Bloomberg News

S. Korea Agency Seeks 11% Raise in Defense Procurement Budget

July 01, 2012

South Korea’s Defense Acquisition Program Administration asked for an 11 percent increase in its budget for next year.

The agency seeks to raise its budget to 11 trillion won to boost combat capability against threats from North Korea by improving its artillery systems, according to an e-mailed statement. The government is also in the process of buying new jet fighters.

To contact the reporters on this story: Sangwon Yoon in Seoul at syoon32@bloomberg.net;

To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net


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