In a move to bolster its military capability, Mongolia is set to modernize its air force and plans to invest in an Earth-observation satellite. The Mongolian defense budget accounts for 1.5% of gross domestic product, but "we're now debating making defense 4% of GDP," Defense Minister Luvsanvandan Bold told Aviation Week on the sidelines of the Shangri-La Dialogue Asian security summit here. The economy is also growing at more than 10% per year, he adds.
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