South Korea's ruling People Power Party and the government are discussing regulatory reforms to make it easier for the private sector to grow.
In a meeting between the ruling PPP and the government on Friday, they raised the option of stripping away red-tape to revitalize the economy.
They agreed on the need to swiftly remove regulations that heavily punish corporations for minor violations, and rather impose fines or other administrative measures.
Regulations related to the environment could also be revised in a bid to boost job creation.
However, they said any such plans would be discussed in a public forum as environmental standards are directly linked to people's safety.