Africa should seize opportunity presented by CIIE: Standard Bank

JOHANNESBURG, Nov. 4 (Xinhua) — The upcoming China International Import Expo (CIIE) will present Africa with an opportunity to be integrated into the global trade chain, said a Standard Bank expert.

The expo will be held between November 5 to 10 in Shanghai. In an interview with Xinhua on Thursday, the head of trade at Standard Bank Vinod Madhavan said the shift to consumption-led growth in China comes at an opportune time for Africa.

He said that the CIIE would strengthen global economic and trade cooperation, and promote global trade and growth by advancing the development of an open world economy.

Madhavan also said that the CIIE would reinforce the importance of multilateral cooperation. Africa’s developing and emerging economies that rely on an open, inclusive and rules-based global system for the growth and development would benefit from the expo.

He said that China’s clear focus on importing more beneficiated and industrialized goods and services matches exactly Africa’s current internal development and growth trajectories.

Standard Bank will take 61 clients from nine African markets to the inaugural CIIE. “We are focusing specifically on smaller businesses as the scope for growth that an opportunity of this stature presents is so much larger for our smaller clients,” Mudhavan said.

He also pointed out that China’s powerful financial institutions will be at the show to facilitate new trade, investment and between China and Africa.

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