Financial Services Commission(FSC) Chairman Yim Jong-yong said Monday that the government’s ultimate goal in corporate restructuring is to replace shipping and shipbuilding industries suffering from an oversupply with new growth engine industries.

The FSC chief made the remarks during an event at the Daejeon Center for Creative Economy and Innovation.

Yim said that there is a growing need for industrial and corporate restructuring due to changing economic conditions at home and abroad. 

He said that the ultimate goal of corporate restructuring is to replace industries gripped by an oversupply with new growth engine industries and to nurture innovative start-ups into medium-sized or large companies.

Yim added that to that end, the creative economy and innovation centers should play a leading role in identifying and fostering innovative start-ups.