"We are expecting for some investments in processing some natural resources of Guinea-Bissau, but they didn't start yet," Pereira said on the sidelines of the UN General Assembly in New York.
Pereira said that right now commercial relations are primarily in the fishing sector.
"So in the future, I hope that we shall have a bigger commercial relation with Russia," he said.
In May, during a visit by Guinea-Bissau President Umaro Sissoco Embalo to Moscow for a military parade, Russian President Vladimir Putin said that the two countries’ bilateral relations are based on the tradition of equality. Putin also said the two countries' approaches to addressing global issues and strengthening multipolarity are similar. However, the Russian president suggested that steps should be considered to develop bilateral cooperation even further.
Guinea-Bissau’s relations with Russia are "very good," but the country aims to strengthen bilateral cooperation as much as possible, its foreign affairs minister, Carlos Pinto Pereira said.
"I can say our relationship with Russia is very good," Pereira said. "As you know, it's a relationship that started before our independence since the [19]60s. Russia was always a big friend of Guinea-Bissau. We are now reestablishing this old cooperation and trying to make it stronger as much as it is possible."
Pereira added that Guinea-Bissau expects an influx of private investment in the near future, including from Russian companies.
"We have many companies coming from Russia to fish in our waters," Pereira said, referring to the country’s exclusive economic zone.
Guinea-Bissau also maintains military cooperation with Russia, the diplomat said.
"As you know, our main equipment comes from Russia," Pereira said, adding that the two countries have already discussed prospects for Russia to service and maintain Guinea-Bissau's military equipment.
Guinea-Bissau believes it is urgent to create conditions for a dialogue between Russia and Ukraine to end the ongoing conflict, has discussed a peace proposal with China and Brazil, Carlos Pinto Pereira said.
"They [Russia, Ukraine] both have the responsibility to talk. Because today the problem is in Ukraine and Russia, but tomorrow it can be all of us," Pereira said on the sidelines of the UN General Assembly in New York.
Guinea-Bissau believes the conflict can be resolved only through dialogue and political means, the minister said.
"We cannot waste time. It's urgent to create conditions for this dialogue between Russia and Ukraine," he said.
Pereira said that on the sidelines of the UNGA he had discussed peace initiatives with colleagues from China and Brazil, adding that there is also an African proposal for dialogue, which he hoped might yield some results in the future.
Earlier this week, Chinese Foreign Minister Wang Yi said that China, Brazil and other countries of the Global South intended to create an open "Friends of Peace" platform to resolve the Ukrainian crisis.
Russian President Vladimir Putin said in June that Russia would cease fire and start talks with Ukraine as soon as Kiev withdrew troops from Russia-controlled regions and abandoned plans to join NATO. Ukrainian leader Volodymyr Zelensky rejected the proposal.
Guinea-Bissau’s relations with Russia will continue normally amid Western sanctions, Carlos Pinto Pereira said.
"Our cooperation with Russia will continue normally. It is not going to suffer with these sanctions," Pereira said on the sidelines of the UN General Assembly in New York.
The Western countries have imposed a comprehensive sanctions regime on Russia, targeting the country's economy, energy, and banking services, among other areas, after Moscow launched a special military operation in Ukraine in February 2022. Russia has repeatedly said that the Western sanctions had failed.