Foreword and Acknowledgements

Regulatory reform has been a top priority in Korea for several successive administrations. Reforms have included the Sinmungo, which alerts the government to unnecessary burdens on business and citizens, and a “Cost-in, Cost-out” system that restricts the cost increase of new or amended regulations by abolishing or relaxing regulations that produce equal or greater costs. Korea also created a Regulatory Reform Committee, composed of government and public sector representatives, to scrutinise laws and regulations. Maintaining momentum for reform in Korea will be essential for producing tangible results and supporting sustainable inclusive growth, raise productivity and encourage innovation.