President Lee Teng-hui this evening gave a speech at a year-end dinner party in honor of the ambassadors and representatives stationed in the Republic of China. Hosted by the Ministry of Economic Affairs, the party was held at Taipei's International Conference Center.
The full text of President Lee's speech is as follows:
I am delighted to join this year-end dinner hosted by the Ministry of Economic Affairs in honor of the ambassadors and representatives stationed in the Republic of China. Let me take this opportunity to express my sincere appreciation to each of the ambassadors and representatives for his or her efforts and contributions through the years to promote the bilateral economic exchanges between our countries. Furthermore, I hope that everyone will keep on striving to strengthen our bilateral and friendly cooperation and further enhance our mutual relations.
In view of the general direction of global economic development, no economy can afford not to move toward liberalization and globalization. Conforming to this global trend, the Republic of China adopted appropriate measures, instituted effective policies and joined the industrialized countries in promoting free trade to facilitate world progress and development. This past decade, the ROC economy has continued to grow steadily through the concerted efforts of our government and people. Not only has Taiwan enjoyed an average economic growth rate of 7.3 percent, the fifth highest growth rate in the world, but our trade has also continued to expand. Last year, the ROC ranked fifteenth in the world in trading volume. The size of our imports has ballooned by more than four times in magnitude, from US$ 20.1 billion ten years ago to US$ 101.3 billion last year, making Taiwan a large market for the world's products. Furthermore, the ROC plays a very important role in providing capital and technological assistance to stimulate economic development in the developing countries. During these past ten years, the amount of our direct investment abroad exceeded US$ 31.8 billion.
As mutual dependence becomes increasingly evident in the world community, the Republic of China, under the concept of "sharing resources for collective development," will collaborate with other countries of this world to achieve sustainable development. In this regard, the ROC government will adopt progressive measures to deal with issues relating to energy resources, environmental protection, and technological development. Additionally, we will invest more capital in improving Taiwan's basic infrastructure and upgrading precision industries in order to maintain our economic advantages in the global market. Whether in the areas of basic research or technical applications, we have already drawn up a plan, with different phases, to develop Taiwan into a technology island. We anticipate cooperating with advanced countries in pooling our efforts to create better prospects for mankind. In the course of becoming a technology island, the ROC especially welcomes technology transfers and investments from industrialized countries. To ease the transfer of international capital and technology into and out of Taiwan, we will undergo comprehensive structural adjustment and systemic reform of our economy. We plan to build Taiwan into a highly liberalized and open economic system and to provide the business sector with a low tax, obstacle-free climate for investment. By the dawn of the 21st century, the ROC aims to develop Taiwan into one of the gateways to the Asia- Pacific market for multinational corporations and domestic enterprises and, at the same time, into an important international high-technology manufacturing base.
The long-term goals of the Republic of China are to participate vigorously in international activities, to promote free trade and to upgrade our industries. Presently, we are in the midst of preparing for accession into the World Trade Organization. Moreover, the ROC actively participates in APEC and other international organizations. It is our hope that the Asia-Pacific financial markets will stabilize quickly. Similarly, we would like to see the countries facing economic turmoil restore order soon. These sudden economic crises highlighted a need for the Asian-Pacific countries and the entire international community to take certain actions as they prepare for the 21st century. They must adopt measures that are more concrete and establish mechanisms that are more effective in order to relieve the Asia-Pacific economies from their predicaments and to strengthen the Asia-Pacific financial markets. We are willing to cooperate with other countries and put our efforts toward restoring order in the world economy. Additionally, we hope that multinational enterprises will make full use of Taiwan's advantages, participate in our economic development plan and proceed to cultivate the great potential of the Asia-Pacific market. In this regard, I hope that each of the honored guests here tonight will continue to support the ROC as you have in the past, and encourage your business sector to invest in and transfer technology to Taiwan. With your active participation and the continual improvement of our investment climate, together, we will create a better tomorrow for each other. Thank you.