New Prime Minister Chung Sye-kyun pledged that the government will be the first to innovate itself to encourage companies to face new challenges and not be content with the status quo.

Speaking at his inauguration ceremony on Tuesday, Chung said the power to revitalize the economy comes from the business sector.

The prime minister vowed bold deregulation to reduce uncertainties and enhance entrepreneurship and called for securing sustainable and lasting competitiveness that transcends instabilities in the overseas economy.

He noted that the government will give its all toward innovative growth to serve as priming water in reviving the economy.

Chung also promised stronger support for smaller firms and small-scale business people and to produce effects not only in statistics but in a way tangibly felt by the public.