The African Export-Import Bank (Afreximbank) and global consultants, Development Reimagined (DR) have entered into a partnership to promote African brands in parts of Asia.
Through the partnership, Afreximbank will provide a grant that is to assist Africa Reimagined (AR), a DR flagship programme, to introduce and promote high-end value-added Made-in-Africa products from different sectors such as skincare, fashion and beverages to China. According to Yusuf Daya, Director, AU/AfCFTA Relations and Trade Policy, Afreximbank, the collaboration is aimed at enabling access of African brands to global markets.
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“The vast Chinese consumer market provides immense opportunities for African businesses. We urge African entrepreneurs to embrace this challenge, crafting goods that resonate with the market, not only boosting the presence of African products in China but also fostering more jobs, collaborations, and economic growth. Alongside our partners, we will continue forging global partnerships that support African trade,” he said.
In fact, according to DR, the Chinese consumer market is valued at Sh905 trillion ($6.3 trillion) and African exports to China had increased, amounting to Sh16.86 trillion ($117.5 billion) in 2022. Ms. Hannah Ryder, CEO, DR, said the exports are expected to increase further as the partnership will promote trade and economic cooperation between Africa and China.
The collaboration with Afreximbank is expected to include follow-up activities over the next six months to cement the sales and partnerships made at CAETE, testifying to the unwavering commitment of Afreximbank and DR to driving sustainable economic development in Africa through scaled up and improved exports of Made-in-Africa products to China.
Africa Reimagined has already been working towards promoting African products in Asia. The programme led a team to the 2023 China-Africa Economic and Trade Expo (CAETE) which was held in Changsha from 29 June to 2 July, solidifying the partnership’s dedication to fostering China-Africa trade relations and seizing the opportunity to further leverage growth.
The participation led to some African products gaining some international presence. For example, the expo recorded an exhibition of the largest number of luxury African brands to date as expo included a total of 20 African brands as compared to 10 in 2019. Several brands were also able to network and accelerate their entry into the Chinese market as many consumers loved their products to be point of successfully buying them all.
By leveraging the respective networks, market insights, and financial capabilities, the partnership will facilitate accelerated and value-for-money entry into the Chinese market for African brands, thereby supporting the growth of African economies, contributing to job creation and fostering community development.