KINGDOM OF CAMBODIA
NATION RELIGION KING
Keynote Address
by
Deputy Prime Minister KEAT Chhon
Minister of Economy and Finance and Chairman of the Securities and Exchange Commission of Cambodia (SECC)
on the occasion of
“Launching Ceremony of Securities Trading of Cambodia Securities Exchange”
Phnom Penh, April 18, 2012
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Today we all have a great pleasure to join this auspicious occasion of “Launching Ceremony of Securities Trading of Cambodia Securities Exchange” for the historical event and what we have been waiting such a long time.
Indeed, this occasion clearly reflects the strong willing and hardworking from the Royal Government as well as the Ministry of Economy and Finance putting the Cambodia securities trading in operation and the today’s achievement also goes along with implementation of the “Financial Sector Development Strategy 2006-2015” which is updated to “Financial Sector Development Strategy 2011-2020” and “Rectangular Strategy-Phase II” of Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of the Kingdom of Cambodia.
Cambodia Securities Exchange (CSX) is a public enterprise which is a joint accomplishment between the Royal Government of Cambodia represented by Ministry of Economy and Finance and Korea Exchange by establishment as the following steps:
Step 1 - the signing of the MOU between me, representative of the Ministry of Economy and Finance of the Kingdom of Cambodia and H.E. Duck-Soo Han, Deputy Prime Minister, Minister of the Ministry of Economy and Finance of the Republic of Korea on 04 May 2006 in Hyderabad City, India in the occasion of back-to-back meeting of AFMM + 3 and annual meeting of ADB.
Step 2 - on 20 November 2006, the signing of the MOU on the cooperation in establishing the Securities Market between the Ministry of Economy and Finance and Korea Exchange.
Step 3 - on 21 January 2008, the signing of the MOU on the decision to select the Korea Exchange as the only one strategic partner for the Securities Market establishment plan.
Step 4 - the Joint-Venture Agreement on the Establishment of the Cambodia Securities Exchange Co., Ltd on 23 March 2009.
step 5 - the Inauguration Ceremony of the Cambodia Securities Exchange on 11 July 2011.
Today launching of securities trading is shown about the great effort and active cooperation of the other relevant players concerned in the securities sector besides Ministry of Economy and Finance and Cambodia Securities Exchange including: Securities and Exchange Commission of Cambodia (SECC), National Bank of Cambodia (NBC), Issue Company, Securities Firms, Cash Settlement Agents (CSA) and other relevant institutions.
The Royal government of Cambodia under the leadership of Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of the Kingdom of Cambodia who considers the securities sector as the strategy sector enhancing the development of the country. As Samdech Techo, Prime Minister, has launched by knocking on the bell to declare the receiving the buy and sell order in the earlier time. Today, it will be considered the date of birth of Cambodia Securities Market, the date that we move a big step toward of Cambodia financial sector and the historical date for the Kingdom of Cambodia.
Our hardworking in the securities sector is shown us clearly about the importance of the securities market which is the main power in developing the national economy and is the symbol of the entire national economy as well because it provides the options for state and private companies to increase the capital in expanding the production capacity and strengthening the competition capacity in the national and international market. At the same time, the securities market also promotes the corporate governance and risk management for the enterprises which increases the management by efficiency, accountability, transparency, and high competition. Moreover, securities investment is also the source of income for the investors which the investors can be given the fruitful distribution by dividend which is one part of the profit of the issue company. Especially, Securities Market is the gate for foreign investors who can contribute indirectly in the Cambodia’s economy activities by buying the stock of the issue company listed in the CSX.
The establishment of Market is easy but “Establishment and Development” of the Securities Market with transparency, efficiency, safety, fair, and investor protection, as well as with the market liquidity is critical factor and should be thoroughly considered. Therefore, the time spending so far has not been the useless time; however, it provides the enough time for all actors to study and understand the experiences in management the market and making attentive laws or regulations related to the securities sector; especially, it allows us study the technology part related to the securities too.
As a result, taking this opportunity, I would like to highly appreciate the great effort of Phnom Penh Water Supply Authority under the encouragement and support of the Ministry of Economy and Finance, the parent of finance and Ministry of Industry Mines and Energy, the parent of technique and which achieves the first outcome in listing its stocks in order to start trading securities in operation in the CSX.
Meanwhile, as the Ministry of Economy and Finance and on behalf of the shareholders in the CSX, I would like to express my great compliment to the management team of Cambodia Securities Exchange comprising of H.E. HAN Sahib, Chairman, Mr. HONG Sokhour, CEO, and Mr. MIN Kyoung-Hoon, COO and all level of staffs for trying the best and using great efforts to reach today’s securities trading.
Taking this opportunity, I would like to express my high appreciations to H.E. Dr. MING Bankosal, Director General of SECC and other staffs who try very hard in making the laws and regulations ensuring the securities operation will process smoothly and high efficiency.
I also would like to thank to all members of SECC who actively participate in discussion and making decision of the regulations which are enough to manage the securities sector.
Particularly, I would like to take this marvelous opportunity to express my invaluable appreciation to His Excellency Dr. AUN Porn Moniroth in title as a “Captain” who is leading and taking the helm of Cambodia “Securities Ship” to be ready to go forward.
At the same time, I would like to deeply thank to H.E. Dr. KIM Bong-Soo, Chairman and CEO of Korea Exchange which provides the good cooperation and support to help Cambodia putting the Cambodia Securities Exchange in operation and provides the training to the officers of the relevant institutions, especially, to the staffs of CSX in order to make Cambodian staffs work independently. I hope that Korea Exchange will continue the cooperation in training those relevant staffs in securities skill and especially in technology of securities which need time, budget and a lot of efforts.
Taking this opportunity, in the position as the parent of finance, I would like to get attention to other two state own-enterprises including Telecom Cambodia and Sihanoukville Autonomous Port and the two Parent Ministries including Ministry of Posts and Telecommunications and Ministry of Public Works and Transport to complete the process of issuing the stock to public and listing the stock in the CSX in the future short time and encourage to other private companies which is qualify enough and have intention to issue their own stocks, please be ready and organize the companies due to the requirement in issuing the stocks and listing in order to list in the CSX.
Finally, I would like to get attention from the national and international investors to participate in securities trading and strongly support to the young and new of this Securities Market but full of potentiality. I strongly believe that Cambodia securities trading will be successful with a lot of companies issuing and listing their stock and more involvement from national and international investors. May I wish Excellencies, Lok Chum Teav, Ladies and Gentlemen good health, happiness, prosperity and success.
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