SEOUL, Dec. 3 (Korea Bizwire) — South Korea approved a defense budget of 65.9 trillion won, or about $44.8 billion, for next year, a 7.5 percent rise as the government moves to reinforce its three-axis deterrence strategy and accelerate the modernization of its armed forces. The National Assembly passed the 727.9 trillion-won national budget late [...]
SEOUL, Aug. 31 (Korea Bizwire) — The defense ministry asked for a 4.5 percent increase in its budget for next year with a focus on strengthening the military’s defense capabilities and improving service members’ living conditions, officials said Tuesday. The ministry said it has requested a defense budget of 55.23 trillion won (US$42.4 billion) for [...]
SEOUL, May 25 (Korea Bizwire) – South Korea’s defense authorities on Wednesday approved a procurement project to improve the military’s system to identify aircraft and determine whether it’s an enemy or a friendly force. In a monthly meeting on pending arms-related projects, presided over by Defense Minister Han Min-koo, the military decided to launch the Identification Friend or Foe (IFF) program next year via both the country’s own R&D [...]