Standard Bank Group showcases a broad range of African products at China’s largest import show
STANDARD Bank Group assisted more than 40 African businesses showcase their products at the 2022 China International Import Expo (CIIE) recently held in Shanghai from November 5 to 10.
As the largest global import promotion event, the 5th CIIE exhibited products from more than 100 countries, including 280 of the world's top 500 enterprises.
Over the past four years, the CIIE has successfully introduced more than 1 500 new products, technologies, and services, with an accumulated turnover exceeding $270 billion (R4,6 trillion) to the Chinese domestic market.
Since travel to China is currently restricted due to Covid-19, this year’s CIIE allowed the physical exhibition of products, even though business owners couldn’t attend in person to promote their goods.
The physical exhibition of products, supported by the remote participation of African exporters, was made possible by Standard Bank Group’s Africa-China Export Solution.
This year, “working with our equity partner, the Industrial and Commercial Bank of China (ICBC) as well as Standard Bank’s China office, we were able to receive, display and actively market client products on the ground in Shanghai on behalf of our African clients unable to attend in person,” said Philip Myburgh, Standard Bank Group’s head of Africa-China and Trade.
This year, Standard Bank Group clients sending products to Shanghai hailed from Ghana, Kenya, Mozambique, Nigeria, Rwanda, South Africa, Tanzania, Uganda and Zambia.
Client products and produce on display included; avocado products, citrus, chilli, chocolate, cocoa products, coffee, dried mango, honey, medicinal plants, nuts, sesame seeds, soya bean, rooibos tea, and wine.
“2022 represents the broadest array of African produce and products taken to CIIE by Standard Bank Group to date; attesting to China’s growing demand for African exports,” reported Myburgh.
Having experienced local marketers present African products to pre-approved Chinese off-takers in Mandarin, while assisting in the negotiation of terms, “provides our African business clients direct access to the heart of China’s domestic economy,” said Myburgh.
With the world's largest population
and second largest economy, China is also the world’s second largest importer.
As the Chinese economy advances from rapid infrastructure development to deepening industrial and commercial growth characterised by improving living standards and increased consumption, the country’s domestic economy presents enormous import potential.
China’s President Xi, speaking at the 2021 Forum on China-Africa Co-operation, detailed his country’s ambition to increase the value of African imports to $300bn by 2024.
More generally, over the next five years, China is expected to import products and services valued at more than $10trln.
These commitments present an “historic opportunity for enterprises across the world to engage and supply this import need,” said Myburgh.
Standard Bank Group’s well-established Africa-China Export Solution is adept at connecting export-ready clients from across the bank’s 20 African markets with suitable importers in China, fast-tracking the process by helping clients navigate the entire export and import value chain.
From establishing market access to navigating regulatory requirements, managing quality, preparing products for export, and then transporting goods, clearing customs and managing delivery, Standard Bank Group’s Africa-China Export Solution assists African clients successfully access opportunities in China’s domestic market.
Myburgh observed that most of the Standard Bank Group’s African clients soon find that demand in China is so high that once contracts are secured, African suppliers are challenged to keep up with orders.
In other words, landing a properly negotiated contract to supply China’s burgeoning domestic market “presents African producers with a unique opportunity to take their businesses to scale as global suppliers.”
This year’s CIIE marked a significant milestone in the ever-expanding ability of Standard Bank Group’s Africa-China Export Solution to drive Africa’s growth by building sustainable commercial relationships between African suppliers, and an expanding network of Chinese domestic off-takers.