Gov't to spend 59.3 bln won on 3D printing technology in 2019

All News 12:01 February 21, 2019

By Kim Han-joo

SEOUL, Feb. 21 (Yonhap) -- South Korea's science ministry said Thursday that it will spend 59.3 billion won (US$52.7 million) this year to develop core 3D printing expertise to nurture the burgeoning industry.

The 2019 budget, up 16.8 percent from a year earlier, will be spent on various 3D printing businesses to spur demand and strengthen national competitiveness, the Ministry of Science and ICT said.

The ministry aims to assist the military and industries to produce components using the 3D printing technology, as well as help the medical sector to make artificial bones or rehabilitation devices using 3D printers.

Of the total, 27.73 billion won is to be allocated to development of 3D material technology that can be utilized in various industries ranging from medicine to automobile, officials said.

"3D printing is a core sector that can create innovation in manufacturing and new markets," Yong Hong-taek, an ICT ministry official, said in a press release. "The ministry will support development by working with other related ministries and strengthen the basis of the industry."

The government earlier designated a list of emerging technology sectors, including 3D printing, with the aim of boosting the local economy by securing intelligence information technologies that characterize the fourth industrial revolution.

An industry report showed that the global 3D printing market is expected to reach US$30.2 billion won by 2022, growing at an annual pace of 28.5 percent between 2016 and 2022.