Zimbabwean bank unveils import guide to help local businesses tap Chinese market

HARARE, Nov. 15 (Xinhua) -- Stanbic Bank Zimbabwe, one of the country's major financial institutions, on Friday launched a guide for importing from China, offering a roadmap for local businesses seeking to tap into opportunities in the Chinese market.

The ebook, titled "How to Start Importing from China: A Beginner's Guide," was launched during the third Stanbic China Day event held in the capital of Harare. The event brought together business leaders, banking representatives, and professionals from the export and manufacturing sectors.

As part of the Standard Bank Group, one of Africa's largest financial organizations, Stanbic Bank Zimbabwe's Chief Executive Officer Solomon Nyanhongo said the guide would help local enterprises confidently explore new sourcing opportunities in China, streamline their import processes, and enhance competitiveness.

"We understand that there are regulatory complexities or requirements as you enter into the Chinese market. China is a vast country, it's almost a continent on its own. We are investing in making sure that our local enterprises understand the Chinese market to unlock business opportunities," said Nyanhongo.

Held under the theme of "Empowering Zimbabwean enterprises: A gateway to global competitiveness," the Stanbic China Day event aimed at enhancing trade and business ties between Zimbabwe and China.

"We have been investing a lot in understanding the growing needs of the Zimbabwean businesses, and China being a significant player in the world, and also a significant investor in Zimbabwe, we are trying to understand the pain points of most entities as they deal with China," Nyanhongo said.

Last year, Stanbic Bank Zimbabwe launched an exporter guide to support local businesses in entering the Chinese market. "It has yielded some results. There have been some gains that have been registered, companies are participating in exports to China," he said.

Betty Murambadoro, executive director of Corporate and Investment Banking of Stanbic Bank Zimbabwe, said the bank assists businesses in mitigating the risks associated with international trade and cross-border transactions.

"We have the capacity to assist you in terms of the risks that are associated with an import transaction, and also with an export. There are some risks that one needs to be aware of which as a bank we can assist you in terms of providing the tools such as trade insurance, such as credit guarantees to minimize the financial risks of businesses that are engaged in international trade," said Murambadoro.

In addition to offering advisory services and market intelligence, Stanbic Bank Zimbabwe also assists clients in facilitating due diligence in terms of offering insights on reliable partners and suppliers through its global network, she added.