Korean Ministry of Trade to spend $20M to 3D print ships

South Koerea is investing in 3D printing. We have seen great 3D printers coming from the Asian country, such as the Cubicon 3D printer from HyVision.

We just heard today that the Ministry of Trade, Industry and Energy has decided to invest $20M in a five-year plan (2017-2022) to research into 3D printing and 3D manufacturing of ships and offshore equipment.

The Ministry has chosen Ulsan, South Korea’s seventh largest metropolis with a population of over 1.1 million. It is located in the south-east of the country, neighboring Busan to the south and facing Gyeongju to the north.

It’s not surprising that the Ministry has chosen Ulsan. Indeed it is the industrial powerhouse of South Korea, forming the heart of the Ulsan Industrial District, which is home to the world’s largest automobile assembly plant operated by the Hyundai Motor Company, the world’s largest shipyard operated by Hyundai Heavy Industries and the world’s second largest oil refinery, owned by SK Energy.

In 2014, Ulsan had a GDP per capita (PPP) of $73,396, the highest in the country and higher than countries like Kuwait, Norway, UAE or Switzerland in the same year.