President Lee Teng-hui met today with John F. Smith Jr., the United States delegate to the APEC Business Advisory Council (ABAC) meeting in Taipei, and welcomed the visitor to the Republic of China.
The ABAC serves as a channel through which the business sector presents its recommendations to the leaders of APEC's member economies. Starting from 1997, the council holds four meetings annually, and the current ABAC meeting in Taipei is the third one for this year.
President Lee told his visitor that the Asian financial crisis has not come to an end yet, and that all countries in this region must join forces to overcome the hardship facing them. The President expressed his hope that all the participants will capitalize upon the ABAC meeting in Taipei to provide their suggestions and to discuss better countermeasures in order to resolve the crisis-associated problems at the earliest possible time.
In comparison with other Asian nations, the Republic of China has suffered limited impact from the financial crisis, testifying to the soundness of the ROC's economic structure, he said.
The President maintained that such accomplishment can be attributed both to the concerted efforts of the ROC citizens and to the transparency and foresight of its government policy. The ROC is willing to collaborate with other countries to weather the crisis, he added.
Mr. Smith, Chairman of the General Motors Board of Directors since 1996, expressed his admiration for the ROC's economy not being seriously affected by the financial crisis. He said that despite the gloomy Asian export market, he anticipates a bright future for the ROC economy, driven by its technological and electronic industries.
Accompanied by Jeffrey Koo, National Policy Advisor to the President, Mr. Smith met with President Lee at the Presidential Office this afternoon. The other guests included Rudolph Schlais Jr., Mustafa Mohatarem, David Jerome, Terence Johnsson, Rudolf Smolders and Victor Chang. Dr. Su Chi, Deputy Secretary-General to the President, was also present.