Vice Chairman Kwon Dae-young of the Financial Services Commission held a meeting with major financial industry associations, policy financial institutions, and related organizations on August 21 and discussed key principles behind the provision of financial support for business restructuring in the petrochemical industry. At the meeting, Vice Chairman Kwon spoke about the urgency of undertaking business restructuring in Korea's petrochemical industry as the sector faces dwindling competitiveness overseas. In this regard, the petrochemical industry has jointly demonstrated the willingness to carry out restructuring based on the principles of (a) self-rescue effort, (b) burden sharing, and (c) prompt implementation. Based on the condition of rigorous self-rescue efforts and the demonstration of feasibility in business restructuring plans, the financial sector agreed to provide the financing support needed to meet petrochemical companies' business restructuring goals.