Taiwan's Prime Minister Lai Ching-te named North Korea's nuclear program and China's military exercises in the South China Sea as among the main threats to stability in the Asia-Pacific region, Sputnik reported.

Taiwan intends to increase its military budget in order to have more opportunities to ensure peace and stability in the region alongside neighboring countries, Taiwan's Prime Minister Lai Ching-te said at the East Asia Peace Forum in Taipei on Saturday.

The Prime Minister, however, did not specify the prospective amount.

The increase in spending will take place amid challenges East Asia is currently facing, among which are Pyongyang's nuclear activity as well as China's military drills in the region, according to Lai Ching-te.

According to the minister, Taipei also intends to make all necessary efforts to fully support the sanctions against North Korea implemented by the UN Security Council.

In October 2017, the administration of Taiwan submitted its proposed military budget for 2018, amounting to 10.7 billion dollars.