SEOUL, Apr. 3 (Korea Bizwire) — South Korea’s science ministry said Sunday that it will spend 41.2 billion won (US$37 million) this year to develop core 3D printing expertise to nurture the fledging industry.

The 2017 budget will be spent on various 3D printing businesses to spur demand and strengthen national competitiveness, the Ministry of Science, ICT and Future Planning said.

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

“The 3D printing industry is the core technology that will bring about innovation in the manufacturing realm and create a new market by changing the paradigm of the industry,” Kang Seong-joo, an official from the ICT ministry, said. “It is important for ministries to cooperate to actively deal with the fast-changing global trend.”

Earlier, the government unveiled a list of emerging technology sectors, including 3D printing, in an aim to boost the local economy by securing intelligence information technologies that characterize the fast-paced industrial transformation, dubbed “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.

(Yonhap)