SEOUL: South Korea will increase defense spending by an average of 7.5 percent each year over the next five years with a focus on building “independent capabilities to counter threats from all directions,” Seoul’s defense ministry said Friday.
The ministry announced its defense blueprint for the 2019-2023 period, during which it wants to spend 270.7 trillion won (US$241.9 billion) — 94.1 trillion won on improving defense capabilities and the rest on managing troops, equipment and facilities.
Under the plan, the ministry seeks to increase the country’s defense budget, which stands at 46.7 trillion won this year, to 50.3 trillion won for 2020, 54.1 trillion won for 2021, 57.8 trillion won for 2022 and 61.8 trillion won for 2023.
During the five-year period, the average annual increase rate amounts to 7.5 percent, compared with an average of 4.9 percent over the last decade. The spending plan, which will go through an internal review by the finance ministry, is subject to parliamentary approval.
From this year through 2023, the ministry hopes to increase the annual budget for strengthening defense capabilities by an average of 10.8 percent and that for force management by an average of 5.8 percent.
The cost of enhancing defense capabilities accounts for 32.9 percent of this year’s total defense budget. The ministry seeks to expand that proportion to 36.5 percent in 2023.
“The ministry has decided to focus on building independent defense capabilities while reasonably adjusting the force management cost by redesigning the personnel management structure and enhancing operational efficiency,” the ministry said in a press release.
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