Korea 'Should Be More Like Dubai'

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.

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.