Teheran Valley's High Hopes for Inter-Korean TalksTeheran Valley is in high sprits following the announcement of an inter-Korean summit meeting in June. Though some are skeptical about the north's restricted economy and weak infrastructure, most have high hopes for business in North Korea. Many venture firms see North Korea as a 'land of opportunity' with solid software and speech recognition technologies.
Park Heung-ho, president of Namo Interactive, says, "North Korea and surrounding regions offer venture firms a market of 100 million people."
Many small, medium, and venture businesses are planning new projects or looking to expand existing businesses in the Stalinist state.
"We are trying to push forward with developing software in cooperation with North Korea," said Yoo Wan-young, prsident of IMRI, a company specializing in manufacturing parts for computer monitors in North Korea since 1998.
L&H Korea supplies the Korea Energy Developing Organization (KEDO) with security devices for their nuclear energy projects. Hangul & Computer will develop a joint word processor for South and North Korea.
Word in the valley is that some representatives in the venture business have even visited North Korea.
There are still some doubts, including the fear that big business will dominate North Korean business. Others warn against an overly optimistic future for business between the two nations.
by Lee Seung-nyong