East Timor - South Korea

East Timor has great potential for Korean investors, the honorary consul of East Timor to Korea Park Tae-woo said.

``East Timor with rich natural gas is seeking active foreign investment in its various development projects,'' said Park who has successfully made his name as a scholar in politics and international affairs, a lecturer, a diplomat and a poet. At the same time, he works as the deputy spokesman for the Grand National Party (GNP).

In an interview with The Korea Times, he said that profits from natural gas development have continued to grow, reaching $243 million in 2005 from $41 million in 2004.

Other areas favorable for foreign investment are infrastructure such as roads, highways, power plants and buildings. Furthermore, as its natural environment is still intact, the tourism industry also has potential for Korean investors to build golf courses, hotels and resorts.

``Everything is now just getting ready to be developed, '' Park said confidently based on what he'd learned through friends such as Xanana Gusmao, now prime minister of East Timor, whom he met while he was teaching in Taiwan.

He also sees the potential for a closer bond between Korea and East Timor through history.

Both countries have been under foreign occupation, and he is said to have sensed the same eagerness for peace among people of East Timor. East Timor was under Indonesian rule for almost three decades before it gained independence in 2002. Prior to the Indonesia occupation, it had been under the control of Portugal for nearly 450 years.

East Timor is a very small country _ half of the island of Timor _ and is only the size of Gangwon Province with a population of one million.

Park just finished his third trip to East Timor last month. He said he had seen the country striving hard to get prosperity and build democracy.

``Lights in the parliament didn't go off until two or three o'clock in the morning,'' Park said: ``It was reminiscence of the Park Chung-hee's presidency during which the country was all for economic development.''

Another similarity is religion. Despite a long-term occupation by a Muslim country, the majority of the East Timorese are Christians.

As Gross Domestic Product (GDP) per capita, according to the CIA Fact Book, was only $800 in 2005. Everyday life for the people in East Timor can't be harsher, Park said, asking for humanitarian aid for East Timor.

``The country still needs significant assistance from outside. Helping them can also benefit Korean investors by creating a friendly atmosphere.''

He expressed regret over not having been able to visit an orphanage that he had planned to do during his trip last month. On next visit, he will adopt one or two children to support, for whom only $20 can cover living expense for a whole month.

After declaring its independence in 2002, East Timor has received assistance from many countries including Korea.

In 1999, Korea dispatched the ``Evergreen Troops'' of 440 soldiers to East Timor as part of the U.N. Peace Keeping Force (PKF) and they stayed until March 2003.

Between 1999 and 2005, Korea _ at both the private and government level _ sent $6.2 million worth of humanitarian aid.

The consular office is going to celebrate its official opening on Tuesday, Nov. 13.