Taiwan Plans Record Defense Spending in 2024 to Safeguard National Security

Taiwan's President Tsai Ing-wen announced on Monday that defense spending will reach a record amount of 606.8 billion Taiwanese dollars (19 billion dollars) in 2024, reflecting the island's determination to safeguard national security.

Tsai said in a statement that defense expenditure is "expected to reach 2.5% of the total gross domestic product." The proposed spending will mark a 3.5% increase from the allocated amount for 2023, which was 586.3 billion Taiwanese dollars.

She added, "Taiwan must continue to enhance its defense capabilities and express its determination to defend itself to safeguard national security and interests while seeking more international support."

Taiwan, which enjoys democratic governance, lives under the constant threat of Chinese invasion, as Beijing considers the island part of its territory and vows to reclaim it.