Taiwan has announced its intention to allocate an additional T$94.3 billion ($2.97 billion) in funds next year for the procurement of weaponry, including fighter jets.
The decision comes as the nation responds to escalating threats from China by fortifying its defense capabilities.
China asserts sovereignty over the island country, a democratic territory, while Taiwan firmly rejects this claim. President Tsai Ing-wen declared a 3.5% increase in the proposed defense budget for 2024, totaling T$606.8 billion, compared to the previous year.
Approximately half of the supplementary T$94.3 billion will be designated for the acquisition of fighter jets, while the remaining portion will be allocated to reinforcing naval defenses.
This allocation was disclosed by the government’s statistics department following a cabinet meeting focused on the budget.
The approval of the budget rests with the parliamentary vote, where the Democratic Progressive Party, led by President Tsai, holds a majority. The 2024 defense budget will account for 2.5% of Taiwan’s Gross Domestic Product (GDP).
Under President Tsai’s leadership, Taiwan has embarked on a military modernization initiative to enhance its armed forces’ readiness against potential Chinese threats. Initiatives include upgrading the F-16 fighter jet fleet and developing indigenous submarines.
In line with this, the U.S. State Department has authorized a potential sale of infrared search and track systems for F-16 fighter jets and other equipment worth $500 million to Taiwan, as confirmed by the Pentagon on Wednesday.
