Taiwanese President William Lai said on Monday that he hopes defense spending will reach 5% of gross domestic product by 2030, raising the island's military budget target, which Washington has been pushing for, Reuters reported, quoted by BTA.
Yesterday, the government announced that next year's defense budget will reach 3.32% of GDP. For the first time, it will also include spending on a coast guard to align it with the “NATO model”, Lai said.
The move comes amid increased military and political pressure from China, which views democratically-ruled Taiwan as its territory, but Taipei categorically rejects its claims. At the same time, Taiwan faces calls from Washington to increase its own military spending, similar to pressure on European allies.
During a visit to a naval base on Taiwan's northeastern coast, Lai said threats from China have increased in recent years and expressed hope that defense spending by NATO standards will reach 5% of GDP before 2030.
“This not only shows our country's determination to protect national security and uphold democracy, freedom and human rights, it also shows our willingness to stand shoulder to shoulder with the international community to exercise joint deterrence and maintain peace and stability in the Indo-Pacific region,“ Lai said in a video message released by his office.
The president added that the government would push for cooperation with “international allies“ for weapons research and development, as well as their production, without giving further details.
The United States is Taiwan's largest foreign arms supplier, although the two countries have no formal diplomatic relations. Taiwan is also developing its own weapons production, from fighter jets to ballistic missiles, Reuters notes.