Exhibit 99


                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group

Press Release
--------------------------------------------------------------------------------


FOR IMMEDIATE RELEASE

For additional information:
Judith Inosanto 212.326.6746, Media
Patricia M. Rosch 212.336.4812, Investors



                 THE KOREA FUND, INC. ANNOUNCES COMMENCEMENT OF
                  TENDER OFFER, PROGRAM FOR FUTURE REPURCHASE
                                     OFFERS

     NEW YORK, NY, January 21, 2004 -- The Board of Directors of The Korea Fund,
Inc. (NYSE:  KF) today approved a tender offer for up to 10% of its outstanding
shares of common stock for cash, at a price per share equal to 95% of the net
asset value on the business day after the day on which the offer expires. The
tender offer is expected to commence on January 23, 2004 and remain open through
February 23, 2004, unless extended.

     The tender offer is being conducted as a result of the Board's special
review, initiated last April, of alternatives that would enable shareholders to
receive value that is near net asset value for at least a portion of their
shares by April 2004. The Board considered a full range of strategic and
structural alternatives for the Fund in connection with its review, and
concluded that, in their opinion, the tender offer is in the best interests of
the Fund's shareholders at this time.

     The Fund also announced that the Board had approved a program of making
additional repurchase offers, one in the first quarter of 2005 and one in the
first quarter of 2006. Each additional repurchase offer would be for 10% of the
Fund's shares, would be at a price of 95% of net asset value at the close of
business on the day after the offer expires, and would be made, subject to
fiduciary and other applicable requirements, if the Fund's shares traded on the
New York Stock Exchange at an average weekly discount from net asset value
greater than 15% during a 13-week

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measuring period ending the preceding December 31. The Fund noted that it might
at its option pay for shares repurchased in these additional offers with
portfolio securities rather than cash, depending in part on whether the Fund is
able to obtain an appropriate ruling from the Internal Revenue Service.

     The Board also concluded that maintaining the current closed-end format of
the Fund was in the best interests of the Fund's shareholders because, under
current market conditions, including the emerging nature of the Korean capital
markets, the volatility and the limited liquidity of many of the Fund's
holdings, the Fund's investment objective of long-term capital appreciation can
best be achieved through a closed-end structure.

     Richard Hale, Chairman of the Board of the Fund and a Managing Director of
Deutsche Investment Management Americas Inc., the Fund's manager, said: "The
Fund's closed-end structure has, in our view, though past performance is no
guarantee of future results, helped the Fund achieve its strong historical
record of investment performance."

     The Fund's manager is part of Deutsche Asset Management. With more than US
$685 billion in assets under management (as of September 30, 2003), Deutsche
Asset Management is one of the world's leading investment management
organizations, not just in size, but in quality and breadth of investment
products, performance and client service. Deutsche Asset Management is
geographically divided into three regions -- the Americas, Europe and Asia
Pacific, providing the full range of investment management products across the
risk/return spectrum.

                                     # # #

     There can be no assurance that any action proposed or adopted by the Board
will reduce or eliminate the discount at which the Fund's shares trade. This
announcement is not an offer to purchase or the solicitation of an offer to sell
shares of the Fund. The tender offer will be made only by the Offer to Purchase
and the related Letter of Transmittal. Shareholders should read these documents
carefully when they are available because they will contain important
information. These documents will be available to investors for free at the
website of the Securities and Exchange Commission (www.sec.gov). Neither the
offer to purchase shares will be made to, nor will tenders pursuant to the Offer
to Purchase be accepted from or on behalf of, holders of shares in any
jurisdiction in which making or accepting the offer to purchase would violate
that jurisdiction's laws.

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     Investments in funds involve risk. Additional risks are associated with
international investing, such as government regulations and differences in
liquidity which may increase the volatility of your investment.


Not FDIC Insured. Not Guaranteed. May Lose Value.

Scudder Investments is part of Deutsche Asset Management which is the marketing
name in the US for the asset management activities of Deutsche Bank AG, Deutsche
Bank Trust Company Americas, Deutsche Asset Management Inc., Deutsche Asset
Management Investment Services Ltd., Deutsche Investment Management Americas
Inc. and Scudder Trust Company.






                                                                   (1/04) 28141



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