In his inaugural address, Zimbabwe President Emmerson Mnangagwa promised that elections would be held next year. Picture: AP Photo/Tsvangirayi Mukwazhi

Harare - In his inaugural address, Zimbabwe President Emmerson Mnangagwa promised on Friday that elections would be held next year as scheduled and outlined a broad vision for restoring economic and financial stability.

Mnangagwa, who took over from Robert Mugabe after a military intervention, also told a packed national stadium in Harare that Zimbabwe was ready to re-engage with the outside world but said its land reform process could not be reversed.

He also said that all foreign investments will be safe in Zimbabwe and measures will be taken towards settling debt.

According to the new president, Zimbabwe is ready for re-engagement with the rest of the world.

Mnangagwa, whose removal as vice president by Robert Mugabe led to the veteran leader's ouster, was sworn in as Zimbabwe's new president earlier on Friday.

"I Emmerson Dambudzo Mnangagwa swear that as the president of the republic of Zimbabwe I will be faithful to Zimbabwe and obey, uphold and defend the constitution and all other laws of Zimbabwe," he said as he took the oath of office before the chief justice, watched by a jubilant crowd of tens of thousands of people.