The Trade Development and Promotion Organization of Zimbabwe, ZimTrade, has commended Stanbic Zimbabwe for its role in supporting trade relations between Zimbabwe and China.
ZimTrade CEO, Allan Majuru, praised Stanbic Bank for its contribution to the success of the recent three-day Zimbabwe-China Business Forum held in Beijing. Mr. Majuru attributed the success of the Forum to Stanbic Bank’s broad network in China, anchored by its partnership with the Industrial and Commercial Bank of China (ICBC) through its parent company, Standard Bank Group.
He added that Stanbic Bank’s intervention helped create linkages between participating Zimbabwean companies and potential partners in China. The Forum was attended by Chinese companies that produce goods and services of particular interest to Zimbabwe, including industrial machinery, technology, mining, and chemicals.
About 25 companies and government departments from Zimbabwe participated in the Forum and had Business to Business meetings with 250 Chinese businesses.
Stanbic Bank’s Head of Trade and Africa Banking, Mr. Tapuwa Nyika, stated that the Africa China Trade Solution (ACTS) has further strengthened the bank’s network in China. The facility, launched to build a trusted trading bridge between Zimbabwe and China, provides tailor-made solutions to Stanbic Bank’s clients and is being undertaken in partnership with Zhejiang International Trading Supply Chain Co. Ltd. Mr. Nyika believes ACTS has lessened the burden of doing business in China by providing access to a wide range of suppliers and overcoming language barriers.
China is a significant trading partner for Zimbabwe, and the two countries mainly trade in commodities such as minerals, tobacco, and agricultural produce. According to International Trade Centre data, Zimbabwe’s exports to China increased from $59 million in 2010 to $223 million in 2020, while imports from China rose from $336 million to $1.3 billion over the same period. However, trade was impacted by the COVID-19 pandemic in 2020.