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02 September 2020
South Korea proposes 5.5% defence-budget increase
by Jon Grevatt & Andrew MacDonald
South Korea’s Ministry of National Defense (MND) has proposed a 2021 defence budget of KRW52.92 trillion (USD44.6 billion) in line with government efforts to protect the country from non-traditional threats including Covid-19.
The allocation, which will be submitted for approval by the National Assembly on 3 September, represents a 5.5% increase over the KRW50.15 trillion allocation in 2020. The rationale behind the increase, said the MND, is to boost national security in the face of both traditional and non-traditional threats.
South Korea’s proposed defence budget for 2021 continues the country’s emphasis on military modernisation including the procurement of Lockheed Martin F-35 fighter aircraft. (DAPA)
The 2021 defence budget, it said, will support the government’s plan to expand South Korea’s “comprehensive security capabilities” and the Republic of Korea (RoK) Armed Forces’ efforts to take a “leading role in responding to security threats and actively respond to non-traditional threats such as infectious disease and terrorism”.
The MND added that the funding increase will ensure that “military modernisation and military operations” are not disrupted despite the impact of Covid-19 on South Korea’s national economy.
To this end, the 2021 defence budget includes KRW17.73 trillion for force modernisation, including procurement and research and development (R&D), which represents a year-on-year increase of 2.4%. Proposed funding for military operations and related expenses increases by 7.1% to KRW35.84 trillion.
Major procurement projects – aimed at boosting capabilities to respond to perceived threats such as North Korea – include funding for Lockheed Martin F-35 fighter aircraft, Hyundai Rotem K-2 main battle tanks, KDX-III-class guided-missile destroyers, and Hyunmoo-type ballistic missiles.
South Korea proposes 5.5% defence-budget increase
by Jon Grevatt & Andrew MacDonald
South Korea’s Ministry of National Defense (MND) has proposed a 2021 defence budget of KRW52.92 trillion (USD44.6 billion) in line with government efforts to protect the country from non-traditional threats including Covid-19.
The allocation, which will be submitted for approval by the National Assembly on 3 September, represents a 5.5% increase over the KRW50.15 trillion allocation in 2020. The rationale behind the increase, said the MND, is to boost national security in the face of both traditional and non-traditional threats.
South Korea’s proposed defence budget for 2021 continues the country’s emphasis on military modernisation including the procurement of Lockheed Martin F-35 fighter aircraft. (DAPA)
The 2021 defence budget, it said, will support the government’s plan to expand South Korea’s “comprehensive security capabilities” and the Republic of Korea (RoK) Armed Forces’ efforts to take a “leading role in responding to security threats and actively respond to non-traditional threats such as infectious disease and terrorism”.
The MND added that the funding increase will ensure that “military modernisation and military operations” are not disrupted despite the impact of Covid-19 on South Korea’s national economy.
To this end, the 2021 defence budget includes KRW17.73 trillion for force modernisation, including procurement and research and development (R&D), which represents a year-on-year increase of 2.4%. Proposed funding for military operations and related expenses increases by 7.1% to KRW35.84 trillion.
Major procurement projects – aimed at boosting capabilities to respond to perceived threats such as North Korea – include funding for Lockheed Martin F-35 fighter aircraft, Hyundai Rotem K-2 main battle tanks, KDX-III-class guided-missile destroyers, and Hyunmoo-type ballistic missiles.
South Korea proposes 5.5% defence-budget increase
South Korea’s Ministry of National Defense (MND) has proposed a 2021 defence budget of KRW52.92 trillion (USD44.6 billion) in line with government efforts to protect the...
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