Prime Minister Han Duck-soo, right, and Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI) attend a meeting with 18 companies whose new businesses qualified for the government's regulatory sandbox program at the KCCI building in Seoul, Wednesday. Yonhap By Baek Byung-yeul The government pledged to let more companies take advantage of a program called the regulatory sandbox that grants exemptions to firms starting new businesses, according to the prime minister, Wednesday. "The regulatory sandbox, which has been in operation for four years, has been a door of opportunity for innovative companies by allowing them to start new businesses that were difficult to launch due to regulations," said Prime Minister Han Duck-soo while presiding over a meeting with 18 companies that qualified for the regulatory sandbox program at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul. "Through a total of 860 cases that qualified, more than 10.5 trillion won ($8.17 billion) worth of investments were attracted, more than 400 billion won in sales increased and about 11,000 jobs were created," the prime minister added. To improve the system, the government said it will work on addressing conflicts between stakeholders in a joint business. The government will also strengthen support for companies that create new funds dedicated to supporting promising businesses, such as robotics and artificial intelligence (AI). In addition, voucher incentives of up to 50 million won will be provided to companies with a high growth potential. The regulatory sandbox program was launched in January, 2019 to enable companies to start new businesses without being impeded by regulations. As of December 2022, a total of 860 new cases qualified for the sandbox program. When companies apply for the regulatory sandbox, the government checks whether the applicant is regulated within 30 days, considering safety and effectiveness. If there is no reply from the government, it is assumed that there are no impeding regulations and the companies can bring their new technologies and services to the market. In addition, if the company's service does not meet the current standards and requirements or if granting permission is not possible, the government allows the companies to test their products or services in the market. Once the safety of their products is proven, the firms can launch them on the market. Prime Minister Han Duck-soo, third from left with a red tie, and Chey Tae-won, second from left, chairman of Korea Chamber of Commerce and Industry (KCCI), listen to an explanation from Alex Kim, CEO of local drone maker Rgblab that is undergoing a test operation after qualifying for the regulatory sandbox program at the KCCI building in Seoul, Wednesday. Korea Times photo by Baek Byung-yeul During the meeting, KCCI Chairman Chey Tae-won also suggested the need to expand the application of the regulatory sandbox system, saying, "We need to have a mega sandbox to have more practical and far-reaching effects." The mega-sandbox proposed by Chey seeks to create industrial clusters where large-scale investments in new industries are made by deferring regulations and providing tax incentives. "This will be a good way to achieve the balanced development of provinces and foster future-promising industries as well as attract large-sized companies (to the clusters)," the chairman said.