A British financial expert and top adviser to president-elect Lee Myung-bak has suggested that the next government would create a special international financial zone similar to Dubai in a bid to stimulate foreign investment. David Eldon is a co-chairman of the special subcommittee on national competitiveness promotion under Lee¡¯s Transition Team.
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David Eldon, the co-chairman of the presidential Transition Team¡¯s special subcommittee on national competitiveness promotion, speaks at a press conference in Samcheong-dong, Seoul on Sunday. /Newsis
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Eldon¡¯s remarks flesh out the incoming president¡¯s campaign pledge to establish a global financial center in Jeju Island. ¡°Financial institutes that enter Dubai not only enjoy near zero percent tax privileges but also a stable government and autonomous regulatory authorities,¡± Eldon told reporters Sunday. ¡°Korea¡¯s problem is its duplicated financial regulations. This is the biggest difference between Korea and Dubai.¡±
He added, ¡°If Korea establishes a special international financial zone as such, success is not impossible.¡± Lee promised to turn Jeju into an offshore financial hub when he visited the island on the campaign trail on Nov. 30 last year.
The offshore financial center would provide a haven for financial transactions between financial consumers and investors who don¡¯t reside in Korea. Paper companies can be freely established and the tax burden is very light there, attracting international companies and investors.
¡°I was a little bit puzzled over why Korea, an OECD country, has not reached the same level of other similar economies,¡± Eldon said. He criticized Korea¡¯s ¡°inwardly focused economy¡± and concluded, ¡°Korea has tremendous potential. Korean organizations should be more globalized and attractive.¡±
(englishnews@chosun.com )
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