한국, 초광역특구법 추진과 규제 완화
The government is pushing for the "Super-Regional Special Zone Act" to drive region-led growth, introducing about 320 regulatory exceptions—the largest scale ever. Measures to ease corporate regulations have also been announced, including extending startup support eligibility by up to 5 years and abolishing a massive amount of administrative paperwork, while the Bank of Korea kept its base rate frozen at 3%.
South Korea Government Policy Updates — 2026-10-24
Major Policy and Legislative Changes
Super-Regional Special Zone Act and Regulatory Rationalization The government is pushing to enact the "Super-Regional Special Zone Act" to establish an institutional foundation for region-led growth. To swiftly resolve on-site regulatory bottlenecks in industries such as robotics, semiconductors, AI data centers, autonomous vehicles, and biotechnology, it is advancing regulatory rationalization to a level matching competing nations. The upcoming bill is expected to include approximately 320 regulatory exceptions, the largest scale ever.
Extension of Startup Support Eligibility and Streamlining of Administrative Documents The government is implementing a policy to extend startup support eligibility by up to 5 years if startup activities were suspended due to military service or childbirth. In addition, out of a total of 5,021 administrative documents required to be submitted by startups, 2,756 will be abolished, exempted, or streamlined to significantly reduce the burden on businesses.
Bank of Korea Freezes Base Rate The Bank of Korea has kept its base rate frozen at 3%. This marks a pause after two consecutive hikes. As growth and inflation are projected to exceed previous forecasts, some in the market suggest that additional hikes could follow through next year.
Opening of the Itaewon Disaster Victim Support and Memorial Website The Ministry of the Interior and Safety has launched an official website for victim support and memorial services regarding the October 29 Itaewon disaster. This is part of administrative measures to systematically carry out victim support and memorial projects.
Regulatory Improvements and Administrative Changes
Holding of the 2nd Plenary Meeting of the Regulatory Rationalization Committee The Office for Government Policy Coordination held a pre-briefing on major agenda items for the 2nd plenary meeting of the Regulatory Rationalization Committee. Kim Yong-soo, the 2nd Deputy Minister for Government Policy Coordination, held a briefing at the Government Complex Seoul on October 22 and presented future directions for regulatory rationalization.
Discussion on Accepting 119 Policy Recommendations from the Business Community As competition in cutting-edge industries like semiconductors and AI intensifies, active acceptance by the government and parliament is being called for regarding the 119 policy recommendations submitted by the business community. Voices are growing that to strengthen corporate competitiveness, the government and the National Assembly must identify corporate difficulties and improve regulations.
US Extends Suspension of Port Entry Fees for Chinese Vessels The Office of the United States Trade Representative unveiled a plan on October 23, 2026 (local time) to extend the suspension of Section 301 port entry fees imposed on China-linked vessels by 2 months until January 9, 2027. This could impact the cost burden relief for South Korea's shipbuilding and shipping industries.
Policy Impacts and Future Schedules
Expectations for Region-Led Growth and Industrial Deregulation The Super-Regional Special Zone Act being promoted by the government is expected to contribute to swiftly resolving on-site regulatory hurdles in strategic industries such as robotics, semiconductors, and AI data centers, while laying an institutional foundation for region-led growth. With about 320 regulatory exceptions planned for inclusion, investment vitalization in related industries is anticipated.
Vitalization of the Startup Ecosystem Extending startup support eligibility by 5 years for those interrupted by military service or childbirth, along with the abolition, exemption, or streamlining of 2,756 administrative documents, is expected to ease administrative burdens for startups and expand opportunities for a comeback.
Interest Rate Policy and Potential Future Hikes Although the Bank of Korea froze the base rate at 3%, growing concerns are spreading in the market that additional hikes could continue into next year as growth and inflation forecasts are expected to surpass previous expectations.
Discussion on the Future Response Fund Bill Regarding controversies over bypassing the Ministry of Finance and Economy during the formulation process of the Future Response Fund bill, Minister of Budget and Planning Park Hong-keun stated, "We will discuss it at the National Assembly stage." Deliberation on related bills is scheduled to proceed in earnest at the National Assembly.
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