S. Korea to support 3D printing industry by investing 42 million dollars

Prime Minister Lee Nak-yeon tests a 3D printed vehicle. [Yonhap Photo]

SEOUL -- A government-led investment fund for South Korea's 3D printing industry will increase this year to develop related software and materials mainly for medical and biochemical uses, the science ministry said.

The fund aimed at boosting domestic demands by providing firms and organizations in the public sector with 3D printed parts will rise to 45.7 billion won (42.1 million US dollars) this year from 41.2 billion won last year, the ministry said.

The ministry promised to establish quality certification standards for 3D printed products. 3D printing is essential in the Fourth Industrial Revolution. Products created by 3D printers include human organ parts, metal car parts and food. New York-based market survey company Statistica estimates the global 3D printing Industry will grow to $28.9 billion in 2020.