TAIPEI – Taiwan’s 2024 military spending will increase a modest 3.5 per cent year on year to hit a fresh record high amounting to 2.5 per cent of the island’s gross domestic product, President Tsai Ing-wen said on Monday, as she pledged continued efforts to improve defences amid a growing China threat.

China, which views democratically governed Taiwan as its own territory, has ramped up military and political pressure over the past three years to assert those claims, which Taipei strongly rejects.

The overall defence budget proposed by Ms Tsai, which will need parliamentary approval, is NT$606.8 billion (S$26 billion), compared with NT$586.3 billion for 2023.

That would be the island’s seventh consecutive year of growth in military spending since 2017, though the rate of growth will be far slower than the 14 per cent on-year rise for 2023.

Like in 2023, the budget includes a “special budget” for unspecified extra spending.

Ms Tsai did not provide details about that in a statement from her office released after a meeting with senior officials on Taiwan’s overall budget plans.

“Taiwan must continue to strengthen its self-defence capabilities, demonstrate its determination for self-defence, ensure its national security and interests, and seek more international support,” she said.

The budget will be formally put to the Cabinet on Thursday, when more details are expected to be released. REUTERS