Seoul: The defense ministry on Friday requested an 8.2 percent increase in the defense budget for next year in a bid to introduce cutting-edge weapons systems and raise wages for entry-level military officers. The defense ministry sought a budget of 66.29 trillion won (US$47.8 billion) for next year, up 8.2 percent, or 5.05 trillion won, from this year's 61.59 trillion won, according to the government's budget proposal.
According to Yonhap News Agency, if finalized, it would mark the largest defense budget in history and the fastest on-year growth since 2008, when defense spending jumped by 8.7 percent from a year earlier. The proposed 5 trillion-won rise also marked the largest-ever increase, it noted.
Under the proposal, the ministry aims to expand spending on introducing high-tech weapons, including advanced fighter jets, robots and drones, in a bid to better prepare for "future warfare." It plans to allocate 2.4 trillion won to the further development and mass production of South Korea's homegrown KF-21 Boramae fighter. It also aims to increase the budget for investing in sophisticated defense technology to 800 billion won from this year's 500 billion won.
The proposed budget also calls for raising the pay of entry-level military officers by up to 6.6 percent and expanding compensation for veterans and patriots. During his visit to Washington earlier this week, President Lee Jae Myung vowed to increase defense spending in a bid to bolster the country's security posture.
South Korea is under growing pressure from the United States to boost defense spending to 5 percent of gross domestic product (GDP). South Korea's defense spending for 2025 accounted for 2.32 percent of GDP. The government plans to submit a budget proposal of 728 trillion won for next year to the National Assembly for approval.