Attendees at a government forum on advancing the service industry have pointed out that the spread of the sharing economy requires coordination with existing businesses.
 
The Ministry of Strategy and Finance and the state-run Korea Development Institute held the forum on Thursday to seek ways to successfully establish a sharing economy in South Korea and to share the policy experience of the United States where Uber and Airbnb were launched.
 
First Vice Minister Joo Hyung-hwan said the emergence of the sharing economy has led to conflicts of interest with existing businesses.
 
He said a lack of laws and institutions have been identified, adding that the government will seek ways for the new entrants to harmonize with the existing economic system.
 
Joo said the sharing economy is in its initial stage in South Korea, but is fast spreading in the automobile and lodging sectors drawing on the nation's outstanding information technology and infrastructure.