The two-way trade between China and African countries has been pivotal in accelerating the growth and modernization that the continent requires to remain competitive, a Kenyan banking executive said Thursday.
Muya Guo, head of the China Desk at the Stanbic Bank Kenya, said during an interview in Nairobi, the Kenyan capital, that enhanced Sino-African trade, combined with capital flow from the Asian nation, has placed the continent on a growth trajectory while modernizing key sectors like manufacturing.
The future of the Sino-African economic partnership looks promising, driven by both government and private sector investments, said Guo, adding that infrastructure, energy, and manufacturing projects will be prioritized.
“We are looking forward to more private investments from China to Kenya to build this relationship stronger. For example, we are talking a lot about public-private partnership projects,” she said.
She observed that more Chinese manufacturers have been establishing bases in Kenya, employing local staff, and transferring knowledge, highlighting the vitality of economic ties between the two sides.
In 2008, the Industrial and Commercial Bank of China acquired a 20 percent shareholding in the Standard Bank Group, a leading African financial organization and the parent company of the Stanbic Bank Kenya, paving the way for strategic partnership with Chinese enterprises and fostering Sino-African trade, Guo said.
She emphasized the need to promote mutual understanding between Chinese and African entrepreneurs, given their diverse cultural environment backgrounds.
“We are trying to support our African exporters to understand the Chinese market, to facilitate or support them to find the right Chinese buyers and to help them export the necessary goods to China,” said Guo.
She disclosed that the Standard Bank Group has built a solid financial infrastructure to facilitate Sino-African trade and investments, stressing the need to align financial solutions to reflect the aspirations of clients from both sides.
Article by Xinhua
