Manama: Malaysia and Bahrain are set to strengthen their bilateral cooperation with a focus on emerging financial technologies and tourism, as announced by Malaysian Prime Minister Datuk Seri Anwar Ibrahim. The two nations are particularly looking into collaborations involving cryptocurrency and sandbox platforms.
According to BERNAMA News Agency, Prime Minister Anwar Ibrahim explained that sandbox technology serves as a cybersecurity measure to protect host devices and operating systems, while cryptocurrency represents a digital currency created through encryption algorithms. This form of currency, although not legal tender in Malaysia, is regulated by the Securities Commission Malaysia in terms of buying and selling activities.
In addition to fintech, discussions also touched upon boosting tourism, enhancing connectivity between Kuala Lumpur and Manama, and exploring opportunities in the manufacturing sector. These topics were part of a meeting with Bahrain’s Minister of Finance and National Economy, Shaikh Salman Khalifa Al Khalifa.
Anwar also hinted at the possibility of reinstating direct flights between Malaysia and Bahrain, a move that could further facilitate tourism and business exchanges. The Prime Minister’s visit to Bahrain follows an invitation from the Gulf country’s Crown Prince and Prime Minister, Salman Hamad Al Khalifa.
Bahrain has also shown its commitment to the upcoming ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC+China Summit, which will take place in Malaysia and see the attendance of the Crown Prince. Anwar expressed confidence that these collaborations will yield economic benefits for both countries.
During his visit, Anwar is scheduled to meet with the King of Bahrain, Raja Hamad Isa Al Khalifa, at the Sakhir Palace before concluding his visit.
Trade relations between Malaysia and Bahrain have been robust, with total exports from Malaysia to Bahrain experiencing a 17.4% increase in 2024. Malaysia’s exports to Bahrain reached RM251.2 million (US$54.8 million), and total trade was valued at RM1.19 billion (US$260 million) in 2024. On the other hand, imports from Bahrain amounted to RM934.3 million (US$205.6 million), driven by increased imports of metal products.
Bahrain stands as Malaysia’s ninth-largest trading partner in West Asia, while Malaysia ranks as Bahrain’s third-largest trading partner among ASEAN countries and 18th globally. Anwar’s visit to Bahrain marks his first official trip to the country, accompanied by Deputy Minister in the Prime Minister’s Department (Religious Affairs) Dr Zulkifli Hasan and other senior government officials.