Standard banking group

China International Import Expo opens the door to China’s national economy

Standard Bank Group is currently showcasing the products of more than 40 African companies at the China International Import Expo (CIIE), which will be held in Shanghai from November 5 to 10, 2022.

As the world’s largest import promotion event, the 5th CIIE exhibits products from more than 100 countries, including 280 of the world’s top 500 companies. Over the past four years, the CIIE has successfully introduced more than 1,500 new products, technologies and services, with cumulative sales of more than $270 billion, in China’s domestic market.

Since travel to China is currently restricted due to COVID-19, this year’s CIIE format includes a physical product exhibition, with customers participating remotely. For example, the Standard Bank Group has helped customers from Ghana, Kenya, Mozambique, Namibia, South Africa, Tanzania, Uganda and Zambia to send their products to Shanghai, unaccompanied.

The physical exposure of the products, supported by the remote participation of African exporters, was made possible by the Standard Bank Group’s Africa-China export solution. This year, the bank’s financial partner, the Industrial and Commercial Bank of China (ICBC) along with Standard Bank Group’s China office, are actively exhibiting and marketing products on behalf of African clients who cannot attend in person.

Customer products and exhibits at CIIE 2022 include avocado, beef, cassava, citrus, chocolate, cocoa, coffee, cosmetics, dried mango, fertilizer, ginger, honey , medicinal plants, non-GM yellow corn, nuts, popcorn, sesame seeds, soybeans, Indian tea and rooibos, and wine.

“2022 represents the widest range of African products and products brought to the CIIE by the Standard Bank Group to date; attesting to China’s growing demand for African exports,” said Philip Myburgh, Head of Africa-China and Trade at Standard Bank Group.

Having experienced local marketers present African products to pre-approved Chinese buyers in Mandarin, while helping to negotiate terms, “gives our African business customers direct access to the heart of China’s national economy. “, he adds.

Standard Bank Group’s well-established Africa-China export solution is adept at connecting export-ready clients from all of the bank’s African markets with the appropriate importers in China, speeding up the process by helping clients navigate the entire export and import value chain.

The showcases of African products and producers made during the 2021 CIIE as well as the Standard Bank Group Africa-China Virtual Export/Import Matchmaking sessions have, to date, resulted in several notable business relationships and transactions. These are actively rebalancing the Africa-China trade narrative.

A Kenyan coffee trader, for example, recently won a million dollar contract to supply a Chinese importer. Similarly, a Mozambican macadamia exporter and a Namibian meat producer currently supply customers in China; thanks to the efforts and efficiency of the Standard Bank Group’s Africa-China export solution.

Myburgh reports that most of Standard Bank Group’s African customers quickly find that “demand in China is so high that once contracts are made, African suppliers are challenged to keep pace with orders.” In other words, landing a well-negotiated contract to supply China’s booming domestic market “offers a unique opportunity for African producers – through dramatically increased revenues – to expand their businesses as global suppliers,” says Myburgh.

With the largest population and second largest economy in the world, China is also the world’s second largest importer. As China’s economy shifts from rapid infrastructure development to increasingly strong industrial and commercial growth characterized by rising living standards and rising consumption, the country’s national economy is exhibiting a huge import potential.

From establishing market access to navigating regulatory requirements, managing quality, preparing products for export, then transporting goods, clearing customs and managing delivery, the solution Standard Bank Group’s Africa-China Export Facility helps African clients successfully access opportunities in China’s domestic market.

Chinese President Xi, speaking at the 2021 Forum on China-Africa Cooperation, detailed his country’s ambition to increase the value of African imports to $300 billion by 2024. More generally, during the next five years, China is expected to import products and services. valued at over $10 trillion. These commitments present a “historic opportunity for companies around the world to meet this import need,” says Myburgh.

This year’s CIIE marks an important milestone in the ever-increasing ability of Standard Bank Group’s Africa-China Export Solution to drive Africa’s growth by building lasting business relationships between African suppliers and a growing network. expansion of domestic Chinese buyers.

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