By Ju-min Park and Heejin Kim

SEOUL (Reuters) -South Korean President Lee Jae Myung said on Wednesday the country’s defence budget for next year would rise by 8.2% to 66.3 trillion won ($47.1 billion), adding that peace would only be possible on a strong foundation of security.

Lee made the comments on South Korea’s Armed Forces Day, highlighting the importance of self-defence capabilities.

“The momentum for cooperation and shared prosperity is weakening across the world, and we are entering an era of increased conflict, where it’s every man for himself,” Lee said.

“To ensure peace and prosperity for the Republic of Korea, we must not depend on anyone else but strengthen our own power,” said Lee, using South Korea’s official name.

Lee said next year’s defence budget, with its “signifi

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