The project aimed at transforming Gwangju into a hub of Asian culture is expected to yield a deficit of about 100 billion won a year, but the government has not taken any measures to prevent the loss, a lawmaker said Tuesday.

Citing a Seoul National University study on the expected benefits and losses of the 5.3-trillion-won cultural project, Rep. Lee Bum-rae of the governing Grand National Party (GNP) claimed the government should reconsider it.

The lawmaker questioned whether the administration needs to continue with the project.

``It is not desirable for the Ministry of Culture, Sports and Tourism and the Gwangju City government to spend taxpayers' money for a plan which is expected to generate massive losses in the future,'' said Lee.

He urged the central and local governments to either downsize the plan to cut off any unnecessary elements or halt it completely to prevent losing money in the future.

Lee made the remarks at a National Assembly audit of local governments.

Since 2004, the culture ministry and the Gwangju city have pushed for the single largest cultural project in the country's history, a campaign pledge of former President Roh Moo-hyun in the 2002 election.

Under the plan, the two are scheduled to establish an Asia Culture Complex by 2012, and the Asia Culture Institute and other cultural sites by 2023 in the southwestern city.

The government will finance 52.8 percent of the money needed to complete the project and the private sector and the local administration will pay the remainder. Completion of the entire project is slated for 2023. 
 
By Kang Hyun-kyung
Staff Reporter
 

http://www.koreatimes.co.kr/www/news/nation/2008/10/116_33025.html