Standard Chartered Bank champions cross-border trade as catalyst for Uganda’s tenfold growth strategy

Standard Chartered Bank Uganda successfully hosted a high-level Uganda Investment Dialogue on Thursday focused on leveraging cross-border trade as a key driver for the nation’s ambitious Tenfold (10X) Growth Strategy.

Held under the theme “Cross-Border Trade – Connecting Your Ambitions to Global Possibilities,” the event brought together over 100 influential stakeholders, including government officials, private sector leaders, policymakers, regulators, development partners, and Standard Chartered clients.

The dialogue aimed to foster collaborative discussions on the transformative potential of cross-border trade within the Agriculture, Trade, Manufacturing, and Services (ATMS) sectors, aligning with Uganda’s 10X growth objective.

The event also focused on identifying and addressing investment opportunities and challenges within these key sectors, while facilitating networking and partnership building between public and private entities.

Distinguished speakers at the event included Sanjay Rughani, CEO of Standard Chartered Uganda; Razia Khan, Head of Research, Africa & Middle East at Standard Chartered; Mr. Moses Bekabye, Technical Advisor for Economic Affairs from the Ministry of Finance, Planning and Economic Development; and Mrs. Maria Kiwanuka, Standard Chartered’s Board Chairperson and Independent Non-Executive Director.

A panel discussion, moderated by Charles Katongole, Executive Director & Head of Corporates at Standard Chartered Uganda, featured Kariuki Ngari, CEO Standard Chartered Kenya and Africa; Stephen Asiimwe, CEO, Private Sector Foundation Uganda; Anna Nambooze, Country Director, Trademark Uganda; and Rola Abu Manneh, CEO Standard Chartered UAE, Middle East and Pakistan & Non-Executive Director for Standard Chartered Uganda.

The panel explored strategies to sustainably unlock the 10X growth strategy through cross-border trade, focusing on investment opportunities, capacity building, and tackling persistent challenges such as infrastructure gaps, regulatory harmonization, digital trade facilitation, and access to finance.

In his welcome address, Sanjay Rughani, CEO of Standard Chartered Bank Uganda, emphasized the Bank’s commitment to enabling cross-border commerce and investment. “Standard Chartered operates in more than 53 markets across Asia, Africa, and the Middle East – regions that are home to some of the world’s fastest-growing trade corridors,” he stated.

“Our presence in key global financial hubs allows us to seamlessly connect clients in Uganda to international opportunities. We leverage our deep local knowledge, innovative digital platforms, and dedicated cross-border banking teams to support businesses with trade finance, foreign exchange, cash management, and advisory services tailored for cross-border success.”

Mr. Moses Bekabye, Technical Advisor for Economic Affairs from the Ministry of Finance, Planning and Economic Development, lauded Standard Chartered for its dedication to supporting Uganda’s economic transformation. He praised the dialogue as a crucial platform for bridging the gap between public and private sector priorities.

Bekabye elaborated on the Tenfold growth strategy, highlighting the ambition to expand the economy from USD 50 billion to USD 500 billion in 15 years and emphasizing the vital role of cross-border trade in achieving this objective. “It is through partnerships such as these that we can create a more connected, competitive, and inclusive economy,” he added.

Razia Khan, the Standard Chartered Head of Research, Africa & Middle East, provided insights into the global and Ugandan economic outlook. She noted that global growth expectations have been moderated, and trade uncertainty remains high. Despite this, she projected growth in Sub-Saharan Africa (SSA) in 2025, driven by major economies like South Africa, Kenya, Nigeria, and Angola.

Khan also addressed the potential implications of a Trump 2.0 presidency for Africa, suggesting that while the direct impact of US tariffs might be limited, indirect effects should be carefully monitored. She highlighted the resurgence of Chinese lending to Africa, emphasizing its different nature compared to the peak in 2016.

She commended the Bank of Uganda’s anti-inflation efforts, noting the Uganda shilling’s strong performance against regional peers since 2020. Khan expressed optimism about Uganda’s growth accelerating as spending increases with the first oil production in 2026, potentially leading to close to 10% growth. However, she cautioned against Uganda’s debt levels, emphasizing the need for prudent management.

The Uganda Investment Dialogue reaffirmed Standard Chartered’s ongoing commitment to providing insightful platforms that address national development priorities, foster sustainable growth, and empower businesses to thrive in the global marketplace.