Stanbic Bank in deal to boost trade with China
STANBIC Bank Zimbabwe has partnered with the Industrial and Commerce Bank of China (ICBC) and Zhejiang International Trading Supply Chain (ZITSC), a Chinese trade agent, under an arrangement designed to facilitate easy transportation of goods between China and Zimbabwe.
In terms of the deal, Zimbabwean traders will be able to source goods in a secure and efficient manner from manufacturers in China, have them checked for quality before shipping, as opposed to the previous situation where locals blindly imported merchandise from China, which sometimes entailed buying substandard goods, that would be
condemned on arrival.
The partnership is not only meant to bolster Stanbic Bank clients’ business volumes, but to also allow for seamless importation of goods from China for corporates and individuals. Stanbic Bank Zimbabwe’s head business and commercial clients, Patson Mahatchi said the partnership was strategic on many fronts, including strengthening trust in African-China trade relationships by guaranteeing Zimbabwean importers access to reputable suppliers
in China.
The collaboration, which is in tandem with Stanbic Bank Group’s purpose of driving Africa’s economic growth, will enable Zimbabwean importers to ride on the supply chain base offered by Zhejiang International Trading Supply Chain Co. Ltd, which trades as Guomao.
“China is called the “World’s Factory” and the partnership will definitely build a trusted trading bridge and steer through the diversity of suppliers in China for Stanbic Bank clients. The service will be offered free of charge to Stanbic Zimbabwe business and personal clients only.
“This is a major breakthrough for our clients because they are now guaranteed top-ofthe-range products of the highest quality.
“The emphasis here is on quality because Guomao is the epitome of superior products and this partnership is definitely going to transform the stature of our importing clients,” said Mr Mahatchi.
He said Guomao had over 10 000 validated Chinese suppliers, which gives Zimbabwean importers access to a one-stop foreign trade supply chain and cross-border e-commerce supply chain service.
According to the United Nations COMTRADE database on international trade, last year Zimbabwe imported US$470,73 million worth of goods.
Machinery, boilers, took the bulk of the imports, chewing up US$138,89 million followed by articles of iron or steel and electrical, electronic equipment at US$49,52 million and US$49,25 million respectively.
Miscellaneous chemical products took up US$36,82 million while vehicles other than railway and tramway took up US$27,59 million.
Rubbers US$24,84million; optical, photo, technical, medical apparatus US$24,30 million; inorganic chemicals, precious metal compound, isotope US$19,09 million; plastics US$15,95 million and other made textile articles, sets, worn clothing chewed up the remaining US$10,07 million.
With this facility, Stanbic Bank Zimbabwe clients will enjoy a competitive edge over other players selected business areas on the back of this partnership.-The Herald
