Standard Bank matches South Africa with China to promote wine exports
Standard Bank Group, in partnership with the Industrial and Commercial Bank of China (ICBC) recently hosted a hybrid wine tasting matchmaking event with both virtual and physical elements. The South African wine sellers got to interact virtually with potential Chinese buyers who sampled the pre-shipped wines physically at a venue in Shenzhen.
Organised with the support of Wines of South Africa (WOSA), the event sought to capitalise on the increasing popularity of South African wines among Chinese consumers.
According to Philip Myburgh, Head of Trade and Africa-China, Business & Commercial Clients at Standard Bank, the strategic partnerships with key players such as ICBC and WOSA are crucial for growing the export potential of the South African wine industry and increase their market share in China.
“As a bank, we pride ourselves as an institution that drive the African growth. Through our partnership with ICBC, we are at a great advantage in terms of supporting clients who seek to find opportunities in a large economy that China presents,” Myburgh says.
With South Africa producing some of the best wine in the world, WOSA’s data show that total exports in 2020 amounted to R9.1bn. Of that, only R288 million was attributed to exports to China.
“Through events like the virtual tasting and matchmaking, we aim to expand the import and export value chains between Africa and China, and help drive direct access between sellers and buyers who are impacted by the travel restrictions of the COVID-19 pandemic,” adds Myburgh
South African wineries who showcased their products and shipped wine tasting samples to Shenzhen prior to the event included Rickety Bridge Winery, Gun Bay and Perderberg.