On December 17, 2020, the 2020 China-Africa Economic and Trade Cooperation Online Conference, as a consultation mechanism under the China-Africa Economic and Trade Expo, was successfully co-hosted by the Hunan Provincial Government and Industrial and Commercial Bank of China (“ICBC” or “the Bank”). Over 200 government departments, enterprises, and business associations from nearly 20 African countries/regions attended the online meeting, around 80% of which reached an intention of collaboration on the spot.

The China-Africa Economic and Trade Expo (“the Expo”), the first initiative under the “Eight Major Actions” that the China-Africa Cooperation Forum concluded on its Beijing Summit, has settled for an extended period in Hunan. Under the direction of the Ministry of Commerce of China, ICBC, as the strategic financial service partner of the first edition of the Expo, worked with the Hunan Provincial Government to host the first China-Africa Economic and Trade Cooperation Conference last year. The event offered over 800 representatives on both Chinese and African sides a great opportunity to exchange ideas face to face. As a result, a total of 29 intentions of cooperation were reached on the spot, involving total contractual amount of over USD6 billion.

To alleviate the negative impacts of COVID-19 pandemic on the China-Africa economic and trade cooperation, ICBC has fully leveraged its “ICBC Business Matchmaking” platform, to open up the secure, cost-efficient exchange channels, through which various stakeholders on both sides can have one-to-one contacts and discussions. It was learned that attendees came from ten major industries such as infrastructure, energy & power, medical supplies, and trade of agricultural products. With their discussions focusing on two fields, that is, trade and investment, they achieved an array of practical results. Besides, representatives at the meeting also had in-depth exchanges on topics such as the challenges brought about by the pandemic on economic and trade cooperation and the measures for the stability of industry chains and supply chains.

In recent years, ICBC has made full use of its competitive edges in international operations. By holding shares in Standard Bank of South Africa, the Bank has indirectly extended business presence to a total of 20 African countries/regions, where it provides Chinese and African enterprises with a full package of financial services, thus giving a strong boost to the economic and trade exchanges on the two sides. When it comes to the support for the pandemic control, ICBC has provided companies worldwide with the specialized financing programs and cross-border financial services in local and foreign currencies, in an effort to support the stable operations of the global industry chain, including China-Africa trade.