South Korea on Wednesday approved a project for a new long-range rocket system to help bolster its capabilities to counter North Korea's artillery threats, Yonhap News Agency reported.

The report, citing the Defense Acquisition Program Administration, said South Korea will develop and deploy an unguided projectile that can be mounted on a new 230-millimeter multiple rocket launch system.

"If deployed and launched, the new unguided projectile MRLS could wreck considerable havoc on exposed targets deep within enemy territory," DAPA spokesman Kim Si-cheol was quoted as saying, adding that one such rocket could lay waste to an area roughly the size of three football fields.

The system is reportedly scheduled to be deployed by 2020.