South Korea Plans to Ramp Up Defense Spending
(MENAFN) South Korean President Lee Jae Myung announced plans to ramp up defense spending as part of a strategic push to assume a more “leading role” in safeguarding security on the Korean Peninsula.
The declaration came after Lee’s inaugural summit with US President Donald Trump at the White House, according to reports from local media on Tuesday.
Addressing the Center for Strategic and International Studies in Washington, DC, Lee emphasized that South Korea would dedicate additional resources to bolster its military strength, media reported.
"South Korea will take on a more leading role in maintaining security on the Korean Peninsula. First of all, (we) will increase defense spending," he stated.
Lee did not disclose the exact scale of the planned increase.
The Trump administration has pressed its allies to allocate up to 5% of their GDP to defense—significantly higher than South Korea’s current allocation of 2.32%.
South Korea’s defense budget for this year is set at 61.2 trillion won ($44 billion).
"At the summit meeting, President Trump and I agreed to modernize our bilateral alliance to be more reciprocal and future-oriented in line with the changing security landscape," Lee added.
Currently, South Korea hosts approximately 28,500 US troops, a presence established following the 1950-1953 Korean War.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
