This article is included in these additional categories:

Britain/U.K. | Contracts - Awards | Issues - Environmental | Lobbying | Partnerships & Consortia | South Korea | Warfare - Trends

South Korea Plans 9% Increase in 2008 Defense Budget

For more on this and other stories, please consider purchasing a membership.
If you are already a subscriber, login to your account.
In 2005, Republic of Korea (ROK, aka. South Korea) Defense Minister Yoon Kwang-ung said that he aimed to increase the defense budget from 2.8% of the total gross domestic product to 3.2% by 2008, a 12.5% increase in relative terms even before economic growth is factored in. In 2006, the government announced plans to cut troop levels from 680,000 to 500,000 by 2020, and funnel more money to modern weaponry. This related move is partly driven by weapons costs that rise much faster than inflation as each new generation is fielded, and partly by the realities of South Korea’s birth rate and future population pyramid. With 2008 approaching, the ROK intends to keep a string of 8-10% increases going, after raising its defense budget from 22.8 trillion won in 2006 to 24.49 trillion (+9.7%) in 2007, and now to 26.7 trillion won (about $28.9 billion, +9%) in 2008. Ordinary operating expenditures rise by 6.2% in 2008 to 18.9 trillion won, with improvements in soldiers’ living conditions and salaries up 2.6% to 3 trillion won. True to the espoused strategy, procurement will rise 16.5% to 7.8 trillion won, covering both domestic production and imported weapons. The ministry will also set aside […]

One Source: Hundreds of programs; Thousands of links, photos, and analyses

DII brings a complete collection of articles with original reporting and research, and expert analyses of events to your desktop – no need for multiple modules, or complex subscriptions. All supporting documents, links, & appendices accompany each article.

Benefits

  • Save time
  • Eliminate your blind spots
  • Get the big picture, quickly
  • Keep up with the important facts
  • Stay on top of your projects or your competitors

Features

  • Coverage of procurement and doctrine issues
  • Timeline of past and future program events
  • Comprehensive links to other useful resources