Though foreign investors remain concerned about South Korea’s unique regulations, difficult labour system and economic uncertainties, the biggest worry continues to be North Korea. In the words of Edward Kelleher, CEO of the Seoul branch of the Bank of America and the president of the Foreign Bankers’ Group in Seoul: “North Korea is the biggest problem in Korea, and if the Roh Moo-hyun government can get it fixed in a manner that doesn’t hurt the South Korean economy, that will help relieve a lot of people.”
North Korea’s nuclear threats continue to puzzle many in the south, as most are still not sure how real it is. President Roh notes regularly: “North Korea has not yet confirmed the existence of nuclear weapons. So we need to seriously consider the North’s statement in determining whether it has developed nuclear arms or not.”
