President Lee Teng-hui this morning met with the 1994 Nobel economics prize winner Dr. Reinhard Selten and his wife, and gave them a warm-hearted welcome.
Dr. Selten, an economic professor of Bonn University, said that he is deeply impressed by the achievements of the ROC's economic development and that he
especially admires this country's sustained economic growth over the past years.
President Lee noted that since the Republic of China on Taiwan has very limited natural resources, the government must make various economic development plans to meet the need of every new phase and work with the private sectors to break through economic bottlenecks.
President Lee also pointed out that, when Taiwan was an agricultural society several decades before, the economy of this island was mainly based on labour-intensive industries, but that capital-intensive and high-tech industries have now become the economic pillar of this country. "Nevertheless, no matter how the economic structure has been adjusted, the most important thing for us is to make the best use of the limited resources", the President added.
During the meeting, President Lee and Dr. Selten also exchanged views on German's current economic problems arising from the unification of East and West Germany.
Accompanied by ROC Education Minister Dr. Wu Jing, Dr. and Mrs. Selten came to the Office of the President for the meeting. Also present were Dr. Ding Mou-shih, secretary-general of the ROC National Security Council, and Mr. Stephen S. F. Chen, deputy secretary-general to the President.