The South Korean government has vowed to develop 5G as a key platform for the Fourth Industrial Revolution as the next-generation wireless technology promises advanced connectivity for a wide range of industries and services.

At an event marking South Korea's launch of commercial 5G services on Monday, the government said it has designated a number of sectors as "strategic 5G industries" with the potential to propel growth, including smart factories and autonomous driving.

The government plans to offer support such as tax breaks and streamlining red tape for these industries with the goal of creating 73 billion dollars worth of exports and 600-thousand jobs in related fields by 2026.

The government will also join forces with the private sector to invest over 30 trillion won into setting up a nationwide 5G network by 2022.

The plan was announced after the country's three mobile carriers launched the world's first-ever 5G service on Samsung Electronics' Galaxy S10 5G smartphone last Wednesday.