SEOUL (AFP): South Korea plans to spend more than USD 2.0 billion over the next five years on buying hundreds of new missiles to cope with threats from North Korea, reports have said.
President Lee Myung-Bak at a ministerial meeting on April 28 approved a USD 2.14 billion defence ministry project to buy 500-600 new missiles, Chosun Ilbo newspaper said Tuesday.
Yonhap news agency carried a similar report.
The defence ministry declined to confirm the reports, saying only that South Korea "agrees on the necessity of bolstering its missile capability".
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