President Ma Ying-jeou met with Dr. Heizo Takenaka, a former Japanese Minister of State for Economic and Fiscal Policy of Japan now serving as a Professor at Keio University, on the afternoon of May 26 at the Presidential Office, and extended a cordial welcome to Dr. Takenaka on his visit to Taiwan.
The president noted that Dr. Takenaka is a renowned economist who previously served as senior economist in the Ministry of Finance's Institute of Fiscal and Monetary Policy. He has a deep understanding of economic affairs, the president said. As Dr. Takenaka is also a lover of music played on the 13-stringed koto, he specially invited Japanese koto player Ms. Yoko Nishi to accompany him on this trip. The president said that prior to exchanging opinions with Dr. Takenaka, he was treated to a delightful and exquisite performance by Ms. Nishi.
President Ma commented that while the recent financial crisis originated in the United States, the global economy took a tumble because other countries also have their own economic weaknesses. The president pointed out that exports account for 64% of Taiwan's GDP and Taiwan's export markets are concentrated in Europe and North America. Meanwhile, items exported to those areas from Taiwan are predominantly high-tech products. In light of the over-concentration of Taiwan's markets, the government has faced greater difficulties in addressing the economic recession. How to diversify export markets and look at mainland China not only as a factory, but also as a market for Taiwan products are major issues the government is grappling with, he said.
Dr. Takenaka expressed his appreciation to President Ma for taking time out of his busy schedule on the eve of an overseas trip to meet with him. With respect to the present economic recession, Dr. Takenaka expressed his belief that deregulation should occur at a faster pace, state-run enterprises should be privatized, and domestic markets should be expanded. At the same time, he said, governments need to adopt related economic policies to effectively address issues at hand.