AT ROYAL INSURANCE GAMBIA LIMITED NEWLY BUILT HEAD OFFICE OPENING Governor of Central Bank of The Gambia, Shareholders and Board of Directors of Royal Insurance Gambia Limited, Managing Director of Royal Insurance Gambia Limited, Staff of Royal Insurance Gambia Limited, I associate myself with the cordial welcome extended to all the personalities present, especially the international guests that travelled from other African Countries and the U SA to grace the Your presence indicates interest and true partnership and will boost the private sector to strive Distinguished Ladies and Gentlemen, I am honoured to be invited to inaugurate the Royal Insurance Hou se, which is another significant private sector achievement in the country. I wholeheartedly congratulate the Royal Insurance Team on this great accomplishment. I understand that Royal Insurance has been in operation for barely eight years, yet it has i nvested heavily in this magnificent Head office. It is indeed pleasing to see a Gambian Company thrive I understand also that Royal Insurance is not only a locally conceived Gambian Company, but also fully managed by very a team of young Gambian s under the leadership of Mrs Senor Thomas Sowe, the Executive Vice Chair, who doubles as the founder and promoter and Mr Makaireh Badjan, the Managing Director. I thank the foreign investors for their trust in our dear Gambia and encourage them to expl ore other investment opportunities in the country. As you know, infrastructure development is vital for development, hence my Government gives utmost importance to projects of this nature and magnitude. I implore and encourage all private sector operatives to emulate Royal Insurance by investing in modern buildings in our dear motherland. The land stretch from the Petroleum House at the Brusubi Roundabout to this Royal Insurance House has inspired me to challenge the Honourable M inister of Lands to urge all those allocated land along this road to put up similar magnificent buildings for uniformity. I am pleased and grateful that there is peace, security, and stability during my tenure as President, which has contributed to the ex isting conducive environment for private sector investment and operation to thrive. Insurance is a noble profession, and it is important business for the socio -economic development of any country; thus, my Government is highly comm itted to promoting the development of the insurance industry in The Gambia. Aware of the impressive contribution of insurance companies to national economies in the sub - region and beyond, we will continue to ensure that all necessary avenues are explored to step up and sustain relevant economic reforms that would further strengthen insurance practice and restore trust and confidence in insurance companies in the country. In this regard, I am pleased to observe that the Ministry of Finance, acting in consu ltation with the Central Bank of The Gambia, the regulating body of Insurance companies, is working with highly acclaimed International Consultants to draft a new Insurance Act and Regulation. Two major objectives of this exercise are to reflect current in ternational standards and best practice in our regulatory framework and to establish an Autonomous Commission. This engagement is at an advanced stage for immediate implementation to protect the interests of all stakeholders, particularly the insuring public. I encourage Gambians and non -Gambians alike to invest in registered insurance companies as a means of mitigating financial risks and accidents. On the other hand, I advise the Insurance Companies to remember that public trust and confidence ar e essential aspects of your businesses, which you should earn to improve the insurance penetration level in The Gambia. Perhaps, more than any other business, your companies thrive on trust, because the services you promote hang on the promise of compensation whenever an unfortunate accident happens. This makes it necessary for your sector to win public confidence if you are to contribute It is conclusive that the Insurance sub -sector is a strong indirect contributor to GDP , noting that the continuity of many other businesses depends, to some extent, on the financial protection you From another angle, the Insurance industry must also align itself with the digital world and explore the advantages it offers if is to develop. Distinguished Ladies and Gentlemen, I must take this opportunity to assure the Private Sector of The Gambia Government’s resolve and continued commitment to cooperating and partnering with you for greater impact on the general macro-economic conditions of our country. I advise all relevant Ministries, particularly Finance and Trade, Industry, and Employment to intensify their collaboration with the Private Sector and strengthen Public Private Partnerships. More specifically, we must make better use of the National Business Council. Once again, I heartily congratulate the Royal Insurance Gambia Limited Dynamic Team on their achievements and urge them to keep up the good work. Distinguished Ladies and Gentlemen, I now have the singular pleasu re and honour to officially declare the Royal Insurance House God bless the premises and bless us all.