Mozambique’s Minister of Planning and Development, Salim Vala, has urged Russia and other developing nations to join forces in creating a new global financial system that can drive economic growth in Africa.
Speaking at the ‘Business Dialogue Russia-Africa’ panel during the 28th St. Petersburg International Economic Forum (SPIEF) on Thursday, Vala outlined the need for a financial architecture that supports countries like Mozambique, which are seeking to unlock their full potential.
Despite its vast natural resources—such as natural gas, rubies, gold, and coal—Vala emphasized that Mozambique’s most valuable asset is its people. He stressed the importance of harnessing human capital to elevate the country’s economy and improve the lives of its 33.4 million citizens. “We have a 20-year strategy in place,” he explained, adding that Mozambique aims to reduce its dependency on oil and gas. Instead, the government is focused on modernizing agriculture and promoting industrial growth.
Vala called for collaboration not only with Russia but also with other African nations and developing countries to reshape the global financial system. His vision includes a more diverse and inclusive approach to economic development that prioritizes innovation and industrialization, rather than solely relying on natural resource extraction. He proposed a shift in global perceptions, aiming to depict Africa as a continent that is healthier, better educated, and rich in human capital and technology, all of which are essential for long-term prosperity.
He further highlighted the importance of partnerships that can drive social and economic infrastructure development, which, in turn, could attract investment, generate jobs, and alleviate poverty. These efforts are crucial for reducing inequality across the continent.
Earlier in June, Eugenio Alberto Macumbe, head of Mozambique’s Digital Governance Division, echoed Vala’s sentiments. In an interview with RT, Macumbe praised Russia’s advancements in digital transformation and artificial intelligence, emphasizing the need for Mozambique to learn from Russia’s experience as the country works to modernize its own digital infrastructure.
At the 12th Mozambique Technology Fair in May, Vala also underscored the pivotal role that information and communication technology (ICT) plays in the nation’s development, signaling that digital innovation will be a cornerstone of the country’s future growth.
Mozambique’s calls for a new global economic framework reflect a broader desire across Africa to reshape the world’s financial systems to better serve the continent’s long-term development goals.
