While the global financial services industry is in sharp retreat due to the credit crunch, Bahrain's reputation as a global centre for Islamic finance and the financial capital of the Middle East remains solid, a top official said.

This is reinforced by the 25 per cent contribution of its financial services sector to the country's gross domestic product (GDP) - and, in one of the world's fastest growing markets, there is plenty of room for further expansion and investment, Industry and Commerce minister Dr Hassan Fakhro said during the fifth edition of the annual banking and financial technology event Meftec 2009.

"Meftec, the world's leading financial technology event, encourages the use of weightless products and services to move us forward and not to stagnate as an economy," said Dr Fakhro who is chairman of the Bahrain Exhibition and Convention Authority, which is hosting the event.

"Since Meftec was first launched in Bahrain in 2004, thousands of participants from nearly 200 countries have visited the premier, tightly-focused financial technology event at the Bahrain International Exhibition and Convention Centre every year."

"Niche trade shows such as Meftec have enhanced the Bahrain brand and have been instrumental in steering the spectacular growth of Bahrain's meetings incentives conference and exhibitions (MICE) industry in less than five years," he said.

"As we look to the future of MICE business in Bahrain, the most important opportunity for our destination is the building of Bahrain's new landmark Bahrain Expo City in Sakhir, scheduled for completion in 2012.

It will serve as a visual ambassador of the kingdom's commitment to promote Bahrain as a key MICE hub," he added.-TradeArabia News Service