Korea Streamlines Chemical Management Regulations for Economic Growth

At a press conference held on 24 August 2023, Ms. Han Hwa-jin, the Minister of South Korea’s Ministry of Environment (MoE) announced MoE’s efforts to streamline chemical management regulations in order to reduce compliance burdens on industries while ensuring environmental protection. The authority recognizes that strict regulations can sometimes create market distortions, monopolies and hinder fair competition even if they were introduced with good intentions. To address these issues, the MoE has proposed amendments to key regulations over the past few months, some of which are already in effect.