The Zam-China Trade Connect solution to provide seamless trade for the Chinese business community and Zambians looking to trade with China has been relaunched by Stanbic Bank.
The solution is expected to reduce travel and logistical costs for local businesses importing goods from China.
Bank Chief Executive, Mwindwa Siakalima, said at the relaunch of the solution on Tuesday in Lusaka that it had empowered its client base and enhanced business efficiency by cutting transport and logistical costs.
Siakalima noted that the solution, rebranded from the previous Africa-China Trade Solutions (ACTS), now enabled Zambian businesses to import goods from China without the need to physically travel or incur additional and unnecessary costs, saving companies cash.
“We realise that China is a major trading centre for Zambia, and through our relationship with the Industrial & Commercial Bank of China (ICBC), and our focus on the Zambia-China Trade corridor, we are able to provide seamless trade for the Chinese business community and Zambians looking to trade with China.
“The ICBC works with the Zhejiang International Trading Supply Chain Company, also known as ‘Guomao’, to assist importers in executing seamless trade with China. Currently, ‘Guomao’ has over 35,000 suppliers linked to their business, which Zambian importers can easily access through Zam-China Trade Connect,” he said.
Siakalima said the bank was now able to connect clients, virtually, to agents in China, who were able to source quality goods and ensure they were shipped to Zambia.
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Clients, he stated, had the option of paying for goods once delivered in-country.
“This solution is an advantage to our clients as they are able to save on time spent on travel as well as travel and logistic costs,” he said.
The Zam-China Trade Connect facility, previously established as ACTS to finance cross-border trade between China and Africa, connects local businesses to over 35,000 Chinese suppliers and manufacturers, making the import process simpler faster.
At the same event, Zambia Chamber of Commerce and Industry (ZACCI) president, Chabuka Kawesha, said this would boost cross-border trade and foster economic growth.
Kawesha said ZACCI, as the voice of the private sector, welcomed the rebranded Zam-China Trade Connect as a key facility open for businesses to boost imports from China.
He pointed out that bilateral trade with China was set to grow even stronger through Zam-China Trade Connect.
“We are delighted to learn that local importers now have access to over 35,000 reliable suppliers through the Bank’s corporate partnership with the ICBC and the Zhejiang International Trading Supply Chain Company.
“As a Chamber, we encourage companies, as well as individuals looking to import goods from China, to use this facility to expedite delivery of your goods from that country,” he said.
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