Seoul ¨C South Korean President Lee Jae Myung said on Wednesday the country¡¯s defense budget for next year would rise by 8.2% to 66.3 trillion won ($47.1 billion), adding that peace would only be possible on a strong foundation of security.
Lee made the comments on South Korea¡¯s Armed Forces Day, highlighting the importance of self-defense 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,¡± Lee said.
¡°To ensure peace and prosperity for the Republic of Korea, we must not depend on anyone else but strengthen our own power,¡± said Lee, using South Korea¡¯s official name.
Lee said next year¡¯s defense 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 only be possible on a strong foundation of security. He said the country¡¯s defense spending was already 1.4 times North Korea¡¯s gross domestic product.
Lee took office in June after a snap election, which followed 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.
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.
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