Cérémonie de célébration des cinq ans d’activité de PKMI au Cambodge (21/10/16)
Your Excellency, Ms. NGUON Sokha, secretary of state at the Ministry of Economy and Finance,
Ms. Patricia LACOSTE, PRÉVOIR’s chief executive officer,
Ms. Cécile GÉRARD, PKMI’s chairwoman and PRÉVOIR’s financial director,
Ms. Solène FAVRE, PKMI’s chief executive officer
Ladies and Gentlemen,
It is a pleasure for me to be here this evening to celebrate the five-year anniversary of PKMI’s presence in Cambodia. First of all, I would like to thank Her Excellency Ms NGUON Sokha, secretary of State at the Ministry of Economy and Finance for making herself available. I also welcome Ms. Patricia LACOSTE, PRÉVOIR’s chief executive officer and Ms. Cécile GÉRARD, PKMI’s chairwoman and PRÉVOIR’s financial director, who came all the way from France for this auspicious occasion.
The past two weeks have been rich in celebrations : we commemorated last week the 50th anniversary of the historic visit that General de Gaulle paid to Cambodia in 1966 and we have celebrated yesterday the 25th anniversary of the Paris Peace Agreements of 23d October 1991 that allowed Cambodia to restore peace and embark on a new era of economic development.
We celebrate tonight five years of active presence of PKMI in Cambodia : 5 years may sound less impressive than 50 or 25 but it is nonetheless an important milestone for us.
In 2011, PKMI became the first licensed micro-insurance company in Cambodia. Since the beginning, PKMI has been committed to developing the insurance sector here and gradually became one of the biggest players in the market. In this regard, I would like to congratulate Ms. Solène FAVRE, PKMI’s chief executive officer, for her success and also to thank her for her valuable contribution as a French foreign trade advisor, a group of 15 prominent representatives of our business community that works closely with the embassy to promote our economic presence here.
The celebration of PKMI’s five year anniversary is another sign of the growing interest of French companies in the Cambodian market. It has been the case for quite some time now in sectors like infrastructures, oil products or the hospitality sector. We are now seeing a similar move in the financial sector with the French bank BRED, due to open a branch in Phnom Penh in the next few weeks. PKMI has led the way in the insurance sector. As a result of our historic presence and the growing interest of French companies, France is one of Cambodia’s main European trade partners and the n°1 European investor in 2015.
Excellency, ladies and gentlemen,
As it is often the case in emerging economies, providing insurance is crucial for inclusive growth. More and more Cambodians benefit nowadays from insurance that work as safety nets against hazards such as health risks or accidents. In accordance with the government goal to reduce poverty, the private sector is acting side by side with health facilities to foster public awareness of the benefits of the insurance industry. By providing micro-insurance, PKMI especially helps poor households, those members of the community who are most at risk, to reduce vulnerability and the risk of poverty.
Being one of the most experienced French insurance companies – let’s remember that the company was founded in 1910 – I am sure that PRÉVOIR Group carefully surveyed the market before making its first investment five years ago. Since then, the Kingdom has strengthened its legal framework, licensed more companies and altogether created an increasingly attractive insurance sector in Cambodia. As a result, the insurance sector has been growing at a fast pace for the last few years. Opportunities for investments in the sector are even better now that Cambodia plays a larger role in the vibrant ASEAN Economic Community that benefits from high economic growth and a rapidly emerging middle class.
After five years of rapid growth, PKMI will now be entrusted with PRÉVOIR’s name brand and image. I would like, therefore, to extend my best wishes of success to PKMI’s new identity, whose new name “PRÉVOIR” adds a nice French touch to it.
In concluding, I would like to take this opportunity to thank the ministry of economy and finance for their eagerness to develop the economic cooperation between France and Cambodia. The year 2016 was especially productive with a number of significant events : a visit to Phnom Penh in March of the French Treasury Director General, the participation of Her Excellency Ms. NGUON Sokha in a French seminar organized in Paris this spring on the International Financial Architecture, a fruitful working luncheon in June between the French trade advisors in Cambodia and his Excellency Dr. AUN Porn Moniroth, minister of state and minister of economy and finance and the recent policy dialogue meeting between the French Development Agency (AFD), the ministry of economy and finance and other line ministries in September 2016. I hope we can keep on strengthening our cooperation in the years to come. I am confident in your support.