Local businesses trading with China to get a boost from trade solution
The Africa-China Trade Solution, a trade agreement with Chinese company Guomoa launched by Standard Bank Namibia will assist local businesses import products from China by providing financial services and directly linking them to credible and vetted suppliers.
Africa -China Trade solution (ACTS) is a flagship proposition by the Standard Bank Group for African businesses trading with China, Emilia Uupindi, Standard Bank Namibia Trade Manager for Business and Commercial Services said.
“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 in line with Standard Bank’s efforts and key purpose of driving 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 said Standard Bank understands that the import process from China comes with 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.
Uupindi meanwhile said the solutions function is to connect African importers to vetted Chinese suppliers under the Group’s strategic partnership with ICBC, the world’s largest bank.