Seoul’s defense budget to top 50-trillion KRW mark with a third allocated on …

Seoul’s defense budget to top 50-trillion KRW mark with a third allocated on …


and eyes are also on the 20/20 budgets
for defense Foreign Affairs and unification ministries with the
government hoping to boost national security while continue with
inter-korean projects our eg1 reports South Korea’s Defense Ministry is
seeking a 41 billion u.s. dollar budget for 2020 a 7.4 percent increase on this
year’s budget it’s the first time the budget would break the 50 trillion
Korean Won mark which the ministry says is significant as it is getting slightly
closer to the defense budgets of Seoul’s neighbors there’s a big focus on the
improvement of defense capabilities which takes up a third of the entire
budget and in that spending the ministry has allocated 12 billion dollars to
advanced weapon systems and technology including plans to take a leading
response against threats from nuclear weapons and weapons of mass destruction
the ministry said it also plans to invest in the improvement of a
large-scale transport ship and in an effort to develop the local defense
industry the ministry also plans to raise its research and development
budget by 20.7% to 3.2 billion dollars more has also
been allocated to improve soldiers basic wages and conditions for example a
surgeon who now receives 300 $35 a month will be getting $446 next year if all
goes as planned the Ministry of Foreign Affairs is looking for an 11.5 percent
budget hike bringing its budget for 2022 2.25 billion dollars the hike is more
than double the increase in ministry has seen in recent years South Korea’s
diplomacy faces many challenges the ministry will allocate 1.4 million
dollars on boosting its government public and private sector analysis
network to prepare for the risk from political changes especially the
us-china trade war it’ll also spend 4.2 million dollars a
three hundred 30 percent increase on strengthening its diplomatic network
with and within Japan including hosting forums and inviting high-level figures
the ministry also announced plans to raise its funding for international
organizations and for official development assistance by 134 million
dollars to 1.17 billion dollars the unification ministry aims to have its
but it raised 1.1 eight billion dollars while the budget for general accounting
which includes helping north korean defectors and preparing for inter-korean
summit so a slight decrease the fund for inter-korean joint projects went up over
10 percent to 1 billion dollars this includes forestation projects
humanitarian aid and the efforts to link and modernize railways and roads between
the two sides through these the ministry says it seeks to focus on realizing
inter-korean economic cooperation and growing consensus on the peace process
eg1 arirang news

Danny Hutson

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