During a meeting with international investment guru Jim Rogers on the morning of October 9, President Ma Ying-jeou stated that the government will continue to carry out short- and medium-term projects to promote economic growth, and will also seek to strengthen Taiwan's industrial structure in response to the threats posed by the current downturn in the global economy.
In remarks, President Ma stated that the present global economic crisis is every bit as serious as the financial tsunami of four years ago. However, he pointed out that while Taiwan's exports fell for six consecutive months this year, growth was finally seen again in September, with year-on-year growth for the month at over 10%. While acknowledging that the base from last year was quite low, the president said that September's data still constitute a positive development. Nevertheless, said the president, other economic indicators offer less cause for optimism, therefore the government will continue to formulate and implement short- and medium-term projects with the hope of reducing the unemployment rate, raising wages, and enhancing industrial competitiveness.
President Ma furthermore stated that Taiwan achieved growth in exports to all areas of the world except the European Union. Export growth to Southeast Asia was especially strong, he pointed out, saying that this shows the government's efforts over the past year and more to diversify markets and place greater emphasis on emerging economies are paying off. President Ma stressed that the recovery from the current economic downturn appears to be relatively sluggish, so Taiwan must work as quickly as possible to improve its industrial structure and increase the value-added content of its products and services. Otherwise, he said, wage growth will be very unlikely in the future.
The president also briefed Mr. Rogers on Taiwan's efforts to expand its economic and trade ties. He pointed out that two years ago Taiwan and mainland China signed the Cross-Straits Economic Cooperation Framework Agreement, and last year Taiwan and Japan signed the Taiwan-Japan Bilateral Investment Arrangement. This year, he said, Taiwan and mainland China signed the Cross-Strait Bilateral Investment Protection and Promotion Agreement. Moreover, Taiwan is currently engaged in negotiations with Singapore and New Zealand on economic cooperation agreements, while the United States has agreed to resume negotiations under the Taiwan-US Trade and Investment Framework Agreement as soon as possible. The president said Taiwan hopes to take advantage of the current period of economic weakness to lay the groundwork for a quick economic recovery when conditions turn better.
President Ma also mentioned that the United States recently announced that it would be including Taiwan in its Visa Waiver Program (VWP). The ROC will be the only nation in the VWP with which the United States does not maintain formal diplomatic relations, he said. The president expressed his confidence that Taiwan's inclusion in the VWP will promote bilateral trade and economic ties, as well as person-to-person contact, and will further bolster the bilateral relationship.
Mr. Rogers, the chairman of Rogers Holdings, along with Taishin Financial Holding Co. Chairman Thomas T.L. Wu (吳東亮), Business Today magazine publisher Hsieh Chin-ho (謝金河 ), and Taishin Investment Trust Co. Chairman Johnson C.T. Chen (陳瓊讚), visited the Presidential Office in the morning to meet with President Ma. Also attending the meeting were National Security Council Advisor Lee Chia-chin (李嘉進) and Council for Economic Planning and Development Deputy Minister Wu Ming-chi (吳明機).