Mozambican president Joaquim Chissano said in Maputo on November 30 that democracy, peace and stability were necessary to create a conducive environment for development and progress.

Chissano made the remarks in a key note speech at the opening of the fifth annual Southern Africa Trade and Investment Summit held in Mozambican capital Maputo.

He said all countries in southern Africa had adopted the multi-party democracy and were safeguarding their hardly won regional peace and stability.

The governments in the sub-region had undertaken major economic reforms that emphasize prudent fiscal policies and accord a key role to the private sector in the economy, he said.

He added that efforts had also being made to harmonize procedures, remove trade barriers and create a favorable business climate to attract private investment throughout the region.

Zimbabwean President Robert Mugabe, Botswanan President Festus Mogae, South African Vice-President Jacob Zuma, Lesotho Prime Minister Pakalitha Mosisili and Namibian Prime Minister Gein Gob and other 300 participants attended the two-day summit.

The African leaders will hold direct talks with other participants on deepening regional integration on Wednesday.