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S. Korea to spend US$5.4 billion on defense goods in first half of 2009
31/12/2008 17:11

South Korea will spend over 7 trillion won (US$5.4 billion) in the first half of next year on purchasing weapons or other defense articles to help boost the economy, the Defense Ministry said today.
"The ministry decided to take measures to help the country overcome the economic crisis as it understands an economic recovery is a prerequisite to building a strong, advanced military, " said Defense Minister Lee Sang-hee in his report to the president.
The amount accounts for over 60 percent of the ministry's budget for next year that is earmarked for domestic purchases, it said.
The ministry will seek to increase the country's defense exports to US$1.2 billion, up 20 percent from US$1 billion this year, it said.
The ministry's new year goals also include efforts to strengthen the country's military alliance with the United States, it said.