This undated photo shows the debris of a missile retrieved in South Korean territorial waters of the East Sea which the ministry identified as a North Korean SA-5 surface-to-air missile, Nov. 2. Courtesy of Ministry of National Defense

By Kang Seung-woo

Amid North Korea's growing nuclear and missile threats, attention is on a budget increase proposal to bolster a key deterrence system, which is pending approval in the National Assembly.

In August, the government announced a defense budget proposal of 57.1 trillion won ($43.2 billion) for 2023, a 4.6 percent year-on-year increase, with some 5.3 trillion won earmarked for the domestic "three-axis" defense system. The three refers to Korea Massive Punishment and Retaliation (KMPR), the Kill Chain pre-emptive strike platform and the Korea Air and Missile Defense (KAMD) system.

Taking a closer look, the budget proposal seeks to secure mid-altitude surveillance drones, more Patriot Advanced Capability-3 (PAC-3) missile interceptors and 230-millimeter multiple rocket launchers.

However, while the National Assembly has been reviewing the government-proposed budget bill, a marked acceleration in North Korea's missiles launches lately has prompted the Assembly's National Defense Committee to add 260 billion won to the initial budget, making it 5.5 trillion won.

Starting this week, the Special Committee on Budget and Accounts will deliberate on the budget proposal.

Since the start of this year, North Korea's series of provocations with ballistic missiles have ratcheted up tensions on the Korean Peninsula.

This year alone, it test-fired ballistic missiles on over 30 occasions, including seven launches of intercontinental ballistic missiles (ICBMs). In addition, one short-range missile landed in South Korean territorial waters, Nov. 2, for the first time since the 1950-53 Korean War.

Plus, there has been rampant speculation that North Korea's next nuclear test is imminent.

North Korea has developed and test-fired a variety of missiles, aimed at securing a delivery system to carry nuclear warheads, while overcoming its inferiority in conventional weapons ― a plan laid out at its eighth party congress held in January 2021.