- Title: MALAYSIA: REGIONAL ECONOMIC SUMMIT IN KUALA LUMPUR
- Date: 6th October 2002
- Summary: (W4) KUALA LUMPUR, MALAYSIA (OCTOBER 6, 2002) (REUTERS - ACCESS ALL) 1. LAS OF THE MANDARIN ORIENTAL HOTEL WITH PETRONAS TWIN TOWERS 0.03 2. SV MANDARIN ORIENTAL HOTEL ENTRANCE 0.06 3. SLV DELEGATES ARRIVING FOR THE EAST ASIA ECONOMIC SUMMIT 0.09 4. SV OF DELEGATES AT THE SUMMIT (2 SHOTS) 0.17 5. SV THAI PRIME MINISTER, THAKSIN SHINAWATRA, TAKING HIS SEAT ON STAGE 0.23 6. LV/SV OF SHINAWATRA SPEAKING, DELEGATES LISTENING (2 SHOTS) 0.34 7. SV (English) THAI PRIME MINISTER, THAKSIN SHINAWATRA SAYING: "It is an encouraging sign that our region is on the road to recovery. This means that now is the best time to renew Asia's foundations of growth by building on our diversity and comparative advantages." 0.52 8. LV OF SHINAWATRA SPEAKING TO DELEGATES 1.00 9. SLV WELCOME DESK AT SUMMIT 1.04 10. SV JAPANESE FINANCIAL SERVICES AND ECONOMICS MINISTER, HEIZO TAKENAKA, ENTERING NEWS CONFERENCE ROOM 1.10 11. CU WORLD ECONOMIC FORUM LOGO 1.13 12. SV TAKENAKA TAKING HIS SEAT 1.20 13. SV REPORTERS 1.23 14. SLV/MCU OF NEWS CONFERENCE (3 SHOTS) 1.54 15. MCU (English) JAPANESE FINANCIAL SERVICES AND ECONOMICS MINISTER, HEIZO TAKENAKA SAYING: "I discussed the need to reduce the tax burden of the corporate sectors, but - in this regard - what kind of tax cut is most effective and is most desirable for Japanese businesses?" 2.09 16. MCU JAPANESE OFFICIAL LOOKING AT TAKENAKA 2.11 17. MCU (English) TAKENAKA SAYING: "And one idea is to reduce the corporate tax rate itself. Another idea is to provide some tax incentives regarding, for example, investment tax credit, tax credit for investments etc." 2.26 18. SV REPORTERS AND CAMERAMEN 2.29 19. MCU (English) TAKENAKA SAYING: "The Japanese economy has been suffering from non-performing loans problems for more than 10 years. So, one month's discussions is enough, or not, to solve this long lasting problem. But anyway, at the same time, quick action is needed, so in about a month we like to show some action programme. But some part of the discussion will be continued, especially regarding, for example, institutional changes in the long run. So, this moment, we should focus on the short term problems." 3.18 20. TSV AKENAKA LEAVING NEWS CONFERENCE 3.30 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 21st October 2002 13:00
- Keywords:
- Location: KUALA LUMPUR, MALAYSIA
- Country: Malaysia
- Reuters ID: LVACLC8A2DK3KL5D193QLV7L7U7Q
- Story Text: Top Asian leaders have gathered at a regional economic
summit in Malaysia where Japan's top economic minister said
Tokyo is drawing up a plan by the end of October to tackle its
economic malaise.
Top Asian political and business leaders gathered on
Sunday (October 6) for a three-day regional economic summit in
Malaysia organised by the private World Economic Forum.
Thai Prime Minister Thaksin Shinawatra opened the East
Asia Economic Summit 2002 in the Malaysian capital Kuala
Lumpur and expressed optimism for the region's economic
recovery.
Hundreds of political and business leaders are attending
the summit, including several prime ministers from the region,
which ends on Tuesday (October 8).
"It is an encouraging sign that our region is on the road
to recovery. This means that now is the best time to renew
Asia's foundations of growth by building on our diversity and
comparative advantages," Shinawatra said in his speech.
At a news conference on Sunday morning, Japan's new
Financial Services and Economics Minister Heizo Takenaka said
Tokyo is drawing up a plan to tackle its economic malaise.
He said Japan's Council on Economic and Financial Policy
will meet on Monday (October 7) to begin drawing up a plan by
the end of the month to tackle Japan's banking crisis and to
revive growth.
The economic council is steered by Takenaka and chaired by
Prime Minister Junichiro Koizumi.
Takenaka said the council would examine a wide-ranging set
of policies, including steps to accelerate the disposal of bad
loans and to cushion the resulting unemployment.
"This month, October, will be very important month for us.
We are going to announce some economic policy package at the
end of this month. In this policy programme, the most
important part will be the action programme regarding
financial services," Takenaka told reporters.
He also said the government would favour tax cuts.
"I discussed the need to reduce the tax burden of the
corporate sectors, but - in this regard - what kind of tax cut
is most effective and is most desirable for Japanese
businesses? And one idea is to reduce the corporate tax rate
itself. Another idea is to provide some tax incentives
regarding, for example, investment tax credit, tax credit for
investments etc," Takenaka said.
The minister added Tokyo wants to reduce its
non-performing loans problems within the next few years.
"The Japanese economy has been suffering from
non-performing loans problems for more than 10 years. So, one
month's discussions is enough or not to solve this long
lasting problem. But anyway, at the same time, quick action is
needed, so in about a month we like to show some action
programme. But some part of the discussion will be continued
especially regarding, for example, institutional changes in
the long run. So, this moment, we should focus on the short
term problems," Takenaka said during the news conference.
Takenaka is due to fly back to Japan late on Sunday
evening.
(lh/dw)
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