Stanbic boosts China-Uganda trade

Mar 08, 2009

STANBIC Bank has partnered with the Chinese businessperson in Uganda to boost trade between Uganda and China.

By Vision Reporter

STANBIC Bank has partnered with the Chinese businessperson in Uganda to boost trade between Uganda and China.

The partnership resulted into the formation of the China Enterprises Chamber of Commerce in Uganda (CECCU), aimed at promoting trade and economic ties between the two countries.

CECCU, which was launched last week, brings together over 30 Chinese firms operating in Uganda.

Phillip Odera, the Stanbic Bank managing director, called on the businesspeople in the two countries to use the association to create strategic alliances and synergies to boost trade.

“This partnership marks the beginning of a great future between the two countries and for us as an institution committed to creating life-changing opportunities wherever we operate,” he said.

The chinese ambassador, Sun Heping, said China as one of the biggest economic powers, was keen on building stronger business ties with Africa.

He hailed Stanbic for their role in bringing together the Chinese business community in Uganda, adding that they should use the chance to grow their businesses.

“Stanbic already has a strategic partnership with the Industrial and Commercial Bank of China (ICBC), the largest bank by capitalization in the world. This puts us in a unique position to offer a number of products that make trading between Uganda and China easier, thereby saving time and money,” he said.

Statistics from the Uganda Investment Authority (UIA) indicate that the trade volume between Uganda and China increased from $156 million in 2006 to $222 million in 2007 and was growing at an average 42.3%.

In 2008, Ugandan exports to China amounted to $20 million while Uganda imported goods from China worth $202 million.

Uganda’s export commodities include, among other things, cotton, leather, coffee, fish, and minerals.
Major imports from China include textiles and garments, footwear, porcelain, enamel, and mechanical and electrical goods.

Sun Heping said that China, now one of the most formidable economic powers, was keen on building stronger business ties with the African continent and hailed Stanbic for their role in bringing together the Chinese business community in Uganda.

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