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The Bahrain Economic Development Board (EDB) has entered a new agreement with the Indian state of Kerala for putting up a united front to boost innovation and entrepreneurship in their respective markets.

As part of this strategic alliance, the EDB has inked a memorandum of understanding (MoU) with the Kerala Startup Mission (KSUM), a government-appointed body that looks after the startup ecosystem in Kerala.

The MoU was signed on the sidelines of the 39th GITEX Technology Week in Dubai, where both entities were active participants. 

The new MoU, according to officials representing EDB and KSUM, will soon pave the way for an enhanced framework offering more room for the growth of the emerging new technologies including FinTech, AI, and the various disciplines within the broader ICT sector.

The MoU also facilitates a three-pronged approach to bringing together the startup ecosystems in the two regions. These include 

  • Strategic moves such as helping out educational institutes and government bodies in Bahrain and Kerala to facilitate a platform for the exchange of ideas, knowledge, and technologies.

  • A collaborative attempt by KSUM and the EDB to help ICT and FinTech startups in both regions hit the next level of growth.

  • To enable the exploration of promising new innovative projects in the domains of digital and mobile payments 

Commenting on the occasion, Dr. Saji Gopinath, CEO at KSUM said: “Building a robust ecosystem where FinTech startups and IT firms can access and engage with critical soft infrastructures such as universities, financial institutions, and government agencies will be a key enabler for growth and innovation in the FinTech and ICT sectors. 

“These are priority areas for both Kerala and Bahrain, and we are immensely excited to build even further upon where we are already seeing incredible growth with this timely new partnership,” he added on an optimistic note.

Ms. Pakiza Abdulrahman, Manager of Business Development – Startups at the EDB said, We are excited to partner with the Kerala Startup Mission to encourage greater collaboration between entrepreneurs and innovators in both countries. We have invested heavily in developing the required ecosystem that is essential for start-ups to grow and succeed. Supporting Bahraini startups to expand internationally is essential to our journey.