The African Export-Import Bank (Afreximbank) and international consultants Development Reimagined (DR) have partnered to promote the entry and sale of high-end sustainable African brands in China.
This, according to the two entities, is a continuation of their attempt to assist African businesses in increasing their international presence.
Using a N$1,6 million grant from Afreximbank, DR is introducing high-end value-added Made-in-Africa goods from sectors including fashion, skincare and beverages, to China.
This partnership between Afreximbank and DR marks a significant milestone in promoting trade and economic cooperation between Africa and China, said Hannah Ryder, DR’s chief executive.
The Chinese consumer market, valued at US$6,3 trillion, is projected to experience substantial growth, but African finished goods aren’t as common there.
On the flip side, DR reported that African exports to China amounted to US$117,5 billion in 2022, a remarkable 24% increase compared to 2000 – mainly consisting of minerals.
The collaboration with Afreximbank is expected to include follow-up activities over the next six months to cement the sales and partnerships made at the China-Africa Economic and Trade Expo.
Since 2019, the Chinese market has been sensitised to African luxury brands including Maxhosa and Jessica Jane, two unique, luxury South African fashion brands; as well as Taibo Bacar, Nkanda Yetu and Larry Jay, and other sustainable fashion brands from Mozambique, Zambia, and Ghana, respectively.
Skin Gourmet, a beautifully branded Ghanaian skincare company; Zaaf – a hand-crafted luxury bags and leather brand from Ethiopia; Monks Gin, a South African gin company; Yenae – a stunning jewellery brand from Ethiopia; and many more have also been pushed for market access in the Chinese economy.
DR further noted that several brands successfully sold out their products and connected with many potential business partners to accelerate their entry into the Chinese market.
For the first time, the participating fashion brands were invited to a fashion show and business match-making event, read the update from the two institutions.
The skincare and beverage brands were also invited to a business match-making and promotional event in the Gaoqiao China-Africa Free Trade Zone (FTZ), which led to the brands establishing strong connections with Gaoqiao and displaying their products in the FTZ for future business partnerships.
Yusuf Daya, the director of AU/AfCFTA relations and trade policy at Afreximbank said, as a bank, they are encouraged about the partnership with DR, aimed at enabling access of African brands to global markets.
“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,” he said.
To participate, African brands are encouraged to reach out to DR.