Russian President Vladimir Putin has met with Umaro Sissoco Embalo in Moscow

Bissau-Guinean President Umaro Sissoco Embalo lauded Russia as "a reliable partner" during a meeting with Russian President Vladimir Putin in Moscow on Thursday.

"We thank you for increasing the quota for our military personnel, police officers, and students. Some [Russian] companies are also interested in developing relations with Guinea-Bissau. We [Russia and Guinea-Bissau] are reliable partners," Embalo said.

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.

Speaking to RT, Andrey Maslov, head of the Center for African Studies at Moscow's Higher School of Economics, stated that Guinea-Bissau, a fast-growing West African economy with 5-6% annual GDP growth, seeks investment and infrastructure development. The country exports cashew nuts, seafood, timber, and high-quality hibiscus, though these industries remain in early commercialization stages.

According to Maslov, Bissau's regional ties are also significant. "Its neighbors - Guinea and Senegal - are among Africa's fastest-growing economies and are priority partners for developing trade and economic ties," he said.

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 on Wednesday that the agreement had been signed by Russian Minister of Economy Maxim Reshetnikov and Guinea-Bissau's minister of economy, planning, and regional integration, Soares Sambu.

"The 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," Reshetnikov stated.

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In late January, Putin and Embalo held a phone conversation to discuss trade, investment, and humanitarian cooperation. This followed the Bissau-Guinean leader's visit to Moscow on May 9 last year, which was the third time he came to Russia.

(RT.com)