[Yang Nak-gyu's Defence Club] 2024 Defense Budget Surpasses 60 Trillion Won for the First Time

[Asia Economy Yang Nak-gyu, Military Specialist Reporter] The Ministry of National Defense is actively promoting the construction of a light aircraft carrier to proactively respond to all-around security threats on the Korean Peninsula, while also deciding to introduce cutting-edge strategic reconnaissance aircraft similar to the U.S. 'Joint STARS.' To this end, the Ministry plans to increase the defense budget by an average of 6.1% annually, investing 300 trillion won over five years. In 2024, the defense budget is expected to surpass 60 trillion won for the first time, reaching 67 trillion won in 2025.

On the 10th, the Ministry of National Defense announced the establishment of the 2021-2025 Defense Mid-term Plan, which includes military force construction and operation plans for the next five years. The budget allocated in this mid-term plan amounts to 300.7 trillion won, with 100.1 trillion won designated for defense capability improvement to enhance advanced forces against all-around security threats, and 200.6 trillion won allocated for operational expenses to maintain defense operations.

The military officially confirmed the introduction of a light aircraft carrier for the first time this year. The project gained momentum after President Moon Jae-in mentioned a light aircraft carrier-class landing ship in his speech commemorating Armed Forces Day last year. The light aircraft carrier removes the space for landing crafts on large transport ships and instead carries fighter jets. This is seen as a strategic move anticipating the introduction of the F-35B stealth fighter jet capable of vertical takeoff and landing.

Joint mobile target surveillance and control systems similar to the strategic reconnaissance asset Joint STARS will also be introduced. Unlike airborne early warning and control aircraft (AWACS), which primarily detect aerial targets, these systems focus mainly on ground targets. With North Korea's successful test launch of a new short-range missile known as the 'North Korean version of Iskander,' the introduction of surveillance capabilities is expected to accelerate.

A military official stated, "In addition to force enhancement, to improve soldiers' welfare, by 2025, the monthly salary for corporals will be raised to 963,000 won, and tasks such as weeding and cleaning will be outsourced to civilian personnel."