Local businesses trading with China to get a boost from trade solution
The Africa-China Trade Solution, a trade agreement launched by Standard Bank Namibia with Chinese company Guomoa, will assist local businesses in importing products from China by providing financial services and directly connecting them to credible and vetted suppliers.
The Standard Bank Group's Africa-China Trade Solution (ACTS) is a flagship proposition for African businesses trading with China, according to Emilia Uupindi, Standard Bank Namibia Trade Manager for Business and Commercial Services.
“The solution has three pillars, the import solution, solutioning for customers buying from China, the export solution, solutioning for customers selling to China, and the travel component. The webinar on March 15, 2023, was focused on the import leg of the solution" she explained.
According to Uupindi, the solution is consistent with Standard Bank's efforts and primary goal of accelerating Africa's growth.
“We seek to use our links with the Industrial and Commercial Bank of China (ICBC) to solve observed trade problems with China, so our clients can have a competitive edge over other players in their chosen business areas and grow their business volumes,” she said.
Furthermore, she stated that Standard Bank understands that the Chinese import process presents its own set of risks and challenges for African importers.
“Through this solution, Standard bank can help Namibian importers navigate any possible risk with the assistance of our trusted import partner in China to ensure seamless cross-border trading, end to end,” she added.
As part of the Group's strategic cooperation with ICBC, the largest bank in the world, Uupindi stated that the solutions function connects African importers to verified Chinese suppliers.