The government has set a goal of improving regulations for 30 percent of economic penalties within a year as part of efforts to boost investment.

A government task force launched to help reform related regulations and penalties held its first meeting at the government complex in Seoul on Friday.

Their work is a direct result of a pledge made by President Lee Jae Myung earlier in the week to ease outdated regulations and limit excessive penalties, while encouraging companies to enhance shareholder value.

Lee Hyung-il, the First Vice Minister of the Ministry of Economy and Finance, and Lee Jin-soo, the vice minister of justice, will jointly head the task force, which includes 15 ministries and research institutes.
 
The task force said it will work on the basic principle of reorganizing the economic penalty system in the direction of easing criminal liability for minor matters that were not committed intentionally or grossly by companies.