A senior delegation will discuss the new chapter of China-Africa relations
Standard Bank Group will attend the 2024 FOCAC summit, as it reinforces its commitment to Africa’s economic growth through enhanced partnerships with China. This is the ninth Ministerial Conference and the fourth in the form of the summit itself, with this year’s theme being Jointly Advancing Modernization and Building a high-level China-Africa Community with a shared future. It will focus on China and Africa renewing friendships and discussing continued cooperation.
This year’s summit comes at a time of China’s ‘New Era’ and will include Chinese President Xi Jinping delivering a keynote address.
As the largest African financial services organisation by assets, Standard Bank has consistently demonstrated its commitment to promoting China-Africa economic and trade cooperation over the years and has actively participated in the FOCAC summit.
Senior executives from Standard Bank will be discussing the bank’s commitment to the sustainable growth of the continent and its role in accelerating Africa’s trade and investment climate. FOCAC provides the platform to promote investments in sustainable finance for green and low carbon projects and to incorporate eco-environmental protection into all aspects of pathways to sustainable growth.
Renewable energy is one of the key areas in which China is showing its commitment to Africa’s industrialization and its support for African manufacturing. This cooperation on renewable energy is becoming a compelling and mutually advantageous area of maturing China-Africa relations.
In addition, the African Continental Free Trade Area (AfCFTA) will bolster the continent’s trade and investment ties with Chinese investors and help accelerate the industrialisation of the continent. As Africa’s economies become more integrated, massive opportunities will emerge for companies in consumer-facing industries – such as retail, telecommunications, and finance – and for those in infrastructure-related industries, resource-related sectors, and across the agricultural value chain. As a result, African manufacturing hubs that service local and regional markets will begin to emerge. AfCFTA will also help Africa to compete as manufacturers migrate from China and wider Asia to look for new home-bases. In addition, the continent offers relatively low labour costs, an abundance of natural resources, and fast-growing domestic markets and populations.
In 2008, ICBC became the single largest shareholder of Standard Bank Group, with a holding of 20%, and the two banks formed a strategic partnership and carried out business cooperation in numerous areas. This year marks the 16th anniversary of the strategic partnership between the two companies, and Standard Bank will continue to work with ICBC to expand business in Africa, deepen China-Africa economic, trade and investment cooperation under the premise of commercial viability and controllable risks, and make unremitting efforts to promote the vigorous development of China-Africa economic and trade relations.
Sim Tshabalala, Chief Executive Officer, Standard Bank Group, says “We are excited to attend this year’s FOCAC summit, as the fruits of China-Africa cooperation can be seen across the continent, with more to come in the future. Africa is a region where China’s diplomatic and commercial ties are deep and robust, fortified and propagated by formidable multilateral institutional underpinnings and ever-growing commercial links.
As the relationship between China and Africa continues to evolve, the private sector is playing an increasingly important role. Chinese companies are investing in multiple sectors, from manufacturing to agriculture, contributing to economic growth and job creation. As both regions navigate the complexities of a rapidly changing global landscape, continued cooperation and collaboration will be essential for fostering sustainable and inclusive energy transition.”
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