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S Korea to increase spending on national defense

(Xinhua)
Updated: 2009-07-03 17:20

SEOUL: South Korea said Friday it will expand its spending on defense research programs by nearly one third over the next half decade amid the Democratic People's Republic of Korea (DPRK)'s nuclear and missile threats.

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South Korea's Ministry of National Defense said in a statement that it would raise the share of research and development investment in the annual defense budget from 5.6 percent to 7.4 percent over the upcoming five years.

On its mid-term National Defense Plan for fiscal 2010-2014, the ministry prioritized the procurement of defense capabilities against the nuclear and missile threat of the DPRK, it said.

The plan has won the approval of President Lee Myung-bak, the ministry said.

The move comes one day after the DPRK test-fired short-range missiles off the east coast several times.

Earlier last week South Korea also announced its new program worth 599.3 trillion won, or $470 billion, to enhance its ability monitor nuclear and missile bases in the DPRK, as well as bombs, if necessary.