African businesses across various sectors face significant hurdles when attempting to engage in international trade, particularly with markets as complex and dynamic as China. From navigating intricate regulatory requirements and managing language barriers, to dealing with currency conversion challenges, the obstacles can seem overwhelming.
Through the Standard Bank Africa-China Trade Solution (ACTS), the bank leverages events such as the China International Import Expo (CIIE) that is currently taking place from 5-10 November 2024 in Shanghai to address these challenges and enable long-term growth for African enterprises. Since its inception in 2018, Standard Bank has proudly represented a selection of export-ready clients at CIIE, the world’s largest import trade expo.
“CIIE represents a powerful opportunity for African businesses to gain direct access to one of the world’s most significant consumer markets”, says Andrew Robertson, Head of Business Enablement at Standard Bank Business and Commercial Banking. “Our strategic partnership with the world’s largest bank, Industrial and Commercial Bank of China (ICBC), gives us a competitive advantage in the Africa-China corridor, guided by our commitment to Africa as our home, and our continued efforts to drive her growth.”
In 2023 African clients, supported by Standard Bank’s bilingual English-Mandarin team, successfully engaged in business transactions with Chinese importers at CIIE, with the range of exported goods including seafood, nuts, aloe vera skincare products, rooibos tea, wine, sesame, ginger, coffee, and more. This collaborative effort highlighted the bank’s commitment to facilitating seamless cross-border business opportunities and fostering growth for its export-ready African clients.
Last year CIIE, attracted 400,000 registered Chinese buyers, with deals amounting to $78.4 billion. This year, the event will feature over 70 participating countries and international organisations, amplifying the global reach. The only African bank to have participated every year since inception, Standard Bank uses the platform to showcase the immense potential of African exports.
“By hosting clients on this global stage, Standard Bank is not just facilitating transactions but also enabling lasting partnerships and opening doors that can transform the trajectories of African businesses. We will leverage our deep understanding of our clients and our extensive African footprint and relationship with ICBC to help our clients turn trade prospects from CIIE into tangible growth opportunities,” adds Robertson.
In addition to its involvement with CIIE, Standard Bank also plays a significant role in Africa-China trade through its active participation in the China-Africa Economic and Trade Expo (CAETE). This biennial event promotes economic and trade collaboration between Africa and China, aligned with the Forum on China-Africa Cooperation (FOCAC) goals. The bank’s active participation in these events demonstrates its continued commitment to empowering African businesses and expanding their access to international markets.
During this year’s CIIE Standard Bank and ICBC will host a targeted matchmaking and networking event. The two banks will connect African businesses with pre-vetted Chinese buyers, helping them tap into the vast Chinese market. This year, Standard bank is enabling 30 clients from across Africa to showcase a wide range of agricultural products. The countries represented include South Africa, Uganda, Zambia, Ghana, Nigeria, Kenya, Zimbabwe, Lesotho, Angola, and Malawi. Clients from these countries will be showcasing products such as avocado fruit, spirits, sesame seeds, beef, rooibos, coffee, ginger, macadamia nuts, wine, aloe products, ginger, and handmade leather handbags.
Beyond CIIE, Standard Bank, through collaboration with strategic partners such as, Wines of South Africa, Wesgro, Chenin Blanc Association and the Department of Agriculture-Western Cape, will also showcase South African Wines at ProWine Shanghai 2024 from 12-14 November 2024. Providing South African wineries with an opportunity to connect with Chinese importers, distributors, and media representatives. The South African Wine Pavilion will be a focal point, hosting a Chenin masterclass as part of Standard Bank’s commitment to support exhibitors. ICBC will help arrange buyer visits to Standard Bank stands, facilitating meaningful engagements.
“We are determined to turn possibility into opportunity for the businesses that drive Africa’s growth. Our deep African knowledge and understanding combined with our strategic partnership with ICBC is a unique capability that enables us to prepare local businesses for growth on the world stage, making international trade and dynamic markets like China more accessible,” said Robertson.
Strategic partners from South Africa, Ghana, and China will be joining Standard Bank at this year’s CIIE, with the delegation including representatives from Wesgro; the Department of Trade, Industry and Competition (DTIC); the Ghana Export Promotion Authority (GEPA); and the Chinese Chamber of Commerce for Foodstuffs (CFNA). Additionally, our partner bank, ICBC, will be represented by teams from both ICBC Head Office and ICBC Africa Office. These partnerships are essential for fostering impactful engagements and unlocking greater market opportunities for African businesses.
Wrenelle Stander, CEO of Wesgro, stated, “with a key focus on growing the Western Cape’s export of goods and services in strategic markets, Wesgro is pleased to be participating in CIIE. China has been South Africa’s largest export market since 2019, with exports reaching R227.83 billion in 2023. As the world’s top exporter and the second-largest importer, China is a crucial gateway for the Western Cape’s “Made in the Cape” products, including rooibos tea and wine, in partnership with Standard Bank, we look forward to forging connections that pave the way for exports growth.”