Wednesday, 23 November 2016

MUGABE SPEAKS IN MALABO

President Robert Mugabe says African and Arab countries are under pressure due to fluctuating currencies, global commodity prices and shrinking gross domestic product (GDP) growth.

Addressing heads of state and government  at the just-ended Africa-Arab Summit in Malabo, Equatorial Guinea today, Mugabe said there is need to identify and accelerate the transformation of key sectors of these economies through building strategic partnerships if the countries are to alleviate the negative impact of these challenges.


He said the theme of the just-ended summit together for sustainable development is timely and relevant.

The President said the unbalanced North-South cooperation, which is an extension of colonialism, has demonstrated repeated failures especially for the less privileged countries of the south.

“For the countries of the south, the economic pattern has been the continuous export of primary products and raw materials to feed the insatiable industrial needs of northerners,” said Cde Mugabe, adding that the countries of the south have tagged along the dictates of the wealthy northerners.

He expressed hope that the Africa-Arab cooperation can and should be utilised as an instrument to enhance trade and investment and the relationship will be taken to higher levels that reflect the strong cultural ties, geographical proximity and the potential that exists within and between the two regions.

The Africa-Arab Summit brings together 66 African and Arab countries.

At the last summit, Kuwait gave US$3 billion to African countries for socio-economic development and Zimbabwe was a beneficiary.


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