"We have been striving to address structural problems in our society and economy, but I think we might have been better in handling those issues had we learned more from your resolve and capabilities," Kim said during the meeting.

"Though we may lack capabilities, you can rest assured that we are trying to solve (the problems) based on our convictions, resolutely and with a sense of balance," he added.

Participants exchanged their views on various issues, including one regarding the fourth industrial revolution marked by the convergence of leading-edge technologies such as artificial intelligence and virtual reality.

"As the fourth industrial revolution shows, we are in a period of time that is wholly different from what it has so far been," said Kang Kyong-shik, who served as deputy prime minister in 1997.

"If we successfully deal with this, we can leap forward to join the ranks of the advanced countries, but we do have concerns about what if things go wrong," he added.

SaKong Il, who served as finance minister from 1987-88, called for a "shift in thinking" to cope with the fast-paced changes in the industry.

"In this era of the fourth industrial revolution, we need a shift in thinking, and the leadership of the deputy prime minister for economic affairs and the role of the finance ministry are crucial," he said.

He, in addition, stressed the need for close cooperation and communication among different departments of the finance ministry and between the government and citizens to better adapt to the changing industrial environment. (Yonhap)