts to promote fair market competition in the South Korean economy since the inauguration of the Moon Jae-in government.

FTC Chairman Kim Sang-jo, a former civil rights activist, has stressed that he will put policy priority on removing regulations that have limited competition, and strengthen punishment against illegal and unfair business practices. (Yonhap)