By Kang Hyun-kyung
Staff Reporter
A lawmaker of the main opposition Grand National Party aims to attract foreign cash for local economy, while promoting a mutual understanding of Korean and Middle Eastern cultures through a Dubai Town project in Busan, as well.
Under the dual plan, oil revenue would finance the project, said Rep. Kim Jung-hoon, who was first elected to the National Assembly in a Busan district in 2004, Thursday.
Kim, who concurrently serves as president of the South Korea-Kuwait Friendship Society, was invited to a dinner Prime Minister Han Duck-soo held at his official residence in central Seoul Tuesday in honor of Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates. The UAE leader is also ruler of Dubai.
Sheikh Mohammed visited Seoul May 21 to 22 for talks on expanding bilateral economic ties.
During the dinner, Kim proposed the Arab leader consider investing in, what he called, a Dubai Town project in the Busan-Jinhae Free Economic Zone. According to Kim, the Dubai leader showed a very positive attitude toward the plan.
If realized, the town will mark the first Middle East enclave in Northeast Asia, he said in a telephone interview with The Korea Times.
``I realized that there is an astronomical amount of oil money looking for right markets for investment during my visit to the Middle East,'' Kim said.
``I was aware that many Middle East businesspeople are interested in Northeast Asian economies, including Korea. But they are not familiar with how the governments work and what the cultures are like,'' he said.
He said he decided to bridge the two economic zones in Asia and the Middle East _ the former is looking for markets that can create high profits and the latter has need to attract foreign investment.
``I thought I could help Busan transform into a hub of Northeast Asia just as Dubai has achieved in the past decade,'' said the lawyer-turned-lawmaker.
Dubai is the largest shareholder of the new port project which is now under way in Busan.
``Busan and Dubai authorities recently established sisterhood relations. The Dubai leader told me he is very familiar with Busan and was committed to take a close look at my proposal,'' the lawmaker said.
Kim said he handed over brochures and a CD containing the blueprint of the project to the Dubai leader.