Stanbic Bank Zimbabwe has announced a partnership with Industrial Commerce Bank of China (ICBC) and Chinese trade agent Zhejiang International Trading Supply Chain Co. Ltd which the bank says will open doors for Zimbabwean businesses to import quality goods from China. The Partnership which is called “Africa China Import Solution” will see Stanbic Bank provide its clients access to quality goods from most of the competitive manufacturers in China.
Stanbic’s Head Business and Commercial Clients, Patson Mahatchi said the partnership will enable Zimbabwean importers to ride on the supply chain base offered by Zhejiang International Trading Supply Chain Co. Ltd, which trades as Guomao.
Mahatchi also said Guomao has over 10 000 validated Chinese suppliers, a position that allows Zimbabwean importers access to a one-stop foreign trade supply chain and cross border e-commerce supply chain service.
“This is a major breakthrough for our clients because they are now guaranteed top of the 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”
Patson Mahatchi, Stanbic’s Head Business and Commercial Clients
Stanbic importing clients can now have an unparalleled competitive edge over other players in their chosen business areas on the back of this partnership which ranks high up there among all the financial institution’s deals. The partnership will not only boost and grow the business volumes of Stanbic bank’s clients but will allow for seamless importation from China for corporates and individuals.
Mahatchi said the partnership was strategic on many fronts, one of which would be strengthening trust in African-China trade relationships by guaranteeing Zimbabwean importers access to reputable suppliers in China.
Zimbabwean importers will now be able to source and validate quality goods safely and efficiently from most of the competitive manufacturers in China as opposed to the previous blind importation of substandard products which would be condemned on arrival.
“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 and only to Stanbic Zimbabwe business and personal clients”
Patson Mahatchi, Stanbic’s Head Business and Commercial Clients
The partnership is also in line with Stanbic Bank and its parent company, Standard Bank Group’s purpose to drive Africa’s growth. He said Stanbic and its parent company are motivated by a quest to showcase that “Africa is our home” hence it is key to spearhead the growth of this place called home.
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 49.52 million and 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.
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6 comments
Viva la cheap imports lol. Here we go, killing local products.
This is absolutely DISGUSTING and unacceptable. Instead of supporting manufacturing and helping industry with cheap finance they slap their faces with 60% interest rates and support importers!
This hybrid form of stupidity seems to be hear to stay..Instead of investing in local industry, these idiots open the country’s doors to economic exploitation by the invasive Chinese people……But why i ask..Why
Some of the goods imported in this country could have been easily manufacted locally if funds had been invested in constructing Local industries..Maybe we would end up being the ones exporting these goods..I mean how can a country import boilers and irons (this is pretty shameful)
This goes beyond stupid. Importing anything that has to do with thermodynamics is stupid. Flooding our own nation with cheap ass imports at the expense of local brands is stupid. I was amazed the other day when i took a tomato paste product and saw it came from China. Like really, tomatoes crushed and mixed with starch, imported, from China. This country is in the weeds i tell you.
As tough as it is to swallow, Stanbic is operating within the law and within their mandate as a for-profit organisation. Want things to change? Vote in people who actually want to balance out our trade deficits, reward quality local manufacturers with your business… Heck, take Stanbic up on their offer and instead of importing premium mapatapata, import the production line and make your own premium mapatapata!