Stanbic Bank Zambia Limited says travel and logistical costs for local businesses importing goods from China will further be reduced following their relaunch of the Zam-China Trade Connect solution.
Speaking during the launch of the Zam-China Trade Connect, the Bank’s state-of-the art facility established to finance cross-border trade between China and Zambia, Stanbic Chief Executive, Mr Mwindwa Siakalima said that the solution, which is already active and serving the local market, has empowered its client base and enhanced business efficiency by cutting transport and logistical costs.
Zam-China cuts the cost of doing business with China
According to Mr Siakalima, the market-leading solution, rebranded from the previous Africa-China Trade Solutions (ACTS), now enables Zambian businesses to import goods from China without the need to physically travel or incur additional and unnecessary costs, saving companies cash.
“Stanbic is now able to connect clients, virtually, to agents in China, who are able to source quality goods and ensure they are shipped to Zambia. Clients have the option of paying for goods once delivered in-country. This solution is an advantage to our clients as they’re able to save on time spent on travel as well as travel and logistic costs,” Mr. Siakalimatold stakeholders at a client cocktail in Lusaka.
“We realise that China is a major trading centre for Zambia,and through our relationship with the Industrial & Commercial Bank of China (ICBC), and our focus on the Zambia-China Trade corridor, we’re able to provide seamless trade for the Chinese business community and Zambians looking to trade with China. The ICBC works with the Zhejiang International Trading Supply Chain Company, also known as ‘Guomao’, to assist importers in executing seamless trade with China. Currently, ‘Guomao’ has over 35,000 suppliers linked to their business, which Zambian importers can easily access through Zam-China Trade Connect!
In addition, we have a Chinese desk with staff, who are able to speak Chinese and offer banking advisory services.”
Zam-China Trade Connect facility makes imports simpler, set to intensify cross-border trade
The Zam-China Trade Connect facility, previously established as ACTS to finance cross-border trade between China and Africa, connects local businesses to over 35,000 Chinese suppliers and manufacturers, making the import process simpler faster.
This has all been made possible via a strategic partnership in place with the world’s largest bank, the ICBC, which gives Stanbic an unrivaled competitive advantage for Zambia-China trade. The partnership has many benefits including the ability for Stanbic to connect Zambian importers to the right suppliers in China. Stanbic can also help clients source and validate the quality of goods, facilitate access to trade financing, facilitate payments and collections to mitigate cross border payment risks and provide support pre, during and post shipment of goods.
Private sector welcomes Zam-China Trade Connect
Speaking during the Client Cocktail, Zambia Chamber of Commerce and Industry (ZACCI) president, Dr. Chabuka Kawesha, expressed delight at the Bank’s Zam-China Trade Connect facility, saying it would boost cross-border trade and foster economic growth.
Dr. Kawesha said: “ZACCI, as the voice of the private sector, welcomes the rebranded Zam-China Trade Connect as a keyfacility 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. We are delighted to learn that local importers now have access to over 35,000 reliable suppliers through the Bank’s corporate partnership with the ICBC and the Zhejiang International Trading Supply Chain Company. As a Chamber, we encourage companies, as well as individuals looking to import goods from China, to use this facility to expedite delivery of your goods from that country.”
Source: Stanbic Bank Zambia