President Lee Jae Myung said Thursday that North Korea appears to have secured enough nuclear arms to sustain its regime, with its intercontinental ballistic missile (ICBM) development efforts in the final stages, but he stressed South Korea's "overwhelming" military strength and its plan to bolster defense spending.

Axar.az reports, citing Yonhap, speaking to global investors at the New York Stock Exchange, Lee sought to reassure them, vowing to reduce security risks on the Korean Peninsula and reinforce investor confidence, as he noted that South Korea's stock market has been "undervalued" despite its elevated economic and military stature.

"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.," Lee said at the event, called the "Korea Investment Summit."

If unchecked, Pyongyang would add 15-20 nuclear bombs to its nuclear arsenal each year, he warned.

"What's worrisome is that there is a high possibility that North Korea would export (weapons) to other countries. 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 said.

"That is why I have proposed stopping them in the short term, reducing them in the midterm and pursuing (the North's) denuclearization in the long term," he added, referring to the three-stage plan to foster lasting peace on the Korean Peninsula.

The president, in particular, noted that South Korea's own military strength -- apart from the support from the 28,500-strong U.S. Forces Korea, ranks in the world's top five, and that its defense spending exceeds North Korea's annual gross domestic product.

"There was a request by President Trump. But regardless of that, we plan to drastically increase defense spending," Lee added.