South Korea’s Ministry of National Defense (MND) has proposed a 2020 defence budget of KRW50.4 trillion (USD43.0 billion), a year-on-year increase of 8%.
Contained in the proposal that was submitted to the country’s National Assembly defence committee on 3 July, military operations and expenses will receive KRW33.63 trillion, while the remaining KRW16.8 trillion would be allocated to force modernisation including procurement and research and development (R&D).
These two appropriations represent increases of 7% and 9% respectively.
According to reports, the MND said in its proposal that the funding increases are necessary to support the advancement of “independent” military capabilities to respond to regional threats and aid the development of the domestic defence industrial base.
Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihsmarkit.com/janes