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Standard Bank hosts Chinese business community

Standard Bank’s Manager of Economic and Market Research, Mally Likukela.

Standard Bank Namibia’s Corporate and Investment Banking (CIB) Department hosted a networking event for the Chinese business community in Swakopmund on the 1st of April.

This event took place a day after the well-attended budget review session at the Windhoek Country Club resort and Casino; an event traditionally held immediately after the Budget Speech. The aim of this networking session was to create a platform for intra-network opportunities amongst the Chinese business community as well as with Standard Bank. The event witnessed a number of speakers which included representatives from the Chinese business community and executives who spoke on behalf of Standard Bank. The main highlight of the event was the presentation on the state of Namibia-China trade delivered by Standard Bank’s Manager of Economic and Market Research, Mally Likukela.
According to Likukela, the bilateral trade between Namibia and China as recorded by the Namibia Statistical Agency shows that the total value of goods exported to China amounted to N$206-million in 2004 and by 2009, it reached an all-time high of N$2.6-billion.
Likukela informed the gathering that since 2009 trade with China has dropped quite significantly, but this was ascribed to the financial crisis in 2009/10. However, trade has begun a steady increase following the global recovery. The recent optimism in trade provides an opportune environment for further advancement of Chinese businesses in Namibia. Chinese business community were thus encouraged to seize the moment of the growing economy and help Namibia achieve Vision 2030. Standard Bank assured the attendees that as Namibia’s prominent financial services provider, it stands ready to provide the much needed financial intermediation.
Likukela concluded the presentation with a discussion of the just tabled 2015/16 National Budget and emphasized that the National budget is the Government’s way of supporting economy and businesses to grow and thrive. “Government wants to particularly support the construction industry, an area in which the Chinese business community commands a significant role,” he said.

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