Malaysia And Bahrain To Explore Cooperations In Fintech, Tourism
MANAMA (Bahrain), Feb 20 (Bernama) -- Malaysia and Bahrain are committed to strengthening cooperation, including in emerging financial technologies such as cryptocurrency and sandbox platforms, Malaysia’s Prime Minister Anwar Ibrahim said on Thursday.
Sandbox technology is a cybersecurity practice which, among others, protects host devices and operating systems while cryptocurrency is a digital currency, which is an alternative form of payment created using an encryption algorithm.
The Securities Commission Malaysia regulates the buying and selling of certain cryptocurrencies in Malaysia. However, it is not legal tender.
“Besides that, we also discussed cooperation in tourism, Kuala Lumpur-Manama connectivity, and the manufacturing sector,” he said in a statement to the Malaysian media in Manama, the capital of Bahrain and also the West Asian country’s largest city.
Although specific details were not disclosed, Anwar, who is also the Finance Minister, confirmed that discussions on the cooperation took place during a meeting with Bahrain’s Minister of Finance and National Economy, Shaikh Salman Khalifa Al Khalifa, earlier Thursday
Earlier, the Prime Minister announced a plan to potentially reinstate direct Malaysia-Bahrain flights.
Anwar arrived in Bahrain earlier on Wednesday for an official visit at the invitation of the Gulf country’s Crown Prince and Prime Minister Salman Hamad Al Khalifa.
Anwar said Bahrain, which is located between Qatar and the northeastern coast of Saudi Arabia, has also expressed its commitment to the success of the ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC+China Summit, to be held in Malaysia and attended by the Crown Prince.
“I believe the collaborations between Malaysia and Bahrain in the stipulated areas will bring direct benefits to the economy and people of both countries,” he said.
Anwar is also scheduled to have an audience with the King of Bahrain, Raja Hamad Isa Al Khalifa, at the Sakhir Palace in the southern part of the country later before leaving Bahrain today.
Malaysia’s total exports to Bahrain increased by 17.4 per cent to RM251.2 million (US$54.8 million) compared to RM214 million (US$46.9 million) in 2023. The increase was mainly due to the higher exports of transport equipment to Bahrain, according to data from the Malaysia External Trade Development Corporation (MATRADE).
Total trade between Malaysia and Bahrain expanded to RM1.19 billion (US$260 million) in 2024, compared to RM1.5 billion (US$330 million) in 2023.
Malaysia’s total imports from Bahrain stood at RM934.3 million (US$205.6 million) compared to RM1.28 billion (US$279.7 million) in 2023, supported by the increase in imports of metal products by Malaysia.
In 2024, Malaysia-Bahrain trade was valued at RM1.19 billion, with RM251.2 million in exports and RM943.3 million in imports.
Bahrain was Malaysia’s ninth-largest trading partner in West Asia last year, while Malaysia ranked as Bahrain’s third-largest trading partner among ASEAN countries and 18th globally in 2023.
Anwar, who is on his first official visit to Bahrain, is accompanied by the Deputy Minister in the Prime Minister’s Department (Religious Affairs) Dr Zulkifli Hasan and senior government officers.
-- BERNAMA
