Hopes high for more collaboration between Bahrain and India in fintech

TDT | Manama                                       

The Daily Tribune – www.newsofbahrain.com

Reported by Mahir Haneef

There is a substantial opportunity for a collaboration between the Kingdom of Bahrain and India in fintech services, given the Kingdom’s notable role in the sector, His Excellency Vinod K Jacob, the Ambassador of India to Bahrain, said.

Speaking at an exclusive interview with The Daily Tribune, the Ambassador addressed a question on ways to advance the ties between the two nations on innovation and entrepreneurship. The Ambassador stated, “There is a high degree of acknowledgement of the role that the Kingdom of Bahrain has played in financial technology, its historical position as a financial hub, its growing prowess in technology, and the innovation in the last few years under the leadership of His Majesty the King and the Crown Prince and Prime Minister. So I think there is substantial opportunity that is available for both sides to collaborate in this area.”

These comments were made by the Ambassador at a time when the trade between the two countries have reached an all-time high of USD1.6 billion in 2022. Speaking about areas in which the two countries can cooperate to further increase the trade volume, the Ambassador said, “The endeavour on both sides will be to increase two-way investments, especially investment from India to Bahrain, people-to-people exchanges, tourism inflows, etc. and also look at opportunities in areas such as health, pharmaceuticals, information technology, financial technology, and services.”

The Ambassador also said he believes that the ongoing talks about establishing a free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and India would gather momentum soon.

“At this point of time, when you look at the consideration of the Ministry of Commerce and Industry in India, they have been engaging in free trade agreements with different parts of the world. There has been discussion on a free trade area between the GCC and India. We are hopeful that these talks will pick up steam. As you are aware, the development of a free trade area is a long process.

It requires the careful study of the various factors and various actors. So I am hopeful that there will be some progress. All of these depend on many factors, some of which are within the control of the government and some of which are beyond the control of either government, such as international developments, pandemics, etc. But I am hopeful that there will be progress towards FTA between India and the GCC,” the Ambassador stated.