CONTENT PREVIEW
CBRNE & EOD Defence

South Korea details five-year spending plan

14 January 2019

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.

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





(152 of 664 words)
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT