[THE INVESTOR] The head of Korea’s leading business lobby group has expressed concerns over a set of bills designed to toughen corporate regulations, saying that they could be a big burden on companies.

“A total of 119 bills are related to regulating (companies),” Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said at a forum held on the southern resort island of Jejudo on July 21. “I fear the situation will be like a waterfall full of regulations.”

Park, who formerly headed power equipment and construction conglomerate Doosan Group, further noted that of the 870 bills tabled at the 20th National Assembly which kicked off in May, 119 of them are related to the regulations.

“I wish the system will change from regulation and supervision to giving more freedom and responsibility,” said Park, asking for patience so that companies can reform in a positive manner.

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