To boost FinTech, IoT, and ICT innovation, Bahrain and Kerala government beau to cooperate on knowledge exchange, education programs, innovation projects, and startup development and support.
The Bahrain Economic Development Board (EDB) signed a memorandum of understanding (MoU) with the Kerala Startup Mission (KSUM). The collaboration took place in Dubai, where both parties were attending the 39th annual GITEX Technology Week.
The MoU objective is to provide a framework for cooperation between 2 authorities to support innovation in their respective fields of FinTech & ICT.
The scope of collaboration also includes the facilitation of delegation visits to India and Bahrain, as well as cooperate on knowledge exchange and best practice regarding:
- Education programs and enhancing cooperation between relevant parties such as universities and research institutions.
- Facilitating development and growth of FinTech and ICT startups and support hubs.
- Exploration of innovation projects in areas as blockchain, digital and mobile payments, distributed ledgers, big data, and other emerging fields.
India and Bahrain have liked commercial ties for thousands of years, with trade currently standing at some $1.3 billion. Both the countries had already signed a similar MoU by the EDB and the Government of Maharashtra last year.
In 2019, eight new projects started in Bahrain’s ICT sector bringing investments more than $3 million. This longterm relationship brought new heights in August with visit to Bahrain by Indian Prime Minister Narendra Modi .
