“Next year’s total defense budget – including both the annual and special budgets – will exceed 1 trillion New Taiwan dollars for the first time and will reach 1.1225 trillion New Taiwan dollars (30.43 billion euros),” said Lai Ching-te in a statement released by the presidency.
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Defense spending will account for more than 3% of GDP and “will demonstrate Taiwan’s determination to strengthen its self-defense capabilities,” the president said.
“Investing in national defense is an investment in peace,” said Lai Ching-te. “We will continue to build stronger defense forces to maintain peace and stability in the Taiwan Strait and the entire region.”
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China claims Taiwan as part of its territory and threatens to use force to annex the island, which has a population of 23 million.
