South Korea is set to increase its defense budget by 8.2% for the coming year, reaching a total of 66.3 trillion won, which translates to $47.1 billion. This announcement was made by President Lee Jae Myung on Wednesday.

The timing of the announcement coincided with South Korea's Armed Forces Day, reinforcing the country's focus on enhancing its self-defense capabilities amid growing regional tensions.

Highlighting the budget boost, President Lee emphasized the strategic importance of bolstering military readiness for ensuring national security and resilience against potential threats.

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