However, Singapore needs a better capital infrastructure and more liberal human resources practices, which have historically been de-emphasized in Asian companies, as well as empowerment or learning organizations within these companies. Deregulation and privatization of the public sector will play critical roles as well. As of 2001, the Singapore has almost fully liberalized its telecommunications industry. John Park agrees that the Silicon Valley is transferable to South Korea, given its vibrant workforce, available capital, and feverishly developing entrepreneurship. However, notorious bureaucracy and restrictive labor laws are potential barriers.
Similar constraints are pervasive in Asian countries.
Nonetheless, Park is optimistic about the future. South Korea, with a population of only 46 million, already has 19 million internet users, while the number of internet domains is rising steeply by day. All this presents a promising market for the technology industry. Park also described the challenges to the industry. Government officials are greatly concerned about Korean chaebols buying out new start-up companies.