The government Tuesday approved a revision bill calling for the reduction of troops to 500,000 by 2030.

The Defense Ministry initially proposed cutting the number of active-duty soldiers from the current 630,000 to 526,200 by 2022 as part of reform efforts.

It later revised the target year to 2030, citing growing security threats from North Korea and budget constraints.

The bill, which was passed during a Cabinet meeting earlier in the day, is subject to parliamentary approval.

Meanwhile, South Korea will focus its efforts on developing its aerospace industry in the coming years, according to Prime Minister Hwang Kyo-ahn.

Speaking at the opening of the Seoul International Aerospace and Defense Exhibition at the Seoul Air Base, just south of the capital, Hwang said South Korea aims to have the seventh largest aerospace industry in the world by 2020.

The country's aerospace industry has grown 172 percent over the past five years, while its exports in the defense industry have grown to place it among the world's top 10 in terms of volume last year, up from the top 20 in 2008.

"Our country will work for the development of our aerospace and defense industries by making good use of our information and communications technology, which is the best in the world," Hwang said. "Through this, we hope to contribute to peace on the Korean Peninsula and in the world." (Yonhap)