Actually, what the minister has suggested, with the powers to be able to audit and oversee operations, which is a huge one, is very important.
Basically, you need a very competent group of skilled people in government who are on the ball with what's happening and can work with industry to let them know to hold off on this and work on that instead, for example...with safe harbours or regulatory environments as well. Most important is that you have a big enough team with the authority to do things well and the oversight to make sure it is not incompetent and not being lobbied.