Defense Ministry Eyes Spending Increase To Strengthen Defense Capabilities

January 14 2019

South Korea

The South Korean Defense Ministry has announced plans to significantly increase defense spending over the next five years, reports the Yonhap news agency (Seoul).

On Friday, the ministry unveiled a draft defense budget, which proposes increasing spending from US$42 billion in 2019 to US$55 billion in 2023.

The plan calls for a 7.5 percent hike annually, up from the average 4.9 percent increase of the last decade.

The additional funding will be used to strengthen independent defense...

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