Next month's Formula One Grand Prix will be a timely reminder of Bahrain's pole position as a regional business hub, said Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa.

F1 boss Bernie Ecclestone has pointed to Bahrain as an example of the publicity made possible by putting a destination's name to a race.

According to Bahrain International Circuit chief executive officer Martin Whitaker, the kingdom was the second most watched circuit on last year's F1 calendar, helping to raise awareness of the country as an attractive location for international businesses looking to access the markets of the Gulf.

Results on the track also represented a small victory for the kingdom, whose national investment body Mumtalakat Holding Company has a 30 per cent stake in McLaren Group.

This season, with investors looking on in the midst of the economic global downturn, it will be Bahrain's own track record that will drive success, said Shaikh Mohammed.

'Our position as the most established financial centre in the Gulf makes us better placed than many others to weather the current economic climate,' he said.

'We have adopted a very sound fiscal and monetary approach which will help to maintain our platform for growth. We are not complacent - no one is completely immune from the global crisis - but having seen global downturns before, we have the experience to deal with difficult times and are confident we will emerge stronger.'

'The benefits of this experience are already becoming evident. Bahrain has so far been less affected by the global economic downturn than some others in the region thanks to measures designed to preserve and grow the prosperity that the kingdom has been nurturing for many years.

'These include prudent financial policies, long term strategy of economic diversification and a tried and tested legal and regulatory environment with a commitment to the highest international standards.

'This approach is now enshrined in Bahrain's Vision 2030 and National Economic Strategy, both committed to maintaining the optimum business environment that will attract foreign investment and ultimately allow Bahrainis to secure their own prosperous future.'-TradeArabia News Service