(MENAFN) South Korea will inject USD75.5 million into developing a domestic titanium parts and material industry that can make components for aircrafts, medical implant applications and industrial plants, Yonhap reported.
The seven-year plan includes the government providing USD55.8 million in support with the rest of the money coming from private companies, the Ministry of Trade, Industry and Energy said.
Titanium, a low-density, high-strength metal, was first developed on a mass scale for military use. It is stronger than steel, light and highly corrosion resistant, although it costs more and is harder to manufacture.
"The goal is to make South Korea the fifth-largest producer of titanium products after the United States, Russia, China and Japan by 2021," the Ministry of Trade, Industry and Energy said.
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