LAST UPDATE: 08.50
Taiwan aims to increase its total military spending by nearly 14 percent next year, making a record increase in the government’s budget as it bolsters its defenses against increasing Chinese military activity, Bloomberg reported.
The cabinet signed off on the 2023 spending plans during its weekly meeting on Thursday. At a briefing in Taipei, officials outlined plans to increase the annual defense budget to $13.2 billion, along with a proposal to include an additional special budget for military hardware purchases.
That would bring total military spending to $19.4 billion, a 13.9 percent increase over 2022.
China claims Taiwan as part of its territory, despite a strong response from the government in Taipei, while Beijing has moved to conduct its largest military exercises around Taiwan following a visit by Democrat Nancy Pelosi, the speaker of the House of Representatives. Dealers in the US in August.
At the top of the defense spending proposal by President Tsai Ing-wen’s government is spending $3.58 billion to buy fighter jets and other defense equipment.
It is a proposal for a record increase in Taiwan’s defense spending and must be approved by parliament. The same proposal marks an increase in defense spending by Taipei for the sixth consecutive year since 2017.
With information from APE – BPE, Bloomberg
Source: Capital
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