Standard Bank opens Africa-China Agent; trade with Mozambique hit US$2bln this year

Login

Register

http://www.clubofmozambique.com/

Standard Bank opens Africa-China Agent; trade with Mozambique hit US$2bln this year

3:47 CAT | 05 Dec 2019

Photo: A Verdade

Standard Bank launched its accredited commercial Africa-China Agent (ACAP) in Maputo yesterday, to assist the national business community in evaluating and establishing contacts and communication with Chinese suppliers and sellers, as well as managing the process of importing quality goods and services from the Asian country in an efficient and safe manner.

To operate this innovative service, Standard Bank is relying on the partnership of the Industrial and Commercial Bank of China (ICBC), which will support transactions, through a letter of credit issued by Standard Bank, giving importers sufficient time to receive and sell goods before making the payment.

Chinese suppliers will thereby be confident of being paid.

“With this service, we aim to eliminate all the barriers our customers and business owners face today,” said Tanuja Viriato, Standard Bank Africa-China Banking customer manager on the sidelines of the launching ceremony. “This is about creating a broad ecosystem of services, solutions and support so that Mozambique and China can make the most of the vast opportunities for trade, development and growth that each of these countries can gain from each other.”

“We want to deliver greater quality, safety and efficiency in the importation of goods and services from China,” Viriato added. “The next step is to carry out this transaction in reverse, opening China to Mozambican exporters.”

Liu Xiaoguang, Economic and Trade adviser at the Embassy of the People’s Republic of China in Mozambique, said that trade relations between Mozambique and China were good, and profitable for both countries. “With this platform, Standard Bank is supporting Chinese and Mozambican companies in doing business, opening a world of possibilities for investors who import goods and services from China,” he said.

Liu Xiaoguang noted that the new platform provides an opportunity for companies to trade, with greater security and quality, in Chinese goods, whose volume with Mozambique will reach U$2 billion this year.

Liu Xiaoguang also said that ACAP was of major importance in trade between the two countries, as China exports many products that Mozambique needs, including equipment and products for industry.

Isaías Mondlane, president of the agribusiness department at the Mozambican Chamber of Commerce, said that ACAP would confer additional advantages on the members of his association, opening a window to a safer market both in terms of imports and exports.

“We have many members who are already doing business with China, but this window will allow them to do business more safely because they will have an agent who will establish direct contact with producers and suppliers of farming equipment and accessories,” he said.

The platform would also make it possible for domestic investors to sell their products in China more safely, as Standard Bank plans to introduce a parallel export credit line.

Source: A Verdade