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South Korea to increase budget for missiles

Published on Sep 11, 2012 7:20 PM

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.

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