Engage Trade Africa Conference set to explore Africa’s Global Trade
Whether it is the Standard Bank Africa Trade Barometer, the latest Africa’s Pulse report from the World Bank or similar literature from global consultancy firms, there is ample evidence that with its young population, abundant natural resources and increasing economic reforms, Africa continues to offer diverse opportunities for growth.
Despite this however, the continent accounts for only around 3% of global trade, according to the World Trade Organisation. In contrast, Asia accounts for about 40% of global trade, while Europe accounts for 30%. This disparity highlights Africa’s significant untapped potential and the opportunity it has for substantial growth in its global trade footprint.
As African economies work to enhance intra-regional trade and expand exports to international markets, Standard Bank Business and Commercial Banking (BCB) is dedicated to advancing Africa’s trade capabilities. This commitment will be a central theme of the bank’s participation in the Engage Trade Africa Conference 2024, taking place from Monday, 16 September, to Thursday, 19 September, in Cape Town.
The Engage Trade Africa Conference will bring together trade stakeholders from across the continent to explore Africa’s evolving trade landscape. The conference is a market access programme that facilitates trade between Africa and the world in a bid to connect African producers with leading international buyers and partners. Its aim is to foster mutually beneficial opportunities for trading partners through strategic business matchmaking that drives meaningful partnerships, promotes industry growth and supports the advancement of Africa’s economy.
Commenting on Standard Bank’s participation, Philip Myburgh, Group Head of Trade at Standard Bank, emphasised that Africa’s trade potential remains largely untapped. “Our participation in Engage Trade Africa underscores Standard Bank’s dedication to helping African businesses grow through increased cross-border trade by showcasing our unparalleled international network, our access to market and procurement platforms and our cross-border transactional and trade finance capabilities. By offering a comprehensive suite of trade solutions and fostering strategic partnerships, Standard Bank supports businesses in their efforts to access global markets, form valuable partnerships and overcome trade barriers.”
Standard Bank will be hosting a workshop at the Conference on Wednesday, 18 September. The bank’s participation in the Engage Trade Africa Conference is through a strategic partnership with the Department of Agriculture as well as the Western Cape provincial trade, tourism, and investment promotion agency, Wesgro. Together, the bank, Wesgro and the government will give a number of key clients – 10 of whom are from Standard Bank BCB – free access to the Conference, where they will engage in prearranged business-to-business meetings between sellers and buyers, while also being presented with an opportunity to exhibit the offerings of their respective businesses to potential buyers.
From its Engage Trade Africa workshop, Standard Bank will share valuable insights about possible opportunities for expansion into new markets using the bank’s trade solutions. It will also showcase its expertise in trade finance, specialised end-to-end import and export solutions, seamless and secure international payments facilities and sustainability solutions that are helping African businesses thrive on a global scale.
“Facilitating our clients’ access to this year’s Engage Trade Africa conference forms part of Standard Bank BCB’s drive to connect clients with new markets and equip businesses with the knowledge they need in order to navigate Africa's key trade corridors”, says Myburgh.
Standard Bank BCB offers a wide range of services designed to enhance trade across Africa, including import and export solutions, seamless international payments, as well as currency and financing solutions. Key Standard Bank tools such as the Africa Trade Barometer, which provides crucial insights into trade dynamics across the continent, and Trade Club, which connects businesses with strategic partners, will prove essential to the businesses we bank to seize new opportunities in both local and international markets.