Ministry of Land, Infrastructure and Transport: "Boldly Abolishing Unnecessary Railway Industry Regulations... Will Form a Task Force"

[Asia Economy Reporter Hwang Yoon-joo] The Ministry of Land, Infrastructure and Transport has promised to form a regulatory innovation task force (TF) to boldly eliminate unnecessary regulations in the railway vehicle and parts industry.

On the 31st, the Ministry held a meeting near Seoul Station with railway vehicle and parts companies as well as signaling and track companies to discuss the direction of railway technology development and institutional improvement measures.

The companies attending the meeting requested the establishment of institutional measures to reflect the recent rise in raw material prices and to realize design unit prices.

These companies argue that although raw material prices are rising, design unit prices are set based on delivery prices from one to two years ago, increasing the burden on the companies.

They also asked to ease the cost burden arising from the official testing procedures for railway products and to eliminate the inconvenience of having to repeatedly obtain approval for similar delivery items.

In response, the Ministry emphasized, "We will boldly abolish regulations that hinder the growth and development of railway companies, except for regulations essential to railway safety."

Furthermore, the Ministry pledged to thoroughly review whether there are any overlapping regulations in the railway product testing procedures and to prepare support measures for the industry, such as realizing design unit prices.

Additionally, at the meeting, the Ministry presented a policy direction to promote railway-related research and development (R&D) projects centered on demand and industry rather than suppliers and developers, and introduced major research tasks such as the development of smart railway safety system technologies.

This content was produced with the assistance of AI translation services.