The committee is designed to spearhead the policy-making process covering the sectors of economy, education, technology and industry, with government officials, experts and business people participating in it.

The committee selected a research and development center of Hyundai Wia Corp., an auto parts manufacturer affiliated with Hyundai Motor Group, in Uiwang, south of Seoul, as the venue of its inaugural meeting and Yoo and other participants toured the center's smart factory solutions and other facilities before the meeting.

South Korea set up the committee as the country is feared to lag far behind in keeping up with a paradigm shift in the industrial sector, called the fourth industrial revolution.

The latest trend includes cloud computing, Internet of things and automation in the entire production, management and governance system, with fundamental transformation of economy, society and education to be required.

The finance minister said he will give full support to the development of new industries and technologies through improving state-run funds on research and development and removing regulations.

"The government will create an environment where businesses can make pre-emptive investments in potential sectors," said Yoo. "And we will also make efforts to reform the labor sector to deal with a possible change in the job market stemming from the fourth industrial revolution." (Yonhap)