SEOUL-- South Korea approved a plan Monday to develop homegrown lightweight torpedoes by 2028 to enhance the Navy's anti-submarine capabilities, the state arms procurement agency said.

Presided over by Defense Minister Suh Wook, the Defense Project Promotion Committee endorsed the project worth 160 billion won (US$135 million), the Defense Acquisition Program Administration (DAPA) said.

The move came after North Korea test-fired a new submarine-launched ballistic missile last month, in a development that underscored the need for the South to reinforce its underwater defense capabilities.

The committee also approved a project worth 470 billion won to supply GPS-guided bombs for Air Force operations by 2027. Following the approval, related contracts with foreign firms will take effect this year, DAPA officials said.

DAPA said the project to secure guided bombs will significantly improve the country's air defense capability in any weather conditions.

Source: Yonhap News Agency