The government will seek to attract business investments worth 600 billion won through deregulation in order to support domestic expansion such as that proposed by the Merck Group.

The announcement was made during a task force meeting on regulatory innovation chaired by finance minister Choo Kyung-ho on Wednesday.

In the meeting, the government decided to ease 55 regulations to pave the way for investment projects on standby, including a suggestion of an alternative site for the global pharmaceutical firm's plan to expand its production line.

The company’s desired build site was designated a research zone on which only small factories are permitted to be constructed.

The government will also improve regulations needed for the introduction of new industries and technologies such as the ones linked to hydrogen imports.

The task force meeting will be held every month to identify further regulatory reforms aimed at boosting exports and investment.