South Korean Ministry of Defense has requested a defense budget of 55.23 trillion won ($42.4 billion) for the next year, representing a 4.5% increase from this year’s budget, to focus on KF-21 fighter development and constructing new Navy vessels including an aircraft carrier and a submarine, among others.
The proposal is scheduled to be submitted to the National Assembly on September 3 for approval, Yonhap News Agency reported citing the defense ministry today.
Of the total, the ministry earmarked 17.34 trillion won for arms purchase and other projects to boost the country’s defense capabilities and 37.9 trillion won was set aside for running military forces.
According to the ministry, 13.7 billion won will be earmarked to procure such assets as surveillance satellites and ballistic missile early warning radar systems, as well as to upgrade the Patriot missiles and the country’s 3,500-ton Ulsan-class frigates.