The proposed budget represents an 8.4 percent increase from 2017.
The Ministry of National Defense of South Korea has proposed a record national defense budget of $38.7 billion for fiscal 2018 to confront the twin threats posed by North Korea and China.
The proposed budget represents an 8.4 percent increase from 2017. It also includes an 11.6 percent increase to $12 billion for accelerating the establishment of the Korea Air and Missile Defense (KAMD) system and the Kill Chain pre-emptive strike program.
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The new funding still pales compared to the 2005 defense budget under former president Roh Moo-hyun that jumped 11.4 percent year-on-year. But it does exceed the proposals of former presidents Lee Myung-bak and Park Geun-hye, each amounting to a five percent increase.
Announced in 2006, KAMD is South Korea’s own indigenous missile defense system.
