Denmark plans to invest 143 billion Danish crowns ($21 billion) in defense over the next 10 years, the government said on Tuesday (May 30).
When combined with increased military aid to Ukraine, the rise will help it achieve NATO's spending target this year.
A founding member of the North Atlantic Treaty Organization, Denmark scaled back its military capabilities after the end of the Cold War in the early 1990s and has acknowledged major shortcomings in the ability to defend its territory and meet NATO commitments.
But in response to the Ukraine crisis, it pledged last year to permanently increase spending on defense and security to 2% of gross domestic product by the end of 2030, a key goal for NATO member states.
Speaking at a news conference in Copenhagen, Denmark's acting defense minister Troels Lund Poulsen said his country must live up to NATO expectations.
"It is crucial that Denmark can handle the development of security policy," he said.
The plans were announced as the country's Prime Minister Mette Frederiksen has emerged as a serious contender to take over as NATO secretary-general, with incumbent Jens Stoltenberg due to step down in September.
Denmark currently spends around 27 billion crowns per year on defense but will progressively increase this by up to 19.2 billion crowns ($2.8 billion) by 2033, beginning with an increase of 6.9 billion crowns next year.
It is also allocating an additional 21.9 billion crowns in military aid to Ukraine over the next five years, which will propel Denmark's total defense spending to 2% of GDP this year and next.
However, the country will only permanently meet NATO's target in 2030, the government said.
The proposal will set the overall framework for defense spending, during which time decisions on actual military procurement will be agreed.
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