South Korea will continue its efforts to create a business-friendly environment by easing unnecessary regulations in a bid to boost business activities, the nation's top economic policymaker said Friday.

   In his meeting held in central Seoul with heads of the nation's five major business lobby groups, Finance Minister Bahk Jae-wan also urged the corporate sector to "accelerate" its drive in taking the lead in economic growth.

   "I believe that the biggest role of the government is to ease diverse regulations and create a business-friendly environment so that companies can do business freely on the global stage," Bahk said at the meeting.

   "I promise to you that the government will continue to actively ease regulations that tie the hands and legs (of companies) and will create a friendly environment for business activities," he added.

   The meeting was the first of its kind for Bahk since his inauguration on June 2. It also came as the government plans to unveil its economy management plan for the second half later this month.

   The gathering was attended by representatives of the nation's five business lobby groups, including the Federation of Korean Industries and the Korea Chamber of Commerce & Industry.

   Bahk praised companies' contributions to surviving the recent financial and economic crisis by actively competing in the global market while generating jobs and paying due taxes to the government.

   He, however, urged companies to play a bigger role in leading the nation's economic growth while the government continues to play its own role of helping their business activities.

   "Looking at economies in advanced countries, the private sector and, in particular, businesses take the lead," he said. "Our companies also need to accelerate their drive to lead the nation's economy by making diverse efforts."

Source: Yonhap News (June 24, 2011)