South Korea will invest seven trillion won, or about six-point-two billion dollars in research and development for the service sector over the next five years.

Finance Minister Hong Nam-ki said Tuesday this funding is partly aimed at promoting contactless services in the wake of the coronavirus pandemic.

He made the remarks at an economy-related ministers' meeting that also addressed innovative growth strategies.

In particular, the government will raise from next year its R&D spending in four service sectors -- tourism, public health, content and logistics.

The government will also expand financial and tax benefits for service firms to make inroads into foreign markets.

In line with the efforts, the government will increase loans for new technology firms to 450 billion won next year from 380 billion won this year.