South Korea will increase its military spending to 2.9 percent of Gross Domestic Product (GDP) under his presidency, President Moon Jae-in said on Tuesday.

The move would see the largest increase in Seoul’s defense budget as a percentage of national GDP since the 1980s.

“The new government is seeking a dialogue with North Korea but it would be meaningless without the overwhelming national defense power,” Moon was quoted by Blue House spokesperson Park Soo-hyun as saying in a written statement.

The remarks were made during a luncheon at the presidential Blue House with military commanders including the new Minister of