News Tech: TAIPEI, Aug 25 (Reuters) – Taiwan unveiled a proposed 12.9% year-on-year increase in its defence budget for 2023 to T$415.1 billion ($13.72 billion) on Thursday amid tensions with China, which has sharply increased military activities near the democratically governed island.
On top of the proposed budget, Taiwan President Tsai Ing-wen’s Cabinet is proposing an additional T$108.3 billion in spending for fighter jets and other equipment.
China, which claims Taiwan as its territory despite the strong objections of the government in Taipei, carried out its largest-ever military exercises around the island after a visit this month by U.S. House Speaker Nancy Pelosi.
The proposal, which is a record high and must be approved by parliament, marks the island’s sixth consecutive year of growth in defence spending since 2017.
($1 = 30.2500 Taiwan dollars)
RegisterReporting by Yimou Lee and Ben Blanchard; Editing by Himani Sarkar and Gerry Doyle Source: Reuters Trust Principles.