ETZ also used the occasion to announce its strategic partnership with the Bank of China (Zambia) which will allow the latter to leverage Ecobank Group’s platform to service the needs of its customers and clients doing business in Tanzania and the wider EAC and SADC regions.
Ecobank introduced its new China Desk liaison officer Jennifer at the event. Special guests at the event were Mr. Lin Zhiyong the Chief Representative of the Economic and Commercial Representation of the Peoples Republic of China in the United Republic of Tanzania and the Bank of China (Zambia) delegation led by their Deputy Managing Director, Mr. Liu Xiaofei.
ETZ’s ‘China Direct’ initiative addresses the current void in the market at a time when trade and investment between China and Tanzania have been growing at an exponential rate. Trade hit $2.5 billion in 2012 while investments approached $1 billion in 2013.
It is evident that with greater strategic support and market information, the volume of trade and investments along the Sino-Tanzanian corridor can grow to higher levels. . ETZ’s China Direct initiative is aimed at providing the ‘one-stop shop’ facility across the China-Tanzania corridor to reduce hassle costs and improve decision-making for businesspeople.
“ Our end-to-end platform across the Sino-Tanzanian corridor is unique in the sense that we don’t rely on a third party as we are on the ground in China. This one-stop shop arrangement is cost-effective and provides convenience for our customers. However, if push comes to shove and you need to transact with a Chinese bank, the Bank of China platform will be at your disposal” says Enoch Osei-Safo, the Managing Director, Ecobank Tanzania Limited.
Last year, ETZ launched its China Desk in Tanzania and through a dedicated team supported by a Chinese liaison officer, the bank provides Chinese and Tanzanian businesses with advisory, facilitation, support and financing services. This initiative comes on the heel of the Ecobank Group opening its Beijing Representative office in 2012 under the oversight of Ms. Lu Xiaoning, to offer advisory, facilitation and support services to Chinese businesses operating across Africa.
Now that this is a given, we have moved to the next level by linking up the last frontier with China, who has by and large emerged as the leading trading and investment partner with Africa. For all businesses that have waited in vain and suffered the inconvenience, ‘China Direct’ has now arrived. This is Ecobank Inakuwezesha in the Chinese context.” says Mr. Osei-Safo.