South Korean President, Lee Myung-bak, has assured US President Donald Trump that Seoul will soon scale-up its defense spending to more than 3.5 per cent of the country’s overall GDP.
The two leaders discussed the plan during a recent meeting at the South Korean presidential palace while Trump was on an Asia tour.
On Friday, the two sides released a summary of the negotiations held in South Korea last month.
The document confirms Seoul’s intentions to raise defense spending to 3.5 per cent of the GDP, as part of its military modernisation plans and to strengthen the South Korea-US alliance.
South Korea’s defense spending in 2025 totals 41.5 billion dollars, which is about 2.3 per cent of the GDP.
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The South Korean nation’s government sources confirmed that “Seoul aims to increase the budget by about 8 per cent annually to reach 3.5 per cent by 2035.”
The document summary also said that South Korea will purchase US military equipment worth $25 billion by the end of 2030.
Some European and Asian governments are increasing their defense budgets in light of Trump’s insistence that “they are not spending enough”.
South Korea, in particular, is concerned about the latest and back-to-back missile tests conducted by neighbour and foe, North Korea.
While Seoul says it has attempted to bring North Korea to the negotiating table to discuss a lasting and peaceful solution to end ongoing hostilities, its efforts seem to have met a dead-end after Pyongyang rejected the offer earlier last month.
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