Military Spending Archives

South Korean Defense Industry Falls Short in Creating Job Opportunities

SEOUL, Sept. 26 (Korea Bizwire) – The South Korean defense industry has been found to contribute little to creating job opportunities despite accounting for 10 percent of government spending, a new report has claimed. According to the new report by the Korea Institute for Industrial Economics & Trade released on Sunday, despite receiving 10 percent of [...]

South Korean Military Seeks 8.4 Percent Hike in 2018 Budget

SEOUL, June 8 (Korea Bizwire) – South Korea’s defense ministry said Thursday it has requested a record budget of 43.7 trillion won (US$38.7 billion) for next year, citing growing threats from North Korea and the need for reforming the South’s military under President Moon Jae-in’s campaign pledge. It represents an 8.4 percent increase from 2017. [...]