‘Unjust global financial system needs urgent reform’

President Mnangagwa

President Mnangagwa has told the Group of 77 (G77) and China summit in Havana, Cuba, of the urgent need to reform the current  unjust financial architecture which favours countries of the Global North.

This economic order has resulted in the West unilaterally imposing economic sanctions on some of the G77 countries with Zimbabwe reeling from the effects of such punitive economic measures for over 20 years.

Despite the restrictive economic environment, President Mnangagwa told the summit whose theme was “Current development challenges: The role of Science, Technology and Innovation”, that Zimbabwe has registered about 500 patents in various fields since it started establishing innovation hubs at its institutions of higher learning about six years ago.

The innovation hubs and industrial parks at State universities that include National University of Science and Technology, Midlands State University, University of Zimbabwe, Harare Institute of Technology (HIT), Zimbabwe Defence University and Chinhoyi University of Technology have saved the country US$12 million in imports as they propel Zimbabwe’s modernisation and industrialisation through the local production of goods and services.

In a statement delivered on his behalf by Foreign Affairs and International Trade Minister, Dr Fredrick Shava, he said the country had in 2022 established a National Pathology Research and Diagnostic Centre to enable Zimbabweans to access first-class specialised medical attention previously sourced from abroad.

President Mnangagwa told the two-day summit which ended on Saturday that the G77 needs to note that effective channels for technology transfer, particularly those related to sustainable development, green and low-carbon technologies are essential in the implementation of the 2030 Agenda.

This would enable the countries to develop sustainable and resilient solutions to tackle the interlinked crises they are grappling with.

After holding peaceful, free and fair harmonised elections on August 23, 2023, he said Zimbabwe is now working towards achieving its national vision to become an Upper Middle-Income Society by 2030. In doing so, the country is prioritising education in Science, Technology, Engineering, and Mathematics (STEM), to steer the country towards an innovation led and knowledge-driven economy.

“Zimbabwe launched its first Satellite, Zim-Sat1, on November 7, 2022.

This is a milestone expected to enhance both mineral exploration and environmental monitoring, he said. “Innovation hubs have been established at institutions of higher learning, which are focusing on research and innovation. To date, we have registered over 500 patents in various fields.”

Ahead of his address, President Mnangagwa conveyed Zimbabwe’s condolences to Libya where thousands perished after heavy rains caused by Mediterranean storm Daniel caused the collapse of two dams sending a large mass of water several metres high through the Derna Valley destroying entire neighbourhoods and sweeping thousands out to the sea.

He also conveyed condolences to Morocco which suffered a devastating earthquake on September 8 that killed more than 800 people.

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