(Bloomberg) -- Singapore will acquire eight Lockheed Martin Corp. F-35A fighter jets to be delivered around 2030, adding another tranche of modern aircraft to the city-state’s fleet, Defense Minister Ng Eng Hen told parliament Wednesday.

Speaking during a budget debate, the minister said there are currently close to 2,500 F-35s on order globally. “The price is now more competitive,” he said. “So we will capitalize on this window of opportunity to accelerate our F-35 program.”

All told, the ministry projects expenditure of around S$20.2 billion ($15 billion) in the coming financial year, an increase of 2.5% from 2023.

Like other nations in Southeast Asia, Singapore has sought to strengthen its defense posture amid growing geopolitical risks. Those include tensions between the US and China over Taiwan, and in the disputed South China Sea.

“I can assure this house that surprises and unintended consequences are in store,” Ng said. “So, I have reversed my assessment for today’s generation in Singapore and elsewhere. The risk of regional and even global conflict, even in the next decade, has become nonzero. I do not make this assessment lightly.”

The government said last year it would exercise an option to acquire eight F-35s to add to the existing fleet of four, allowing the progressive retirement of aging F-16s. The order announced today will bring the total number of F-35s operated by Singapore to 20.

(Updates with minister’s comments in the fifth paragraph.)

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