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The plan sets aside 315.2 trillion won (S$366 billion) a year for defence spending.PHOTO: BLOOMBERG
SEOUL - South Korea has pledged to develop new missiles "with significantly enhanced destructive power" to deter the North, as it unveiled a new military blueprint with increased budgets for defence.
The plan sets aside 315.2 trillion won (S$366 billion) a year for defence spending, marking a 5.8 per cent year-on-year increase on average for 2022 to 2026, according to the Defence Ministry on Thursday (Sept 2).
About 66 per cent of the budget will be spent on management of the forces, and the rest on improving defence capabilities.
"We will develop stronger, longer-range and more precise missiles so as to exercise deterrence and achieve security and peace on the Korean peninsula," the Defence Ministry said in a statement.
Also included are plans to upgrade missile defence systems and deploy new interceptors against long-range missiles.
South Korean politicians have long pushed for freedom to develop more powerful missiles but it is possible only now, after the country's security ally, the United States, agreed in May to terminate restrictions that had barred the South from developing or possessing ballistic missiles with a flight range of more than 800km.
South Korea to develop more powerful missiles, increase defence spending
But some experts have warned against an inevitable arms race and that China could be upset. Read more at straitstimes.com.
