The government plans to inject five trillion won into the research and development(R&D) of new service industries over the next five years. 

The government unveiled the plan on Wednesday following a meeting of related ministers that was chaired by Finance Minister Kim Dong-yeon. 

With the latest investment, the government is aiming to explore new types of service industries that are based on converging technologies. 

The move is part of outgrowing the existing industrial structure which has yielded a large number of small self-employed businesses, such as restaurants and lodgings. 

The government also plans to grant tax breaks in a bid to boost R&D efforts at the private-level. 

By 2022, the government is seeking to raise the level of the nation’s key software technology necessary for self-driving cars and blockchain to 90 percent of the level of advanced countries.