The presidential office has begun taking follow-up measures to calls by large and mid-sized businesses for regulatory reform. 

Presidential Spokesman Kim Eui-kyeom told reporters on Wednesday that the government will set up a task force on handling large-scale investment projects as well as seek ways to foster new industries including future cars, nonmemory semiconductors and the hydrogen-related industry. 

Kim said the government will provide assistance to companies so they can swiftly reap success by actively implementing a "regulatory sandbox" where new products and services can receive an exemption in regulatory hurdles for a certain period of time.

The move comes a day after President Moon Jae-in held discussions with conglomerates as well as mid-sized companies at the top office. 

During those discussions, KT CEO Hwang Chang-gyu called for deregulation in the data industry, saying that the nation’s economy can be revived if regulations on protecting personal information are eased.  

KG Group Chairman Kwak Jae-seon also made similar calls, saying it is difficult to be creative with South Korea’s current laws and regulations.