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Standard Bank launches Africa-China Agent

Standard Bank launched on Wednesday, December 4, in Maputo, the Africa-China Agent (ACAP), an accredited commercial agent, that will assist the national business community in establishing contacts, make evaluation and communication with Chinese suppliers and sellers, as well as managing the process of importing quality goods and services into this Asian country efficiently and safely.

In order to operate this innovative service, Standard Bank relies on the partnership with the Industrial and Commercial Bank of China (ICBI), which will support the transactions by issuing a letter of credit, giving importers sufficient time to receive and sell the goods before payment.

Therefore, Chinese suppliers can remain confident in the payment guaranteed by ICBC's letter of credit in China: “With this service we aim to eliminate all barriers that our customers and entrepreneurs face today,” said Tanuja Viriato, Standard Bank’s Africa-China Banking account manager, during the launching ceremony of the new platform.

It is, as Tanuja Viriato emphasized, 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,” said Standard Bank's Africa-China Banking account manager, adding that “in the next phase we will carry out this transaction in reverse, ie we will provide this solution for Mozambican exporters.”

Regarding this Standard Bank initiative, Liu Xiaoguang, Economic and Trade advisor at the Embassy of the People's Republic of China, said that trade relations between Mozambique and China are very good and profitable for both countries.

“With this platform Standard Bank is supporting Chinese and Mozambican companies to do business, thus opening up a world of possibilities for investors who import goods and services from China,” he said.

In another development, the diplomat considered that the new platform provides an opportunity for companies to trade, with greater security and quality, in the purchase of goods in China, whose trade relationship with Mozambique reached US$ 2 billion US dolars this year.

Liu Xiaoguang also said that ACAP is of major importance in trade between the two countries, as China exports several products that Mozambique needs, namely equipment and particularly products for industry.

Isaías Mondlane, president of the agribusiness department at the Mozambican Chamber of Commerce, considered that ACAP brings additional advantages for the members of the association, as it opens a window to a safe 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 agriculture equipment and accessories,” said Isaías Mondlane.

On the other hand, he said, the platform creates the possibility for domestic investors to place their products in China more safely, as Standard Bank also plans to introduce an export proposition.

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