South Korea Government Policy Update — Nov 2, 2026
President Lee Jae-myung will deliver a policy speech on November 2 regarding next year's record-breaking 820.9 trillion won budget proposal. The Ministry of the Interior and Safety is stepping up safety checks before boilers are turned on for the winter to prevent fires and carbon monoxide poisoning, while the government is also pushing for regulatory exemptions to ease licensing burdens for startups.
South Korea Government Policy Update — Nov 2, 2026
Major Policy and Legislative Changes
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Ministry of Economy and Finance & National Assembly: President Lee Jae-myung will deliver a policy speech on the 2027 budget proposal, totaling 820.9 trillion won, at the National Assembly plenary session on November 2. Through this speech, he plans to urge the prompt passage of a new 162.3 trillion won "Future Response Fund."
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Ministry of the Interior and Safety: As the weather gets colder and the use of heating appliances increases, the government is promoting a policy to thoroughly inspect boilers before operation to prevent fires and carbon monoxide poisoning accidents.
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National Assembly: The Democratic Party is moving full speed ahead this week with discussions on a parliamentary probe regarding Chief Justice Cho Hee-dae and a special counsel bill concerning fabricated indictments. This has become a major political flashpoint, coinciding with the ongoing review of the 821 trillion won budget bill.
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Ministry of Foreign Affairs: The Foreign Minister is traveling to the United States to attend the G20 Foreign Ministers' Meeting, while the 1st and 2nd Vice Ministers handle routine diplomatic duties.
Regulatory Improvements and Administrative Changes
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Startup System Improvements: The government is overhauling rigid startup recognition criteria and unreasonable financial transaction practices that startups face in their early stages. It will also ease administrative burdens for business activities by reducing paperwork during the licensing and policy support application processes.
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Encouraging Corporate Investment Through Regulatory Exemptions: To eliminate regulations hindering regional growth, the government is pursuing policies that apply 320 regulatory exemptions to attract corporate investment.
Policy Impacts and Future Schedule
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Budget Processing Deadline: The National Assembly must process the 820.9 trillion won budget proposal by the legal deadline of December 2. The ruling party plans to review non-controversial bills and the budget simultaneously to deliver tangible livelihood results.
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Winter Safety Management: The Ministry of the Interior and Safety's policy to strengthen boiler inspections is expected to help prevent winter heating accidents and ensure public safety.
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Effects of Regulatory Rationalization: Streamlining administrative paperwork for startups and applying 320 regulatory exemptions are expected to lower entry barriers for the early startup ecosystem and stimulate regional economic vitality.
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