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🇸🇬 Singapore /Economy & Trade

Taiwan president says record defence spending is investment in peace

From The Straits Times · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Taiwan's proposed defense spending for next year will increase by 16% to over T$1 trillion, exceeding 3% of GDP for the first time.
  • President Lai Ching-te stated that strengthening defenses is an investment in peace amid rising pressure from China.
  • The budget increase aims to bolster Taiwan's self-defense capabilities and maintain regional stability, despite challenges with parliamentary approval.

Taiwan's defense budget is set to surge by 16% next year, surpassing T$1 trillion ($31.40 billion) for the first time and exceeding 3% of the island's gross domestic product. President Lai Ching-te announced the significant increase, framing it as a necessary investment in peace amidst escalating military and political pressure from Beijing.

"Investing in defence is investing in peace; we will continue to build a more solid defence force to maintain peace and stability in the Taiwan Strait and the region," Lai stated, according to remarks released by his office. The proposed budget, to be formally unveiled by the cabinet on Thursday, reflects Taiwan's commitment to modernizing its military and developing indigenous defense capabilities, such as submarines, in response to China's assertive actions.

Investing in defence is investing in peace; we will continue to build a more solid defence force to maintain peace and stability in the Taiwan Strait and the region.

— Lai Ching-tePresident Lai Ching-te explaining the rationale behind the proposed defense budget increase.

Lai's administration has embraced calls from Washington for increased defense spending, aligning with U.S. pressure on allies. However, the budget faces scrutiny from Taiwan's opposition-dominated parliament. Key opposition parties have signaled their intent to thoroughly review spending plans, emphasizing their duty to scrutinize and cut waste, rather than granting blank checks. Lai has urged parliament to approach the budget review with "professionalism, reasonableness, and proportionality."

professionalism, reasonableness, and proportionality

— Lai Ching-tePresident Lai Ching-te's call to parliament for the budget review.
DistantNews Editorial

Originally published by The Straits Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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