BKL Advises Ministry of Knowledge Economy on Drafting of Bill to Promote Hybrid Products and “Convergence” Technologies
The “Industrial Convergence Promotion Act”, drafted by the Korean Ministry of Knowledge Economy in collaboration with the regulatory team at Bae, Kim & Lee LLC ("bkl"), has been passed into law. The legislation, which was adopted by the National Assembly on March 10, 2011 and will take effect around the end of September 2011, seeks to improve the regulatory terrain and provide support for nascent “convergence” technologies, as exemplified by such products as smartphones and the airplane-like “wing ship”. Among other things, the statutes sets up a procedure for product clearances that is capable of sidestepping delays due to outdated categories and standards. (For more information on the new Act, please see bkl Legal Update of March 21, 2011.)
Beginning in February 2010, the bkl team advised on the Ministry-level drafts of the successful bill, and was involved in the extensive consultations, involving technical and other experts, which produced the innovative legislation. The law is widely seen as an important step in fostering R&D and growth in key sectors over the coming years.
The bkl team included Yangho Oh, Wook Yoo and Sungho Kim of our Government Policy and Regulation practice group, and Han Joo Gil of our Administrative Law practice group.