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TAIPEI: Taiwan unveiled a proposed 12.9 per cent year-on-year increase in its defence budget for 2023 to T$415.1 billion (US$13.72 billion) on Thursday (Aug 25) amid tensions with China, which has sharply increased military activities near the democratically governed island.
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 US House Speaker Nancy Pelosi.
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.
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.
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