South Korea’s Ministry of National Defense (MND) has released details about its defence spending plans between 2020 and 2024. Its mid-term defence plan – announced on 14 August – outlines a proposal to spend KRW290.5 trillion (USD238.8 billion) on defence over the next five years.
According to the MND, the 2020–24 plan represents a 7% increase over the 2019–23 mid-term defence plan, which was published by the MND in January 2019 and detailed the spending of KRW270.7 trillion.
The new plan will also require average annual defence budget increases of 7% over the 2020–24 period. In 2020 South Korea’s proposed defence budget is KRW50.4 trillion, an 8% increase over spending in 2019.
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