South Korea to develop more powerful missiles, increase defence spending

The plan sets aside 315.2 trillion won (S$366 billion) a year for defence spending. - Bloomberg

SEOUL (The Straits Times/Asia News Network): South Korea has pledged to develop new missiles "with significantly enhanced destructive power" to deter the North, as it unveiled a new military blueprint with increased budgets for defence.

The plan sets aside 315.2 trillion won (S$366 billion) over the next five years for defence spending, marking a 5.8 per cent year-on-year increase on average for 2022 to 2026, according to the Defence Ministry on Thursday (Sept 2).