Русский
The Guinea-Bissau President Umaro Sissoco Embalo, met with Russian President Vladimir Putin in Moscow on Thursday (February 26). Embalo said “We thank you for increasing the quota for our military personnel, police officers, and students. Russian companies are also interested in developing relations with Guinea-Bissau. We are reliable partners.”
The meeting follows the signing of a memorandum on economic, trade, and investment cooperation between the two nations. The Russian Ministry of Economic Development announced that the agreement had been signed by Maxim Reshetnikov, the Russian Minister of Economy and Soares Sambu, Guinea-Bissau’s Minister of economy, planning, and regional integration.
Reshetnikov stated that “This memorandum will allow Russia and our colleagues from Guinea-Bissau to maintain a regular and constructive dialogue between the business communities of our countries on issues of trade development, elimination of obstacles to the free movement of goods and services, as well as modernization of the regulatory framework in the economic sphere.”
In late January, this year, Putin and Embalo had discussed via phone, bilateral trade, investment, and humanitarian cooperation. This followed the Bissau-Guinean leader’s visit to Moscow on May 9 last year. This occasion has been the fourth time he has visited Russia.
Guinea-Bissau is on the Atlantic coast, has a population of 2.2 million and is a fast-growing West African economy with 5-6% annual GDP growth. It is looking for investment and infrastructure development. The country exports fish, cashew nuts, seafood, timber, and high-quality hibiscus, though these industries remain in early commercialization stages. Guinea-Bissau’s regional ties are also significant. Its neighbours – Guinea and Senegal – are among Africa’s fastest-growing economies and are priority partners for developing trade and economic ties. Guinea-Bissau took part in last years “Great African Expedition” which studied African fishing stocks along the Atlantic Ocean coastline.
Trade between Russia and African countries grew by 10% in 2024, Putin announced during the meeting. He emphasized the need for stronger economic ties between Russia and Africa and expressed hope for accelerating growth, citing solid foundations and promising opportunities. The Russian president noted increasing interest from Russian companies in African markets.
Further Reading
Russia To Open Seven New Embassies In Africa By 2026: Details & Analysis
