South Korea's defense budget is likely to surpass 50 trillion won for the first time next year. 

The government on Thursday unveiled a record 513 trillion won budget for 2020, allocating 50-point-15 trillion won for defense.

The proposed defense budget represents a seven-point-four percent increase from this year's 46-point-seven trillion won. If approved, it will be the first time that the country's defense budget surpasses the 50 trillion-won mark. 

Of the total, the government plans to spend 16-point-69 trillion won on arms purchases and other projects to boost defense capabilities, up eight-point-six percent from this year. The spending accounts for about one third of the total defense budget. 

It allocated 33-point-46 trillion won for running military forces and improving welfare for soldiers, marking an on-year growth of six-point-eight percent.

The government said in a statement that in consideration of recent uncertainties in security circumstances, the government has increased investment in the strengthening of defense capabilities to allow its military to proactively respond to all security threats.