The Russian Investment Agency (“RIA”) and the Private Investment Promotion Agency of Guinea (“APIP”) signed a Memorandum of Understanding.
The document was signed late in November 2017 as follow-up of the high level meeting of September in Moscow between President of the Russian Federation Vladimir Putin and President of the Republic of Guinea, Chairman of the African Union Alpha Condé.
President of the Guinea said that his Country is interested in attracting Russian investments and made a proposition to transfer the partnership between the two countries to strategic level.
Following the results of the meeting, the Head of the RIA noted: “The meeting of the presidents of the both countries became more evident of the fact that the partnership between Russia and Guinea in social and economic sphere meets the interests of the people from the countries and has a great potential for further development”, also Mr. Gabriel Curtis, Head of APIP said “Russian investment is known in Guinean mining sector, and we would like to diversify Russian Investment in our Country because we have other investments opportunities in other sectors such as Agriculture, Energy, Logistic. We held the first Guinean –Russian Economic Forum in Moscow on September 27th 2017, and brought businessmen from Guinea to show that there is also a possibility to invest in Guinea in a winning-winning partnership with local businessmen”.
In accordance with the signed MoU between RIA and APIP, the parties agreed to cooperate in attracting Russian investments to Guinea, especially in important sectors such as mining, energy, provisions, tourism, hydropower, public health, services, education, agriculture, logistics, information technology and environmental management and biological development, as well as creating conditions to attract Guinean investment in Russia.
The Russian investors are interested in investing in Guinea. Despite the modest trade turnover between the two countries, we see a positive trend – the trade turnover increased by 2.2 times in2016; “RUSAL” only, invested more than $ 300 million in Guinea.
Information: Guinea, officially known as Republic of Guinea, is located on the western coast of Africa, with a population of 12.4 million and an area of 245,857 square kilometers (94,927 sq mi). The country holds the world biggest bauxite reserve, and other important reserves such ironstone, gold and diamond. Guinea also exports coffee (Ziama), vegetables and fruits