South Korea to increase defence budget by 8.2% next year, President Lee says

SEOUL: South Korean President Lee Jae Myung said on Wednesday the country's defence 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-defence 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 defence 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 defence 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.