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Standard Bank promote business ties between Mozambique and China

In order to promote business ties between Mozambique and China, Standard Bank will organize a workshop on Tuesday, February 19, in Maputo, to demonstrate the special relationship the bank maintains with the Chinese community in the country.

During the event, that is part of the celebration of the new chinese year – the year of the Pig, held from February 5, Standard Bank will present financial solutions, in order to help Chinese clients make their investments and business.

The Industrial and Commercial Bank of China (ICBC) holds 20 percent of the Standard Bank Group shares, a partnership that makes Chinese investment in Mozambique more comfortable and easier, given the experience of both institutions.

Through this strategic partnership, Standard Bank has explored opportunities to expand cooperation to new business areas and to assist the Chinese business community in Mozambique not only for socialization purposes but to make transactions and business on continuous basis.

In retail banking, Standard Bank has been working to bring new solutions to facilitate personal remittances between Mozambique and China, which will enable direct online international payments between individuals and companies in a process managed by teams of dedicated specialists, thus improving convenience and reducing costs for customers.

It is in this context that Standard Bank became the first commercial bank to convert Meticais to Yuan (Chinese currency) at its branches throughout the country, which made it possible to pay import invoices in Chinese currency.

These are innovations that will leverage China's investment in Mozambique through financing or offering of banking services that make operations easier and safer.

One of the advantages offered by Standard Bank is the fact that it has a vast team of specialists in various fields, such as oil and gas, agriculture, infrastructure, among others, that can support Chinese investors.

Increase of trade

It should be noted that trade between the two countries increased significantly in January 2017 reaching an amount of US $ 168 million, an increase of 2.24% compared to the same period in 2016.

In fact, Chinese companies sold products worth US $ 120 million, an increase of 2.16% compared to 2016, and bought goods worth $ 47 million.

Among the products exported from Mozambique to China, wood is the main one, and import goods include appliances and equipment for construction and industry.

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