South Korea Pledges $530Mln to Counter N Korea's Missile Threat

South Korea approved a package worth $530 million to step up defense fortifications against North Korea, the country's Defense Acquisition Program Administration (DAPA) said on Friday.

MOSCOW (Sputnik) — The funds will be aimed at development of the defense systems, including reconnaissance satellites, long-range surface-to-air missiles and medium-altitude drones, the DAPA said.

"The DAPA will pour out its efforts to implement the plans seamlessly with a vision to bring South Korea's defense technologies to the top global level," the DAPA said, as quoted by the Yonhap news agency.

Tensions on the Korean Peninsula escalated since North Korea carried out a number of missile launches and nuclear tests last year with the latest test-fire of a medium-range ballistic missile being conducted on February 12, declared successful by Pyongyang. The launches were considered to be in violation with the UNSC resolution by the United Nations.