The first Ambassador of the Republic of Guinea to Monaco presents his country's economic assets.

Utilising his unique accreditation to the Principality, H.E. Mr. Senkoun Sylla, Guinea's Ambassador to Monaco, showcased his nation's economic strengths at a Business Lunch on Friday, April 4th. The event, hosted by Mrs. Francine Grail, Honorary Consul of Guinea to Monaco, was organised in collaboration with the MEB at the Yacht Club of Monaco.

 

The Principality's already robust relationship with Africa reached a significant milestone with the inaugural accreditation of an Ambassador from the Republic of Guinea to Monaco. On this occasion, Mrs. Francine Grail, the Honorary Consul of Guinea to Monaco, invited MEB members to explore the economic advantages of this French-speaking West African nation, supported by the Department of External Relations and Cooperation of the Princely Government.

With over 14 million residents, the Republic of Guinea has seen remarkable development in recent years, boasting a year-on-year growth rate of 6% in the third quarter of 2024 while maintaining an inflation rate of 4.7% during the same timeframe. In the medium term, economic growth is projected to accelerate further (between 5% and 6% annually from 2025 to 2028), driven by the rapidly growing mining industry. H.E. Mr. Senkoun Sylla discussed this outlook through the implementation of the Simandou 2040 programme, a strategic vision for sustainable and responsible development over the next 15 years.

The Ambassador subsequently invited his Economic Adviser, Mr Abdoulaye Keita, who characterised Guinea as a "true land of opportunity with diverse economic potential, entering a transformative phase due to unparalleled market access and appealing taxation."

Mr Keita underscored attractive investment sectors. He began with agriculture, which holds significant growth potential due to its favourable climate and vast, underutilised land.

Guinea also aims to enhance its industrialisation, exemplified by a plan to construct eight alumina refineries by 2030. This will necessitate expanding the country's energy capacity, which is rich in resources like oil, hydroelectric, and solar energy. Lastly, attention was drawn to the tourism potential, characterised by an abundant natural heritage ideal for eco-tourism and a largely pristine coastline.

It's a country worth exploring for companies looking to expand in West Africa. This event helped forge valuable connections expected to invigorate economic ties between the Republic of Guinea and Monaco.