Taiwan plans to increase the Defense Ministry’s budget by 12.9% in 2023. The new budget was announced at the legislature by Premier Su Tseng-chang on Tuesday.
There’s also an additional NT$108.3 billion (US$3.4 billion) in funding for fighter jets and combat enhancement plans as well as special funds of NT$62.9 billion (US$2 billion). This would bring the total defense budget to NT$586.3 billion (US$18.5 billion), which is 14.9% higher than last year. That’s a record high for Taiwan.
This comes as Taiwan has been facing increased military threats from China. China increased military activities around Taiwan in August following the visit of US House Speaker Nancy Pelosi.
Premier Su also announced the government would spend NT$2,556,500,000 (over US$80 billion) in 2023, 12.8% more than last year.