President Lee Jae Myung has vowed to streamline regulations to attract more investment to South Korea and promote economic growth in the Asia-Pacific.  

Lee told members of the Asia-Pacific Economic Cooperation(APEC) Business Advisory Council in the southeastern city of Gyeongju on Friday that South Korea will lead future cooperation and usher in an era of prosperity.

The president said that when he took office in June, he'd promised to establish a pragmatic and market-friendly government.

He added that, to achieve that goal, his administration is eliminating unnecessary regulations and expanding support for emerging industries, both domestically and internationally.

Lee said that South Korea, as this year's APEC chair, has checked progress in implementing agreements across various fields, including services, the digital economy, investment promotion and structural reform and has prepared a new action plan that reflects the changed environment.

The president added that these collective efforts will lead to growth and advance the Korean economy.

Noting that the prosperity and future of the Asia-Pacific region also depend on industry action, Lee said he and his fellow APEC leaders will provide the support businesses need to innovate without fear.

The APEC Business Advisory Council, the forum's private sector arm, advises economic leaders and other government officials on business matters.