Standard Chartered Bank having a very long history and presence in both China and Africa, supports the trade and investment linkage that is existing between both regions. This was disclosed by the Chairman of the Board of Standard Chartered Bank, Mr. Alex Kamara, at a press briefing held at CEMMAT Office on Friday 27th July 2012.
Mr. Kamara who recently attended the Bank’s Annual Africa Chairmen’s Conference in Beijing, China said the motive behind choosing Beijing for this year’s conference was in line with the Bank’s commitment to use the unique global footprint to support, promote and grow economically enhancing trade and investment between China and Africa.
He furthered that, whilst in China, they were provided with insight into China’s strides towards economic development and the bank’s Chinese Expansion Strategy as well as facilitating strategic introduction with relevant influential governments and private sector leaders across China.
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| Mr. Alex B. Kamara Chairman Board of Directors of the Standard Chartered Bank |
Mr. Kamara further noted that they also got the opportunity to participate in China’s 4th Conference of African and Chinese Entrepreneurs during the forum on China-Africa Cooperation in Beijing.
He also revealed that, the trade and investment linkages between China and Africa are significant and that Standard Chartered Bank has very established presence in these markets including Sierra Leone. He assured that the Bank is well positioned to serve clients and customers by doing business between these markets.
“We have the history and expertise to make a tangible difference in supporting this rapidly increasing channel of economic growth” Mr. Kamara reechoed.
Talking about the trade and investment trend between China and Africa, Mr. Kamara said that the relationship between these two regions are complimentary. He said from the Chinese perspective, Africa is a strategic supplier of natural resources, adding that a far greater number of African countries represent export, destination for China with considerable market potentials.
On the other hand, he said for many African countries, China does not only emerges as a major buyer of natural resources, but also as a supplier of capital goods to fulfill development needs.
One of the major primary products China mainly import from Africa Mr. Kamara noted, is oil.
Standard Chartered Bank is operating in 16 countries in Africa and has a human resource capacity of 7,000 staff in more than 180 branches.
The Bank as the leading international Bank across the world, has served both China and Africa for over 150 years. This has helped the Bank to attain its number one position among other banks in terms of value and volume of projects finance deals on the continent.
The Bank has won accolades from Euro Money in 2012, for Excellence in Africa, Best Flow House and Best Cash Management, and also Global Finance Best Bank for Liquidity Management in Africa for the last 6 years (2006-2012).
Standard Chartered Bank serves as the leading financial adviser and lender to core sectors in Africa, including oil and gas, commodities and trading, infrastructure and manufacturing.
The bank also has a dedicated African infrastructure team in the United Kingdom, South Africa and Belgium.
China Africa business is of great importance to Standard Chartered Bank, that is why the bank has attached great emphasis on it, both at country and group levels.
Sierra Leone will soon benefit from a 1.3 billion United States Dollars Chinese Agricultural Investment, which the Shanghai Construction Investment has signed a Memorandum of Understanding with the Government of Sierra Leone.
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Newspaper in Freetown, Sierra Leone.
