Finance Minister Yoo Il-ho has called for the swift parliamentary passage of a special bill on regulation-free zones to increase investments and jobs in local areas.

The minister made the urge on Wednesday during a meeting with chiefs of local governments jointly hosted by the Presidential Committee on Regional Development and Representative Cho Kyung-tae, who heads the parliamentary finance committee. The minister said that the government is pursuing the passage of the bill as a top priority for the second half of the year.

The bill is aimed at drastically removing regulations in 14 cities and provinces to set the foundation for new industries to grow and to develop local economies.

Yoo said that if the regulation-free zones are introduced, provinces could take the initiative in efforts to foster regional strategic industries.

He added that the bill will also increase regional competitiveness and thus contribute to harmonious regional development as well as promote the balanced development of innovation capabilities of the entire nation.