Prime Minister Jonas Gahr Store told a press conference this would raise the figure from 112 billion kroner now to over 190 billion kroner by 2035.

The move would see a near-tripling of Norway's defence budget than the level before Russia's full-scale invasion of Ukraine in 2022.

Store said the move would put Norway on track to reach NATO's target of defence spending of 3.5 percent of GDP.

"This is a significant priority to strengthen Norway's defence capabilities in the face of a security situation that has become even more serious and unpredictable," he said.

Norway has increased its defence budget every year since 2021, when it was 65 billion kroner a year.

Norway and Russia share a 198-kilometre (123-mile) land border in the Far North and a sea border in the Barents Sea.

In a statement, the government outlined several priorities, including plans for new submarines and frigates and upgrades of critical defence infrastructure.

It said Norway would also seek to strengthen electronic warfare capabilities, short-range air defence and autonomous systems.

Store also noted that "defence materiel has become more expensive."

"More countries are procuring it, and delivery times in some key areas are getting longer, which means we have to think smart about how we phase capabilities into the plan," Store said.