François Villeroy de Galhau: Financing of Very Small Enterprises (VSEs) Introductory speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Symposium on the Financing of Very Small Enterprises (VSEs), organised by the Bank of France in conjunction with the Federation of Approved Management Centres, Paris, 15 January 2016. *  *  *  Ladies and gentlemen, Welcome to the Banque de France for this symposium on the financing of very small enterprises or VSEs. It was conceived and organised in conjunction with the Federation of Approved Management Centres, and I would like to extend my warmest thanks to them, and in particular to their President Yves Marmont. I am very pleased to have developed such a close and lasting relationship with your organisation, which plays a vital role in supporting SMEs and VSEs. This event would also have been impossible without the help of the individuals and organisations who have agreed to take part in our three round tables today, and I would like to thank them sincerely for their contribution. It is a particular pleasure for me to be able to open this symposium today. As you know, just a few months ago, I had the honour of submitting a report to the prime minister on the financing of business investment, the first proposed recommendation of which was to “Improve access to credit for very small businesses, especially cash loans”. This is our focus today.
With more than 2,500 Indian companies, 2,300 Chinese companies, and 2,000 Australian and New Zealand companies in Singapore, corporates have made Singapore their location of choice to tap into this growth. However, Singapore’s value transcends our physical proximity to the fastest growing regions of the world. Indeed, Daiwa’s extensive commitments and new activities in Singapore is the best testament of our successful efforts to create the best possible business environment. It highlights recognition of our stable and trusted environment, supported by reliable infrastructure, highly educated workforce and consistent and transparent government policies. To further enlarge the market, Singapore has forged important linkages to the rest of the world. We have built up a network of Free Trade Agreements with many of our key trading partners such as Japan, the US, India and Korea. Discussions are ongoing with the Gulf region and China for greater market access for Singapore-based entities. A Connectivity Agreement between Singapore and Vietnam will amongst others, deepen collaboration in financial services, and promises greater opportunities for businesses from both countries. Conclusion On this note, I would like to convey my heartiest congratulations to Daiwa Securities Group on your 35th anniversary in Singapore. The future of the region continues to shine bright and I encourage all to leverage on Singapore to tap into the region’s growth. I wish everyone a wonderful evening ahead. Thank you. 2  BIS Review 72/2007