Africa-Press – Mozambique. The chairman of the Mozambican Stock Exchange (BVM), economist Salim Valá on Tuesday said that the country needs strong institutions, a competitive and diversified economy to take advantage of the opportunities of globalisation.
Valá pointed out the paths that Mozambique should take to make gains from globalisation, speaking to Lusa about the book he launched in Maputo, entitled “Globalised Economy & Paradoxes of Development: Inconclusive Reflections”.
“Without being a failed state, Mozambique faces complex challenges that will take decades to overcome so that the country can write a success story with globalisation,” he said.
Natural disasters, armed conflicts and weak institutions prevent Mozambique from making a transition to a prosperous economy, he added.
He pointed out that Mozambique’s delay in taking advantage of the opportunities generated by globalisation is common to most countries, although “We have several notable examples of taking advantage of the opportunities of globalisation such as China, Singapore, Malaysia, Indonesia, South Korea, Cabo Verde, Mauritius, Seychelles, Botswana, Poland and the Czech Republic,” he said.
The ability to mobilise economic assets, diversification, strengthening institutions and the demographic dividend are key to making gains from globalisation.
“Countries that have better-understood globalisation and prepared for the process have been taking advantage over the last 30 to 40 years,” he stressed.
A country not prepared to take advantage of the opportunities of globalisation will fall into the ranks of the “discontents”, he said, paraphrasing US economist Joseph Stiglitz, who said globalisation is creating discontents.
