South Korean President Lee Jae Myung said on Wednesday the country's defense budget for next year would rise by 8.2% to 66.3 trillion won ($47.1 billion), adding that peace would only be possible on a strong foundation of security. Lee made the comments on South Korea's Armed Forces Day, highlighting the importance of self-defense capabilities. "To ensure peace and prosperity for the Republic of Korea, we must not depend on anyone else but strengthen our own power," said Lee, using South Korea's official name. Lee said next year's defense budget, with its "significant" increase, would be focused on investing in cutting-edge technology like drones and robots. He said the country's defense spending was already 1.4 times North Korea's gross domestic product.