Emmerson Mnangagwa, Zimbabwe's former vice president, was sworn in as president on Friday, bringing the final curtain down on the 37-year rule of Robert Mugabe.

"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," said the 75-year-old former security chief known as "The Crocodile," as he took the oath of office at the national sports stadium on the outskirts of Harare before thousands of supporters, dignitaries and foreign diplomats.

"I will promote whatever that will advance and will oppose whatever will harm Zimbabwe, that I will protect and promote the rights and people of Zimbabwe," he said. "I will devote myself to the well being of Zimbabwe and its people."

Foreign delegations including Zambian President Edgar Lungu and Botswana's President Ian Khama have also attended Mnangagwa's inauguration.

People were seen in the stadium cheering from the crowds as Mnangagwa was sworn in as president.

In his inaugural address, Mnangagwa promised that elections would be held next year as scheduled and outlined a broad vision for restoring economic and financial stability. He said that Zimbabwe was ready to re-engage with the outside world.

Mnangagwa said he will fix the economy and battle corruption which was closely associated with his predecessor Mugabe's rule. "Acts of corruption must stop forthwith. Where these occur, swift justice must be served," he said, promising to "create jobs for our youth and reduce poverty for all."

Mnangagwa said its land reform process could not be reversed. But he vowed to compensate farmers whose land was confiscated under a ruinous land redistribution program initiated by Mugabe.

"My government is committed to compensate those farmers from whom land was taken, in terms of the laws of the land," Mnangagwa said.

Mnangagwa also vowed to protect foreign investments in the country as he sought to lay out his economic credentials. "In this global world no nation is, can, or need be an island. All foreign investments will be safe in Zimbabwe," he told the crowd at his inauguration ceremony.

The country's roughly week-long political turmoil started as a military takeover, developed along with protesters calling Mugabe to leave office, and finally ended with Mugabe stepping down.

Mugabe's iron grip on power ended on Tuesday when his resignation letter was delivered to parliament, where MPs had convened to impeach him. 

Mnangagwa returned to Zimbabwe on Wednesday after the ruling ZANU-PF party expelled Mugabe and elected him as its new leader.

Mnangagwa has served in government since the 1980s and was appointed as Mugabe's number two in 2014. He remained in the position until he was sacked by Mugabe two weeks ago and then fled for his safety, which is generally thought to be the trigger of the crisis.

State-run media had earlier claimed that Mugabe may even attend his successor's swearing-in, but later suggested that after he and Mnangagwa talked about the inauguration, he agreed he "needed time to rest."

Mugabe was last seen in public on Friday and gave a defiant televised address on Sunday. Neither he nor his wife Grace, who he had positioned as his successor, has been seen since.

Mnangagwa "assured him and his family maximum security and welfare" for their future as private citizens when the two men spoke for the first time since Mnangagwa returned home this week, the state-run Herald news site reported.