Military Periscope Logo

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...

Please log in to continue reading.

Not yet a subscriber? Take a free trial.

Military Periscope gives you easy-to-use, integrated, open-source intelligence on…

  • More than 7,500 weapons systems and platforms
  • Nearly every country's armed forces
  • Militant organizations
laptop image

Try Military Periscope free for seven days

Military Periscope Logo

Your online source for military news, weapons, and nation's armed forces worldwide

Military Periscope FEDLINK information

Service ID: UC Contract Number: LCFDL19D0065

Military Periscope is a product of GovExec.

600 New Hampshire Ave., Suite 510,

Washington DC, 20037, USA.

(+1) 202-450-3967

©Military Periscope 2022

All rights reserved. Redistribution of the content is prohibited without prior consent of Military Periscope.