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00:56
South Africa's Absa Group taps into Chinese market with Beijing subsidiary
STORY: South Africa's Absa Group taps into Chinese market with Beijing subsidiary
SHOOTING TIME: May 8, 2024
DATELINE: May 10, 2024
LENGTH: 00:00:56
LOCATION: Beijing
CATEGORY: ECONOMY
SHOTLIST:
1. various of the launching ceremony
2. SOUNDBITE (English): CHERYL BUSS, CEO, Absa International
3. various of street views in Beijing
STORYLINE:
South Africa's Absa Group, one of Africa's largest diversified financial service providers, launched a subsidiary in Beijing on Wednesday. This marks the group's first move into the Chinese market.
The subsidiary is designed to provide non-banking services, including consulting services for Chinese enterprises investing in Africa and releasing research reports.
SOUNDBITE (English): CHERYL BUSS, CEO, Absa International
"So, given their inextricable links and the economic ties and the trade and investment between China and Africa, we believe that it's important to be the face of Africa in China and to really connect with Chinese institutions, corporations, banks, development financial institutions that also have a growth strategy around Africa. It's important to connect with them in China and assist them to develop and grow their strategies across Africa."
According to data from China's Ministry of Commerce, South Africa has been China's largest African trading partner for 14 years in a row.
Founded in 1991, Absa is headquartered in Johannesburg, South Africa.
Xinhua News Agency correspondents reporting from Beijing.
(XHTV)
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