Challenges of regulating new industries and the future

NEW industries, new technology, new economy ... new problems! Changes in business models and the fourth industrial revolution (4IR) are throwing up many challenges and opportunities for countries. At the centre of how driverless cars or new energy sources will develop is how they will be regulated. And how they will be regulated will determine if they can be an enabler for innovation and growth in an inclusive and sustainable way, or a barrier.

However, this requires a governance approach that can cope with the pace of continuous innovation, advancement and change. Governments and regulators should not be expected to account for all possibilities before setting rules, in part because as soon as a detailed rule is set, technology has advanced and the laws or policies are out of date.

So how can the public sector nurture and manage this innovation at the same time? In Korea, there is a move for new industries to have a relaxation of rules as well as a "negative" rule system that sets parameters that the private sector cannot contravene. But apart from that anything goes.