New york: President Lee Jae Myung declared on Thursday that North Korea has likely acquired a sufficient arsenal of nuclear weapons to sustain its regime, with its intercontinental ballistic missile (ICBM) efforts nearing completion. Despite this, he emphasized South Korea’s formidable military prowess and its plans to increase defense expenditure.

According to Yonhap News Agency, President Lee addressed global investors at the New York Stock Exchange, aiming to alleviate concerns about security risks on the Korean Peninsula. He sought to reinforce investor confidence by highlighting South Korea’s undervalued stock market, despite its significant economic and military status.

In his address at the “Korea Investment Summit,” Lee remarked, “North Korea seems to have secured sufficient nuclear weapons needed to maintain its regime, with only atmospheric reentry technology remaining (for Pyongyang to complete) the development of nuclear-tipped ICBMs capable of reaching the continental U.S.” He further cautioned that, left unchecked, Pyongyang could expand its nuclear arsenal by 15-20 bombs annually.

Lee expressed concerns over the potential export of weapons by North Korea to other nations and proposed a three-stage strategy to address this issue. “Wouldn’t there be considerable security benefits if we could just halt the production of nuclear warheads or the development and export of ICBMs?” he queried, advocating for immediate cessation, reduction in the midterm, and eventual denuclearization of the North.

The president highlighted his administration’s commitment to fostering peace and reducing geopolitical risks that have historically undervalued the Korean market. “The Korean market has been undervalued due to geopolitical risks from the inter-Korean military standoff. The new government will resolve this decisively,” he asserted.

Lee also underscored South Korea’s military capabilities, noting that its forces, along with the 28,500-strong U.S. Forces Korea, are among the top five globally. The country’s defense budget surpasses North Korea’s annual GDP, reinforcing its strategic advantage. “There was a request by President Trump. But regardless of that, we plan to drastically increase defense spending,” he mentioned.

Concluding his address, Lee dismissed the notion of military threats to the Korean Peninsula, citing South Korea’s robust defense, economic strength, and proactive stance on security matters.