[Budget Speech] Yoon: "Invest 5.3 trillion KRW in 3-axis system and 3.2 trillion KRW in supply chain response"

Regarding Defense Budget: "We Will Build a Strong Nation That No One Can Challenge"
Regarding Supply Chain and International Contributions: "Strengthening Economic Security Capabilities... Fulfilling the Responsibilities and Roles of a Global Leader Nation"

President Yoon Suk-yeol is delivering the budget address for the next year at the National Assembly plenary session on the 25th. The Democratic Party of Korea has defined the prosecution's investigation into Daejang-dong as political retaliation and boycotted President Yoon's budget address. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol announced on the 25th that he will invest 5.3 trillion KRW next year to advance the Korean-style 3-axis system, including Hyunmoo missiles, F-35A, Patriot performance upgrades, and long-range artillery interception systems, to respond to security threats. In addition, he plans to invest 3.2 trillion KRW to address the supply chain crisis, which has become a core issue of economic security.

In his 2023 budget address at the National Assembly that morning, President Yoon said, "We will build a strong nation that no one can challenge through robust defense capabilities, world-class veterans affairs, and boosting troop morale."

He further explained, "We will also expand investments for the transition to unmanned and manned complex weapon systems such as robots and drones, as well as for strengthening future battlefield capabilities including military reconnaissance satellite development and cyber warfare."

He introduced a plan to raise soldiers' salaries from the current 820,000 KRW to 1.3 million KRW next year, aiming for 2.05 million KRW by 2025, ensuring reasonable compensation for military service is provided step-by-step each year. He also mentioned plans to increase veterans' benefits at the largest scale since 2008 and to raise war veterans' honor allowances to the highest level ever during his term. Regarding the background of the salary increases for soldiers and veterans, President Yoon emphasized, "Respect and honor for dedication to the nation is the foundation of strong defense."

The investment plan to address economic security issues arising from the supply chain crisis was also included in the budget address. President Yoon explained, "We must strengthen economic security capabilities in preparation for the intensifying wave of economic bloc formation," adding, "To respond to the supply chain crisis, we will invest a total of 3.2 trillion KRW to expand overseas resource development investments, stockpile minerals such as nickel and aluminum, and diversify import sources."

Regarding contributions to the international community emphasized in his UN speech last month, President Yoon stated, "The government has significantly expanded official development assistance (ODA) to 4.5 trillion KRW to fulfill its responsibilities and roles as a global leader." He stressed, "Through this, we will expand emergency relief support overseas and aid to underdeveloped and developing countries, and take a leading role in global health security and vaccine development support."

President Yoon Suk-yeol is delivering the budget address for the next year at the National Assembly plenary session on the 25th. The Democratic Party of Korea has defined the prosecution's investigation into Daejang-dong as political retaliation and boycotted President Yoon's budget address. Photo by Yoon Dong-ju doso7@

This content was produced with the assistance of AI translation services.