Asia to spend $60B on navies in 5 years

Asian states led by China, Japan and South Korea are expected to spend some $60 billion to beef up their navies in the next five years, an industry analyst said Monday.

That is bigger than what NATO countries -- excluding the United States -- are forecast to spend for new naval construction in the same period, said Bob Nugent, vice president of US-based naval consultancy AMI International.

The world's biggest spender will remain the United States at a little above $60 billion between now and 2014, Nugent said here on the eve of IMDEX Asia 2009, Asia's top maritime defense show.

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