Prime Minister Han Duck-soo said on Tuesday that President Yoon Suk Yeol is very determined when it comes to regulatory reform and ordered 18 government agencies to form a related task force.

Chairing a ministerial meeting on deregulation on Tuesday, the prime minister stressed the importance of the president's commitment to the issue, an apparent reference to the lack of real reform by past governments that had also called for regulatory changes.

Han noted that no past administration achieved major results despite having a regulatory reform committee at the Office for Government Policy Coordination.

He said there will be practical results if steady efforts are exerted over the next five years coupled with the president's resolve.

He then said deregulation should go beyond the responsibility of the policy coordination office and involve all relevant ministries and agencies.

During the meeting, the prime minister also touched on corporate regulation, saying the market should be left to operate without interference. He reasoned that companies tend to regulate themselves, citing market-based consequences in the form of plunging stock prices when companies fail to deliver.

Han said that in the case of overseas firms, even without direct regulations, businesses set their own standards much higher than those required by law out of fear of market retaliation.