Deputy Prime Minister Yoo Il-ho has vowed to lift unnecessary government regulations as a way to induce corporate creativity and innovation. 

During a meeting at the Korea Chamber of Commerce and Industry on Tuesday, Yoo and some 70 business leaders and lawmakers discussed mid- to long-term economic strategies for the nation. 

The deputy prime minister said that the government will be a destroyer of excessive and irrational state regulations.

Yoo stressed that many countries are competing to seize markets and key technologies early on, in a bid to take advantage of what he called a "tsunami of changes" coming with the fourth industrial revolution.

The fourth industrial revolution embraces a hyper-connected economy based on the infrastructure of information and technology, and integrates human labor with machine, products and information.