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.
Xinhua
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