South Korean President Lee Jae Myung announced on Oct 1 that the defence budget for South Korea in 2026 would be increased by 8.2 per cent to 66.3 trillion won (S$60.8 billion), stating further that peace was only possible on a solid bed of security.
He made the announcement on South Korea’s Armed Forces Day, stressing the significance of self-defence capabilities.
The momentum towards cooperation and shared prosperity is declining globally, and we are heading into an age of greater conflict, where it’s every man for himself,” Mr Lee stated.
“To maintain peace and prosperity for the Republic of Korea, we must not rely on anyone else but enhance our own strength,” he continued, employing South Korea’s official designation.
Mr Lee stated the 2026 defence budget, with its “significant” rise, would be spent on investing in the latest technology such as drones and robots.
The South Korean president, who is seeking to reach out to North Korea, said peace could only come on a solid foundation of security. He said the nation’s defence expenditure was already 1.4 times that of North Korea’s gross domestic product.
Mr Lee became president in June following a snap election after the collapse of Yoon Suk Yeol, who had issued a brief martial law directive that had sent troops and army helicopters to Parliament and other buildings.
The reputation of the military had plunged into an “endless fall”, Mr Lee stated, and demanded the military regain the trust of the people.
One army intended to defend the people should never again point its guns at them,” he stated.
