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.
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