Taipei, March 28 (CNA) President Chen Shui-bian said Wednesday that his administration will push for banking reforms to facilitate Taiwan's ambitious bid to become a planning and resourcing center in East Asia.
Chen made the pledge while meeting with a delegation of economists and management experts from Massachusetts Institute of Technology (MIT).
Chen said the slow progress in Taiwan's financial sector reform has become a hindrance to its bid to develop the island into a regional business hub and logistics center in East Asia.
"We have decided to make it our priority task to transform and modernize our financial sector in order to honor our commitment to developing Taiwan into a regional resourcing and logistics hub," the president stressed.
Chen said he is convinced that Taiwan stands a good chance of becoming a regional resource integrator through the development of knowledge-based economy. Chen told his guests that the ROC will act as an intermediary between advanced and developing countries. "We hope to cooperate with enterprises in advanced countries in tapping markets in developing countries," he added.
The president admitted that there is still much work to do before Taiwan can become a regional resourcing center. For one thing, he said, Taiwan companies must upgrade their capabilities in managing merchandise inventory, capital and information.
For its part, Chen said, the government will revise and update many existing regulations and accelerate infrastructure construction to attract more foreign business executives and professionals to work in Taiwan.
Members of the MIT delegation included world-renowned economist Lester C. Thurow; Michael L. Dertouzos, director of the MIT Laboratory for Computer Science; MIT President Charles M. Vest and Richard L. Schmalenesee, dean of the MIT Sloan School of Management. The MIT delegation is in Taipei to attend a seminar on the development of knowledge-based economy.