South Korea to increase budget for missiles
SEOUL(AFP) - South Korea will spend 2.7 trillion won (S$2.9 billion) over the next five years to secure tactical weapons targetting North Korea's nuclear weapons facilities and missile bases, a state agency said on Tuesday.
The defense ministry has approved a five-year plan to spend 2.7 trillion won on buying hundreds of home-built ballistic missiles and other weapons, the Defence Acquisition and Procurement Agency said.
It needs parliamentary approval to be implemented.
In April, the South unveiled a new cruise missile dubbed "Hyunmu-3", which can travel more than 1,000km.