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S. Korea President reveals his government’s first budget plan for 2026
(MENAFN) South Korean President Lee Jae Myung revealed his administration’s first budget for 2026 on Tuesday, outlining a record 728 trillion won ($505 billion) spending plan, representing an 8.1% increase compared with the current year, according to reports.
Defense spending will rise to 66.3 trillion won ($46 billion), an 8.2% increase, aimed at upgrading conventional weapons and advancing a “self-reliant defense,” as stated by reports.
“Relying on external forces for our defense is a matter that hurts national pride,” Lee said, pledging to reclaim wartime operational control from the US during his term, which ends in 2030.
The budget also earmarks 10.1 trillion won ($7 billion) to accelerate artificial intelligence (AI) initiatives, with the goal of positioning South Korea among the top three AI powers globally.
In parliament, Lee emphasized the dual focus on military modernization and diplomatic engagement with North Korea. “We will significantly strengthen our national defense capabilities and make sure to realize our hope for self-reliant defense,” he said, adding that “our people's pride will be undermined if South Korea continues to rely on foreign nations for its defense.”
He highlighted progress in discussions with the US on nuclear-powered submarine fuel supply, noting that it “has strengthened the foundation for self-reliant defense.” Last week, Lee requested approval from US President Donald Trump to acquire the fuel, with the agreement allowing South Korea to build nuclear-powered submarines.
Lee also cited improvements in South Korea’s economic ties, referencing a recent tariff deal with the US that alleviated economic uncertainties.
He reflected on his first meeting with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit, stating that bilateral relations had been “fully restored” and that the two nations agreed to collaborate as “strategic cooperative partners” based on “pragmatism and mutual benefit.” South Korea and China also renewed their five-year bilateral currency swap agreement at a maximum value of 70 trillion won ($48.6 billion) and signed six memorandums of understanding covering economic cooperation and joint action against transnational crime.
Defense spending will rise to 66.3 trillion won ($46 billion), an 8.2% increase, aimed at upgrading conventional weapons and advancing a “self-reliant defense,” as stated by reports.
“Relying on external forces for our defense is a matter that hurts national pride,” Lee said, pledging to reclaim wartime operational control from the US during his term, which ends in 2030.
The budget also earmarks 10.1 trillion won ($7 billion) to accelerate artificial intelligence (AI) initiatives, with the goal of positioning South Korea among the top three AI powers globally.
In parliament, Lee emphasized the dual focus on military modernization and diplomatic engagement with North Korea. “We will significantly strengthen our national defense capabilities and make sure to realize our hope for self-reliant defense,” he said, adding that “our people's pride will be undermined if South Korea continues to rely on foreign nations for its defense.”
He highlighted progress in discussions with the US on nuclear-powered submarine fuel supply, noting that it “has strengthened the foundation for self-reliant defense.” Last week, Lee requested approval from US President Donald Trump to acquire the fuel, with the agreement allowing South Korea to build nuclear-powered submarines.
Lee also cited improvements in South Korea’s economic ties, referencing a recent tariff deal with the US that alleviated economic uncertainties.
He reflected on his first meeting with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit, stating that bilateral relations had been “fully restored” and that the two nations agreed to collaborate as “strategic cooperative partners” based on “pragmatism and mutual benefit.” South Korea and China also renewed their five-year bilateral currency swap agreement at a maximum value of 70 trillion won ($48.6 billion) and signed six memorandums of understanding covering economic cooperation and joint action against transnational crime.
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