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HomeNewsTaiwan proposes a 12.9% year-on-year increase in defense spending for 2023.

Taiwan proposes a 12.9% year-on-year increase in defense spending for 2023.

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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.

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