Enhancing Ties: Malaysia and Bahrain Eye New Collaborations
A Half-Century of Diplomatic Relations
MANAMA: The half-century long diplomatic relationship between Malaysia and Bahrain takes on a new dimension this month, eyeing new collaborations in wide areas of fields from financial technology (fintech) to tourism in enhancing their existing cooperation.
Historic Visit
This came after the historic inaugural official visit by Prime Minister Datuk Seri Anwar Ibrahim to the West Asian country at the invitation of Bahrain’s Crown Prince and Prime Minister Salman Hamad Al Khalifa.
Islamic Fintech and Education
Among others, both nations, which are significant players in Islamic fintech agreed to partner in the pursuit of advancing global Islamic fintech and to enhance cooperation in education.
Global Islamic Fintech Report 2023/24
According to Global Islamic Fintech Report 2023/24, Malaysia retained its top position, while Bahrain is sixth in the Global Islamic Fintech (GIFT) Index, a global index comprising 64 countries that are perceived to have the most conducive environments for promoting the growth of Islamic fintech.
New Areas of Cooperation
Throughout the two-day official visit, the Prime Minister said both nations also agreed to explore new areas of cooperation, including in the semiconductor sector, and emerging fintech such as cryptocurrency and sandbox platform.
Reinstate Direct Flights
Earlier, the Prime Minister also announced plans to reinstate direct Malaysia-Bahrain flights.
Tourism and Business Ecosystem
He said Bahrain with approximately 1.6 million population also offers a very friendly business ecosystem that would appeal to Malaysian companies, particularly the small and medium enterprises worth RM24 billion, to open their bases here and use them as a platform to expand their market abroad.
Economic Expansion
Shazryll Zahiran, Malaysia’s Ambassador to Bahrain, foresees that both nations would have great potential for economic expansion including in the frontier of tourism, besides fintech and education.
Conclusion
The visit marked a significant milestone in the half-century long diplomatic relationship between Malaysia and Bahrain, reinforcing their mutual aspirations to deepen partnerships across vital sectors, including trade, investment, and cultural exchange. The nations look forward to translating these fruitful discussions into tangible outcomes that benefit their peoples and contribute to global peace and progress.
Frequently Asked Questions (FAQs)
Q: What is the significance of the visit by Prime Minister Datuk Seri Anwar Ibrahim to Bahrain?
A: The visit marked a historic milestone in the half-century long diplomatic relationship between Malaysia and Bahrain, eyeing new collaborations in wide areas of fields from fintech to tourism.
Q: What are the areas of cooperation agreed upon by both nations?
A: Both nations agreed to partner in the pursuit of advancing global Islamic fintech and to enhance cooperation in education.
Q: What is the ranking of Malaysia and Bahrain in the Global Islamic Fintech Index?
A: Malaysia retained its top position, while Bahrain is sixth in the Global Islamic Fintech (GIFT) Index.
Q: What is the significance of Bahrain as a business ecosystem?
A: Bahrain offers a very friendly business ecosystem that would appeal to Malaysian companies, particularly the small and medium enterprises worth RM24 billion, to open their bases here and use them as a platform to expand their market abroad.