HELSINKI, April 1 (Xinhua) -- Finland will increase its national defence spending to at least three percent of gross domestic product (GDP) by 2029, the Ministry of Defence announced on Tuesday.
The proposal, put forward by Minister of Defence Antti Hakkanen, was approved by the Ministerial Committee on Economic Policy earlier in the day.
"By increasing national defence spending to at least three percent of GDP, we will further strengthen Finland's defence," Hakkanen said in a press release. He added that the decision is a response to the current security situation in Europe.
As part of this increase, the Finnish Defence Forces will receive additional funding of approximately 3.7 billion euros (four billion U.S. dollars) over the next four years, beginning with the spring 2025 spending limits decision.
The Ministry of Defence said that the additional funding will be used to secure critical functions, maintain defence materiel, and enhance the defence system's capability to sustain prolonged combat operations.
According to the ministry, Finland's military expenditure will reach 2.5 percent of GDP in 2025 -- placing the country among the top defence spenders in the North Atlantic Treaty Organization (NATO). Between 2000 and 2020, Finland spent less than 1.5 percent of its GDP on defence.
The Government Defence Report published at the end of last year concluded that Russia's development of its military capabilities and its political ambitions pose a long-term security threat to both Europe and Finland. The ministry emphasized that Finland must maintain its ability to counter broad-spectrum influence and withstand sustained military pressure using national resources.
In a separate press release issued on Tuesday, the Finnish government also announced plans to begin preparations for withdrawing from the Ottawa Convention -- formally known as the Convention on the Prohibition of the Use, Stockpiling, Production and Transfer of Anti-Personnel Mines and Their Destruction -- citing a fundamental shift in the security environment in Finland and Europe.
Finland has been a party to the Ottawa Convention since 2012. (1 euro = 1.08 U.S. dollar) ■