South Korea to increase defence budget by 8.2%, President Lee says
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South Korean President Lee Jae Myung, who is pursuing engagement with North Korea, said that peace would be possible only on a strong foundation of security.
PHOTO: REUTERS
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SEOUL - South Korean President Lee Jae Myung said on Oct 1 that the country’s defence budget for 2026 would rise by 8.2 per cent to 66.3 trillion won (S$60.8 billion), adding that peace would be possible only on a strong foundation of security.
He made the comments on South Korea’s Armed Forces Day, highlighting the importance of self-defence capabilities.
“The momentum for cooperation and shared prosperity is weakening across the world, and we are entering an era of increased conflict, where it’s every man for himself,” Mr Lee said.
“To ensure peace and prosperity for the Republic of Korea, we must not depend on anyone else but strengthen our own power,” he added, using South Korea’s official name.
Mr Lee said the 2026 defence budget, with its “significant” increase, would be focused on investing in cutting-edge technology like drones and robots.
The South Korean leader, who is pursuing engagement with North Korea, said that peace would be possible only on a strong foundation of security. He said the country’s defence spending was already 1.4 times North Korea’s gross domestic product.
Mr Lee took office in June after a snap election following the fall of Yoon Suk Yeol, who imposed a short-lived martial law order that prompted troops and military helicopters to be deployed to Parliament and other buildings.
Mr Lee said the military’s reputation had suffered an “endless decline”, and called for the military to regain public trust.
“An army meant to protect the people must never repeat pointing its guns at them,” he said. REUTERS
