South Korea Details Five-Year Spending Plan

South Korea's Ministry of National Defense (MND) has disclosed more details about its proposed defence spending plan for 2019-23 during which time it is pushing through major reforms to modernise the country's armed forces. The MND confirmed in a statement on 11 January that it is looking to secure KRW270.7 trillion (USD242 billion) from the...

South Korea's Ministry of National Defense (MND) has disclosed more details about its proposed defence spending plan for 2019-23 during which time it is pushing through major reforms to modernise the country's armed forces.

The MND confirmed in a statement on 11 January that it is looking to secure KRW270.7 trillion (USD242 billion) from the government during its 2019-23 mid-term defence plan, with KRW176.6 trillion (65%) of this funding allocated to operating expenses and the remaining KRW94.1 trillion (35%) directed to modernisation including procurement and research and development (R&D).

The 2019-23 spending plan - first mooted by the MND in 2018 - will result in average defence spending increases of 7.5% a year over the 2019-23 period compared with average annual increases of 4.9% over the previous decade.

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Source: www.janes.com