South Korea will spend 270.7 trillion won (over $240 billion) on defense over the next five years, increasing its annual spending by 7.5 percent, the South Korean Defense Ministry said in a press release on Friday
MOSCOW (Pakistan Point News / Sputnik - 11th January, 2019) South Korea will spend 270.7 trillion won (over $240 billion) on defense over the next five years, increasing its annual spending by 7.5 percent, the South Korean Defense Ministry said in a press release on Friday."Defense spending is expected to increase by an average of 7.5 percent annually in the coming five years, while in the past 10 years, the defense budget's average annual growth stood at 4.9 percent," the ministry said.
A considerable part of the 2019-2023 budget � 94.1 trillion won � will be spent on developing the country's defense capabilities, the ministry indicated.
Another 65.6 trillion won will be allocated for strategic deterrence, in particular, for measures to respond to threats posed by nuclear and other types of weapons of mass destruction, and for the production of armored vehicles, destroyers, helicopters and fighters.
Research and development activities in the defense sector will get 21.9 trillion won in funding from the defense budget, according to the ministry.
The Defense Ministry also revealed plans to increase the export capabilities of its national defense industry during the given period.
In December 2018, South Korean President Moon Jae-in said that the country should continue increasing its defense capabilities, even in spite of the recent positive dynamics in its relationship with North Korea, adding that peace is only possible with a strong military.
