Afreximbank Backs Made-in-Africa Brands’ Access to China

The African Export-Import Bank (Afreximbank) has supported the entry and sale of high-end African brands in China in partnership with international consultants Development Reimagined (DR). 

The duo’s collaborative ‘Africa Reimagined (AR)’ program helped to introduce high-end value-added Made-in-Africa goods from such sectors as fashion, skincare and beverages, to China.

The AR team led Africa’s participation at the 2023 China-Africa Economic and Trade Expo (CAETE) in Changsha from 29 June to 2 July. The outing achieved several unprecedented milestones, says Afreximbank.

The Exhibition attracted the largest number of luxury African brands to date – from 10 in 2019 to 20.

The brands on show include Maxhosa and Jessica Jane luxury South African fashion brands; as well as Taibo Bacar, Nkanda Yetu and Larry Jay, sustainable fashion brands from Mozambique, Zambia, and Ghana, respectively. 

From Ethiopia, a handcrafted luxury bags and leather brand Zaaf, and a stunning jewelry brand Yenae were also on display.

Several brands successfully sold out their products and connected with many potential business partnerships to accelerate their entry into the Chinese market, per Afreximbank.

Yusuf Daya, Director of AU/AfCFTA Relations and Trade Policy at Afreximbank, said: “We are encouraged about our partnership with Development Reimagined, 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. 

Afreximbank plans to continue forging global partnerships that support African trade.

The Chinese consumer market, valued at US$6.3 trillion, was projected to experience substantial growth.

The Afreximbank-DR partnership marks a significant milestone in promoting trade and economic cooperation between Africa and China, said Ms. Hannah Ryder, CEO of the Development Reimagined (DR).

DR reported that African exports to China amounted to US$117.5 billion in 2022, a remarkable 24-fold increase compared to 2000.

The collaboration is expected to include follow-up activities over the next six months to cement the sales and partnerships made at the CAETE, through scaled-up and improved exports of Made-in-Africa products to China. 

By leveraging their respective networks, market insights, and financial capabilities, the partnership will facilitate accelerated and value-for-money entry into the Chinese market for African brands, the bank says.