Part 1 of 2 : Japan striving to maintain partnership with Asia<\/p>\n
Ichiro Fujisaki, Japanese Deputy Minister for Foreign Affairs,
\nJakarta<\/p>\n
Today, there indeed are a lot of new issues that command our
\nattention. It is no exaggeration to say that we are entering a
\nnew page in our history. China's emergence. War against
\nterrorism. New economic partnerships. Changing relations between
\ndeveloped and developing countries. New energy outlook. You name
\nit.<\/p>\n
But this does not mean we may disregard what we already have.
\nThis is especially so in this part of the world. Two reasons.
\nOne, because this region itself is a success story. No major war
\nin three decades. Remarkable economic development. There is no
\nregion which has comparable record in the world. Two, although
\nthis is a success story, we cannot take it for granted. With some
\nmismanagement or lack of sensitivity, the fruit we have in our
\nhands may still easily slip away.<\/p>\n
My message is very simple.<\/p>\n
o One, let us cope with new challenges positively without
\nwaiting to be driven by events.<\/p>\n
o Two, in doing so, let's maintain consciously those good
\nthings we have in our hands and build anew on that basis.<\/p>\n
o Third, let us be inclusive, open and outward looking when we
\ndiscuss future regional cooperation.<\/p>\n
Yes, maybe nothing new. But, still important to keep in mind,
\nI believe, at this turn of events.<\/p>\n
Let me elaborate these themes in three areas: cooperation in
\nthe economic fields, regional and multilateral institution,
\nregional and global issues.<\/p>\n
East Asia's remarkable success owes much to human resources
\nwith high-level working ethics, social institution and
\ngeographical location. These, together with proper industrial
\npolicies, made it possible for initial members of ASEAN for
\nexample to consolidate a virtuous cycle. Receive assistance and
\nbuild infrastructures. Induce FDI utilizing those
\ninfrastructures. Export products from firms made with FDI, and
\nearn foreign currencies to improve people's living and to pay
\nback debts. Successful model was illustrated in IDEA (Initiative
\nfor Development of East Asia) ministerial conference held in
\nTokyo.<\/p>\n
Japan has endeavored and is endeavoring to remain a partner in
\nthis process. Take ASEAN countries for example. In trade, Japan's
\nshare in 2001 was 20 percent and was the largest trading partner
\nalong with the U.S. As for FDI between 1995 and 2001, Japan's
\nshare is 22 percent and is the largest source. Regarding ODA in
\n2001, Japan contributes 60 percent of all the bilateral
\nassistance from DAC countries and is still by far the top donor.
\nJapan announced in its new ODA Guideline this year that Asia
\nremains its priority region.<\/p>\n
Japan's task today is to restructure and recover its economy
\nas soon as possible. With that, it can continue to cooperate with
\npartners in the region. A few months ago the Financial Times
\nwrote Japan has 3Ds. Deregulation, Drastic Structural change,
\nDefinite recovery? No, not quite yet. Debt, Demographics, and
\nDeflation were their Ds.<\/p>\n
But we should not lose a balanced sight. Let me quote Prime
\nMinister Junichiro Koizumi. \"A decade ago when Japan was in the
\neconomic bubble, we were overconfident. Now we have lost
\nconfidence. Both recognitions are wrong; recently, there are
\naspects that are not going well due to lack of confidence.\" I
\nthink this notion may be universally applicable.<\/p>\n
Let us maintain and fortify mutually interdependent economic
\nties. It took years to build these close and friendly relations.
\nNew challenges should be met on that basis.<\/p>\n
Emerging economies such as China and India are of course a
\nchallenge to others. It is very natural that there are concerns
\nthat some investors may shift their manufacture to these new
\npartners with cheaper wages and larger domestic market. So-called
\nhollowing out effects. Enterprises go where they can make a
\nprofit. That is the essence of the market economy. So there is
\nnaturally competition to improve environment. Those who can
\ncontinue to adapt themselves to changing situations gain more.
\nThe difference with the game of musical chair is that here chairs
\ndon't disappear. It's not a zero sum game. Win-win is possible.
\nBut just how much one win depends on one's own will and ability.
\nIt is in this sense that we say new situation is not a threat but
\nan opportunity. We are ready to continue to extend inter alia
\ncapacity building assistance in this area.<\/p>\n
In this regard, there is one important initiative in the
\nfinancial sector. In order to prevent the recurrence of financial
\ncrisis, Japan is taking the initiative with others for the Asian
\nBond Market. The aim is, through issuance of bonds in local
\ncurrencies, to connect high rate savings in the region with long-
\nterm investment needed for economic development. Japan will
\nsupport the development of domestic bond markets.<\/p>\n
This article is based on an abbreviated text of a luncheon
\nspeech delivered at the Conference on Security Cooperation in
\nAsia Pacific (CSCAP) recently held in Jakarta.<\/p>",
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