It is my great pleasure to join you here on this occasion in order to pay tribute to Mr. Yanase's long and excellent leadership. I would also like to pass on our congratulations for JAIA's new start under Mr. Egashira's stewardship. 1999 has been a year of dynamic change in the world automotive industry. In Japan, imported cars have by and large been holding their own in the broader context of depressed consumer spending.
Imported cars have a lot to offer.
This is, after all, a nation of sophisticated and discerning consumers. Speaking for the EU, not only do our cars have a reputation second to none when it comes to design, quality and safety, but I believe we have a great deal to contribute in terms of technology. I will single out one area, which is unfortunately not very fashionable in Japan at the moment. The advanced, clean and quiet diesel engines developed by EU manufacturers are very popular with European car drivers. One effect of globalisation in the automobile industry is a growing realisation that both manufacturers and governments face the same issues.