You want to use the GetItemFromID method of the NameSpace object (not intuitively, it can be accessed through the Application.Session property, as you are doing above.)
You will need the store identifier of the MAPI store from which you want to receive the item. This can be easily extracted from the Folder object, to which you also already got a link.
string entryid = ...
var outlookApp = new Outlook.Application();
var outlookNS = outlookApp.Session;
var fldContacts = outlookNS.GetDefaultFolder(Outlook.OlDefaultFolders.olFolderContacts);
var contact = outlookNS.GetItemFromID(entryid, fldContacts.StoreID);