South Korea plans to allocate 64 trillion won, or nearly 50 billion U.S. dollars, over the next five years to boost service exports in entertainment and health care among other areas.

The finance ministry announced the plan on Monday in the first meeting of a task force to boost the service sector, led by finance minister Choo Kyung-ho.

Choo said in a statement that the ministry will aim to grow the export of the service industry, which has high value-added benefits and a large effect on job creation, in a bid to overcome 30 years of stagnation.

Service exports accounted for around 15 percent of South Korea's total outbound shipments of commodities in 2022, remaining nearly unchanged from 2010.

The ministry put forth the goal to rise from the world’s 15th-largest exporter in the sector to the tenth and reach 200 billion dollars in such outbound trade by 2027.