The aim of the initiative is to deter a potential Chinese invasion after China has escalated its military activities around Taiwan in recent years.
President Lai Ching-Te presents the proposal in The Washington Post , where he writes that the goal is a “high level” of combat readiness against China by 2027.
The ultimate goal is to establish defense capabilities that can permanently protect democratic Taiwan, he said at a press conference in Taipei after the editorial was published.
The new money will be spread over eight years.
The government in Beijing considers Taiwan to be part of China, but in practice Taiwan has been self-governing and separate since the end of the Chinese Civil War in 1949.
Corrected: In a previous version, an incorrect amount was stated for the proposed defense investment.
