South Korea to stimulate businesses via 'market-oriented' government

New leader promises to support corporate activity as part of growth targets.

Companies in South Korea should expect a highly conducive business environment as the new government seeks to drive progress through unhindered corporate activity.

President Lee Jae Myung (pictured), who came into power in June following the impeachment of his predecessor, has told the country's ministries to actively identify new policy agendas whilst focusing on regulatory innovation.

Notably, the President wants "no hindrance" to business activities and is keen to be as supportive as possible through systematic improvements.

"Our government will be a pragmatic, market-oriented government that supports and stimulates businesses and corporate activity to create opportunities for and drivers of growth," he was quoted as saying by Korea.net, the Republic of Korea's official website.

Lee went on to say during the third meeting of the Emergency Economic Inspection Task Force: "We will swiftly set up a plan for a national fund worth over ₩100t (around $72b) to allow participation by the public and business and investments in future strategic industries that will lead the next two decades.

"We will also quickly decide on development goals by industry including revolutionary regulatory reform so that cutting-edge technology sectors such as artificial intelligence create future drivers of economic growth."

South Korea's new government is set to announce its fiscal management direction in September.