Standard Chartered celebrates Chinese Year of the Ox
Ghana, January 26, 2009 – Standard Chartered will be celebrating Chinese Year of the Ox- the Year of Ji Chou- by hosting key stakeholders in the Chinese Government and Business Community to a special New Year Dinner event.
This activity closely follows the Bank’s recent initiative of taking 150 of its African SME customers, including 18 from Ghana to Guangzhou, China in December, 2008; in a further demonstration of the importance Standard Chartered is placing on the Africa-China trade corridor.
The Bank remains confident in the long-term resilience of the Africa-China trade and investment corridor, despite the global economic downturn.
Commenting, Hemen Shah, CEO Ghana and Area General Manager, West Africa of the Bank, said:
“Trade between Africa and China exceeded $75 billion in 2007. GDP growth prospects in both China and Ghana remain much higher than in the West, and whilst these economies are not immune to the global economic downturn, they appear relatively resilient. China continues to invest in Ghana, helping drive Ghana’s economic development in these uncertain times.
The Bank has a deep local knowledge of both Africa and China and will continue to provide the necessary financial tools and strategic advice to Chinese companies doing business in Africa –assisting economic development in both regions”.
Despite the current global financial crisis, the economic partnership between Africa and China had been slowly extending beyond the supply of natural resources. China has an emerging middle class with rising incomes, which have been increasingly buying Africa’s manufactured products, consumer goods and foods. For example, between 2000 and 2007, Africa’s share in Asia’s total merchandise imports increased by an average 30% per year.
The development of trade relationships between Africa, China and the rest of Asia, is laying the foundations for further trade diversification- a mutually beneficial development during the current global economic environment.