Mozambiques minister of planning and development has invited Russia and developing nations to collaborate in building a fair world economic system

Mozambique has expressed its readiness to work with Russia in building a new global financial architecture that supports economic development in Mozambique and across Africa.

The statement was made by Mozambique's minister of planning and development, Salim Vala, during the 'Business dialogue Russia-Africa' panel discussion at the 28th St. Petersburg International Economic Forum (SPIEF) on Thursday.

Vala noted that while Mozambique holds substantial reserves of natural gas, rubies, gold, and coal, its most valuable asset remains its people. He highlighted the importance of unlocking the country's full economic potential to improve the well-being of its 33.4 million citizens.

"We have a 20-year strategy," Vala stated, explaining that Mozambique does not want to rely solely on oil and gas. Instead, the focus is on modernizing agriculture and advancing industrialization. "We must work together with Russia, with other African countries, and with other developing nations to create a new financial architecture, to develop enterprises and the private sector."

Vala called for a shift in global perception, proposing a new narrative of "an Africa that is more educated, healthier, an Africa with the human capital and technologies that can ensure prosperity for its people."

He added that cooperation with Russia and other African partners is essential for developing both social and economic infrastructure, which can in turn attract greater investment, generate employment, and reduce poverty and inequality.

Earlier in June, Eugenio Alberto Macumbe, the head of the Digital Governance Division at Mozambique's Information and Communication Technology Regulatory Authority, also underscored the value of Russian engagement in development initiatives.

Speaking to RT, he said Mozambique is actively pursuing digital transformation and artificial intelligence strategies, and stressed the importance of learning from countries like Russia, which he said is "very advanced in this process."

At the 12th edition of the Mozambique Technology Fair in May, Vala highlighted the crucial role of information and communication technology in the nation's development.

(RT.com)