By 
Standard Bank Group, Africa’s largest bank by assets and the parent company of Stanbic IBTC Holdings PLC, is proud to announce its participation in the third biennial China-Africa Economic and Trade Expo (CAETE) in collaboration with its equity partner, the Industrial and Commercial Bank of China (ICBC).
Taking place from June 29 to July 2, 2023, in Changsha, China, the expo aims to strengthen Africa’s export capacity to China and foster direct business cooperation at the sub-national level.
Under the theme “Common Development for a Shared Future,” this year’s CAETE event is hosted at the state-of-the-art Changsha International Convention and Exhibition Centre, providing African clients with the opportunity to experience the impressive trade exhibition space firsthand.
CAETE, co-sponsored by the Ministry of Commerce of the People’s Republic of China and the People’s Government of Hunan Province, was established in 2019 to fulfill the commitments of the Forum on China-Africa Cooperation (FOCAC) in enhancing trade balance between Africa and China.
Over the previous editions of CAETE, 216 projects have been signed, contributing to over US$43 billion in new trade between Africa and China.
In line with the China-Africa Cooperation Vision 2035, announced by Chinese President Xi Jinping during the Eighth Ministerial Conference of FOCAC in Senegal in 2021, CAETE supports trade promotion goals by facilitating the import of African goods and services into China.
President Xi emphasized the creation of “green lanes” for African agricultural exports, streamlining inspection and quarantine procedures, and expanding the number of zero-tariff products from least developed countries with diplomatic relations with China.
Standard Bank and ICBC actively support FOCAC’s China-Africa Cooperation Vision 2035 by providing invaluable insights, relationships, and platforms that enable African businesses to trade successfully with China.
Philip Myburgh, Head of Trade and Africa-China for Business and Commercial Banking at Standard Bank Group, highlighted the transactional offerings, trade solutions, and working capital finance provided by Standard Bank, accompanied by English and Mandarin-speaking staff in China and Africa.
To enhance sales and marketing efforts in China, Standard Bank assists African clients in registering their products on its ICBC-linked e-trade platform, granting them access to a vast customer base in China.
Standard Bank and ICBC play a pivotal role in identifying and communicating the commercial potential of trade opportunities to the respective governmental authorities in Africa and China. Leveraging their presence in Africa and a strong foothold in China, they collaborate with producer associations and trade promotion councils to provide valuable insights.
“This valuable insight enables officials on both continents to recognize Africa’s competitive advantage as an alternative source for many products currently imported from Southeast Asia, South America, or Australia,” explained Myburgh.
Expressing excitement about the expo, Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, stated that CAETE 2023 marks a significant milestone in the economic partnership between China and Africa.
The expo offers a unique opportunity to strengthen trade ties, promote investment, and advance African economic development. With the targeted theme of “Building Africa’s Ability to Export to China,” Stanbic IBTC Bank is committed to empowering African businesses and encouraging Chinese investment in Africa, leading to a win-win situation for both sides.
As a trusted partner for business growth, Stanbic IBTC Bank is pleased to have facilitated the physical participation of some of its customers at the ongoing expo, providing a global platform for networking and enriching business visibility.
Wole added that the event has consistently been pivotal in promoting China-Africa cooperation, facilitating economic exchanges, and boosting trade volumes over the years.
This client-focused drive reflects the brand’s commitment
Comments