By GIDEON NYENDWA
STANBIC Bank Zambia has launched the Zam-China Trade Connect facility to support business growth through the bank’s state-of-the art facility established to finance cross-border trade between China and Zambia.
Stanbic Bank Zambia Chief Executive, Mwindwa Siakalima said the facility that was being launched positions the clients’ business with a unique and vitally important tool to that would connect them to the China supply market online, securely, and safely.
He said as Zambia’s leading financial services institution, the bank was in a prime position to facilitate capital flows and cross-border trade between Zambia and China with great proficiency by leveraging on Industrial and Commercial Bank of China (ICBC) global reach and its deep expertise and heritage in Zambia.
Mr Siakalima said the Bank had a strategic partnership with ICBC, the world’s largest bank, which gives them an unrivalled competitive advantage in the Africa-China trade corrido.
“Through ICBC, we have fostered strong relationships with Chinese businesses many of whom are already playing a significant part in the infrastructural development of this country and other African markets,”
Mr Siakalima said. He said in the last 26 years, exports to China from Zambia had increased at an annualised rate of 16 percent, from US$20.2 million in 1995 to US$2.3 billion in 2022.
Mr. Siakalima said the imports from China in 2022 amounted to $1.3 billion with the main products being tractors, rubber tyres and stone-processing machines, according to data gathered from the Bank of Zambia Directorate of Trade report.
He said Zambia and China have continued to enjoy mutually beneficial partnerships that continue to help grow the two economies.
Mr Siakalima said it was with that background the bank, through the Zam-China Trade Connect, decided to play an active role in fostering closer business relationships between the 2 countries.
He said Zam-China Trade Connect would facilitate smooth cross-border trade between the two countries and spur economic activity and growth.
Mr Siakalima said Zam-China Trade Connect would help to connect Zambian importers to over 35, 000 registered Chinese suppliers and manufacturers, making the import process simpler, safer and secure.
“We understand that connecting with China’s suppliers and manufacturers can be an arduous task, given that it comes with its own set of risks and challenges for our importers.
But we are confident that our knowledge, expertise and experience related to the Chinese import process will help clients to safely and securely move your goods from one location to another, seamlessly and without unnecessary hassle,” Mr Siakalima said
And the Zambia Chamber of Commerce and Industry president, Dr. Chabuka Kawesha said as the voice of the private sector, they welcomed the rebranded Zam-China Trade Connect as a key solution open for businesses to boost imports from China. “Our bilateral trade with China is set to grow even stronger through Stanbic’s Zam-China Trade Connect,“ Dr Kawesha said.
