- The agreement aims to build fintech, ai, IoT and cybersecurity ecosystems where startups and technology firms can take part in external partnerships
- Bilateral trade between India and Bahrain stands at around $ 1.3 billion at the moment
The Bahrain Economic Development Board (EDB) and Karnataka government have signed an agreement to promote cooperation in artificial intelligence (AI), fintech and other emerging technologies. The agreement aims to build fintech, artificial intelligence (AI), Internet of Things (IoT) and cybersecurity ecosystems where startups and technology firms can take part in external partnerships. These can be with corporates, universities, research institutions, technology experts and government agencies.
Facilitate SMEs, startups through incubation and ecosystem exposure
Khalid Humaidan, chief executive of Bahrain Economic Development Board, said, “Bahrain and India share historic ties dating back 5,000 years to the Dilmun era, generating hundreds of millions of dollars in annual bilateral trade. With today’s MoU signing at Davos, we look forward to further strengthening those links and welcoming innovative Indian firms seeking to access and scale across the growing $1.5 trillion GCC market.”
EDB said that Bahrain will benefit from Karnataka”s expertise in emerging technologies like AI and cybersecurity. Karnataka, on the other hand, will have access to Bahrain’s fintech resources. They will also work to facilitate SMEs, including startups, through incubation and ecosystem exposure visits. Bilateral trade between India and Bahrain stands at around $ 1.3 billion at the moment.