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SOUTH KOREA TO SPEND US$5.4 BLN ON DEFENSE GOODS IN Q1 2009.
SEOUL, Jan 1 Asia Pulse - South Korea will spend over 7 trillion won (US$5.4 billion) in the first half of next year on purchasing weapons and other defense articles as well as new apartments for military servicemembers to help boost the country's slumping economy, the defense ministry said Wednesday.
The amount accounts for over 60 percent of the ministry's budget for next year that is earmarked for domestic purchases. The plan was part of the ministry's key policy goals for 2009 as briefed to President Lee Myung-bak.
"The ministry decided to take measures to help the country overcome the economic crisis as it understands economic recovery is a prerequisite to building a strong, advanced military," Defense Minister Lee Sang-hee said in his report to the president.
The move is also in line with government plans to execute over 60 percent of its entire annual spending in the first half of next year to help revive the slowing economy.
The ministry will also seek to increase the country's defense exports to $1.2 billion, up 20 percent from $1 billion marked this year, to help spur job creation.
The number of army conscripts allowed to work at industrial companies instead of serving their two-year mandatory military service will also be increased to 7,200 from the current 5,400 to help relieve the difficulties of small- and-medium-size enterprises in finding workers, it said.
The ministry's new year goals also include efforts to strengthen the country's military alliance with the United States and to contain threats from North Korea along the demilitarized zone and the often disputed maritime border in the Yellow Sea, known as the northern limit line.
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Source: HighBeam Research, SOUTH KOREA TO SPEND US$5.4 BLN ON DEFENSE GOODS IN Q1 2009.