In 2022 alone, the facilitated trade flow between Africa and China was estimated at $600 million, and to this cause the Industrial and Commercial Bank of China (ICBC) and financial services provider, Standard Bank have renewed their strategic cooperation partnership for another five years, to continue leading the Africa-China trade and investment markets on the continent.

Both Standard Bank and ICBC have substantially invested in developing the required infrastructure and relationships to give African and Chinese firms better access to the plethora of opportunities in this critical trade corridor because they recognize the tremendous development potential of the continent.

For instance, the banks have assisted more than 3,500 Chinese commercial, corporate, and state-owned companies in their growth journeys throughout 15 African regions, with the majority of these businesses being privately owned and invested in a variety of industries.

The senior leadership of both banks pledged to build on their highly successful 15-year relationship during the signing of the renewal agreement on August 24 by opening up more prospects along the trade corridor between China and Africa.

The volume of recent private Chinese investment has significantly improved Africa’s capacity to import and use the knowledge and abilities needed to develop its own economies, as well as its capacity to draw investment from other markets.

Sim Tshabalala, CEO of Standard Bank Group, claims that the bank has long recognized how crucial China is to the development of Africa, especially through opening up the Chinese market to African exporters. He is sure that the businesses will continue to promote inclusive and sustainable growth for a number of generations.

Tshabalala further points out that by supporting the Belt and Road Initiative together and taking advantage of opportunities through the African Continental Free Trade Area, the nations will become even more pertinent to one another.

The relationship between the banks, according to ICBC Chairperson Chen Siqing, has prompted significant and productive trade between China and Africa, which has improved the lives of Africans.

Siqing claims that China, as Africa’s largest trading partner, can support the continent’s energy transition and progress toward net-zero emissions, in part by industrializing the continent and educating its young people.