South Korea Announces Significant Defense Budget Increase for 2026
South Korean President Lee Jae-myung announced an 8.2 percent increase in the nation's defense budget for 2026, bringing it to 66.3 trillion won (US$47.1 billion). This significant investment aims to bolster South Korea's self-defense capabilities amid growing global tensions.
Strengthening Self-Defense in a Changing World
President Lee made the announcement on Armed Forces Day, emphasizing the need for South Korea to strengthen its own military power. He stated that "the momentum for cooperation and shared prosperity is weakening worldwide, and we are entering an era of escalating conflicts, where everyone must fend for themselves." The increased budget reflects the nation's commitment to ensuring its own peace and prosperity without relying solely on external support.
Investing in Advanced Military Technologies
The increased defense budget will prioritize investments in advanced military technologies, including drones and robots. President Lee highlighted the importance of these technologies in strengthening South Korea's military capabilities and ensuring its security in a rapidly evolving global landscape. He believes investing in advanced technology will create a stronger, more efficient military.
Restoring Public Trust and Avoiding Past Mistakes
President Lee addressed the need for the military to regain public trust, which he noted had been weakened by events under former President Yoon Suk Yeol's administration, including a reported attempted declaration of martial law. Lee emphasized that "an army meant to protect the people must never repeat pointing its guns at them," signaling a commitment to avoiding future crackdowns on citizens and restoring faith in the military's role.
Balancing Security and Engagement with North Korea
Despite the increased defense spending, President Lee, who is known for his pursuit of engagement with North Korea, reiterated that peace is only possible on a strong foundation of security. He noted that South Korea's military spending already exceeds North Korea's gross domestic product by 1.4 times, underlining the nation's existing military strength. He believes in maintaining a strong military presence while pursuing diplomatic avenues for peace and stability on the Korean peninsula.
