The sum rises from the 960 billion won the Koreans contributed last year, but is far short of the $1.5 billion President Donald Trump demanded earlier this year, which caused consternation among local politicians.
South Korea will pay the United States 1.04 trillion won ($924 million) as a contribution for maintaining 28,500 American troops in the region for a year, after a deal was signed in Seoul on Sunday. "We will have to deal with them, but I think at this point we were able to close the gap on the total amount".
About 28,500 United States troops are stationed in South Korea, where the USA has maintained a military presence since the 1950-53 Korean War.
That led to a declaration by President Moon Jae-in and North Korean leader Kim Jong-un in Pyongyang in September past year that the two Koreas will push to host the 2032 Summer Olympics together.
Prior to the signing, Betts paid a courtesy visit to Kang on behalf of the U.S.to brief them of the details of the agreement.
South Korea has agreed to substantially increase its contribution to cover the cost of keeping US troops in that country.
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When asked about the possibility in an interview with CBS last week, Trump said he has "no plans" to withdraw troops from the peninsula and hasn't even discussed the issue.
Kim Jong-un and Trump first met last June in Singapore, where they signed a vaguely worded document in which Kim pledged to work toward the "denuclearization of the Korean peninsula".
The city of Seoul, selected to be the country's Olympic Bid City on Monday, could be pursuing a joint bid with Pyongyang, the capital city of North Korea, according to Yonhap news agency. Under Park, the city is expected to establish an inter-Korea cooperation fund of $35.5 million.
The Reuters report also notes that 70 percent of funds contributed by Seoul go toward salaries for approximately 8,700 South Korean workers who provide support services for the USA military.
A group of activists staged a rally Sunday in front of the foreign ministry building against the agreement, claiming that renegotiating the agreement would largely increase Seoul's burden.
The agreement has yet to be ratified by South Korean lawmakers, which is a necessary step before the deal's terms go into effect, the BBC reported.
But Trump told USA broadcaster CBS last week that he had "no plans" to remove United States troops from South Korea as part of a deal at the upcoming summit, although he admitted "maybe someday" he would withdraw them, adding: "It's very expensive to keep troops there".