mandag 12. august 2024

Taiwan proposes biggest ever defense spending of US$19.7 billion

Taiwan aims to increase its defense spending to NT 647 billion (US$19.76 billion) next year to the biggest sum ever as it seeks to bolster its defenses and its cooperation with democratic allies, President Lai Ching-te announced. That total is equivalent to about 20% of anticipated annual revenue of NT$3.13 trillion (US$96.12 billion) for the 2025 fiscal year, and a nominal increase of 6.7% in defense spending over the previous year.

“We are determined to enhance our self-defense capabilities and strengthen cooperation with our democratic partners to ensure peace and prosperity,” Lai said in a speech on Wednesday as he announced the budget. The president did not mention China, which considers the self-ruled, democratic island a wayward province, and has never ruled out the use of force against it.

Military spending is the fourth-largest itemized category in the budget, behind social welfare, education, science and culture and expenses related to economic development. The prioritization was unchanged from last year.