BUSINESS REPORTER
Zimbabwe’s trade development and promotion organisation, ZimTrade, has commended Stanbic Zimbabwe for its role in supporting trade relations between Zimbabwe and China.
ZimTrade CEO Allan Majuru said the bank’s broad network in China was instrumental to the success of the recently held three-day Zimbabwe– China Business Forum in Beijing by creating linkages between participating Zimbabwean companies and potential partners in China.
The bank’s network in the Asian giant is anchored by its partnership with the Industrial and Commercial Bank of China (ICBC) through its parent company Standard Bank Group
ICBC is the largest bank in the world by assets and is also a shareholder of Stanbic Bank’s parent company, Standard Bank Group.
ZimTrade engaged Stanbic Bank in the initial stage of planning for the Zimbabwe-China Business Forum to assist with mobilising Chinese businesspeople to take part in the Forum.
“Stanbic Bank Zimbabwe engaged executives from Standard Bank Group based in China, its parent company, to invite delegates with potential to do business with Zimbabwe,” Majuru said.
A total of 25 companies and government departments from Zimbabwe participated in the Forum and had business to business meetings with 250 Chinese businesses in various sectors of the economy.
“Most of the Zimbabwean participants are now at various stages of concluding business transactions with the Chinese companies,” Majuru said.
Stanbic Bank provided a resource person to assist in the coordination of the Forum and the Standard Bank Advisory China Chief Executive Andre du Plessis participated as a panellist in the session on trade and investment opportunities in Zimbabwe.
Stanbic Bank also assisted with matchmaking Zimbabwe and Chinese businesses and setting up appointments and coordinating movements of Zimbabwe companies as they conducted company visits in China.
In his remarks at the Zimbabwe Business Seminar at the Forum, Majuru thanked Stanbic Bank for its role in making the event a success.
According to the ZimTrade CEO, the assistance offered by the bank is usually provided by consultants who charge whereas Stanbic Bank provided the service for no cost which was commendable.
The Head of Trade and Africa Banking at Stanbic Bank Tapuwa Nyika said the institution’s broad network in China was further strengthened through the Africa China Trade Solution established in 2021 to build a trusted trading bridge and help individuals and businesses from Zimbabwe to steer through the diversity of suppliers in China.
ACTS gives Stanbic Bank’s clients access to tailor-made solutions which meet their requirements and production flow, and they are linked directly with original genuine equipment manufacturers in China.
The facility is being undertaken in partnership with Chinese supply chain company, Zhejiang International Trading Supply Chain Co. Ltd which has over 10 000 validated Chinese suppliers, a position which allows Zimbabwean importers access to a one-stop foreign trade supply chain and cross-border e-commerce supply chain service.
