Deregulation is the key to fostering entrepreneurship, an essential prerequisite for pursuing a “creative economy,” President Park Geun-hye said on Monday.

“Entrepreneurship is a critical factor in economic prosperity and public happiness,” the president said in a speech read by Trade, Industry and Energy Minister Yoon Sang-jick at the opening of the 2013 Entrepreneur Week at the Korea Chamber of Commerce and Industry.

She added that the government would do its best to eliminate unnecessary regulations and establish a healthy corporate ecosystem aimed at revitalizing investment and creating new jobs.

Park also enlisted the support of the corporate sector, saying, “We ask assistance from business circles to attempt creative innovation and take risks to play a leading role in achieving a second miracle of the Hangang River.”

Yoon mirrored her thoughts in a meeting with corporate leaders at the meeting by stressing that active entrepreneurship is critical for forming a creative economy.

The creative economy initiative was taken by the Park administration to bolster the ICT sectors and urge them to work closer with other industries to help enhance national competitiveness.

A rigid regulatory framework, the lack of a safety net for entrepreneurs and overall risk aversion are often cited as the factors hindering Korea’s entrepreneurship.

“We are tasked with the job of embedding our version of entrepreneurial DNA into that we have inherited from our elders,” said Park Yong-maan, head of KCCI.

He added that the corporate sector and government are pushing to create an environment where youths can unleash their passion for the future.

Entrepreneur Week is a four-day event cohosted by the Trade Ministry, Small and Medium Business Administration, KCCI, KOTRA and Small and Medium Business Corp. It started in 2008 in a bid to overcome the global economic crisis at the time.

By Kim Ji-hyun (jemmie@heraldcorp.com)