Openness is a key foundation of Bahrain and its compromise will be detrimental to economic dynamism and can only benefit rival players in the region, warned the country's top leaders.

"Openness is a key foundation of Bahrain as a country embracing the world in its cultural and civilisational diversity," His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board chairman, said.

Defending this long-standing facet, which has characterised Bahrain throughout its history, the leaders said "Bahrain must not be left behind in the modern world."

"Far from encroaching on Bahrain's identity and eroding its specificities, openness has been crucial in promoting economic development," they said.

The leaders stressed the importance of openness in meeting the social, cultural and living challenges resulting from progress and development. "Compromising Bahrain's openness is detrimental to economic dynamism and competitiveness and can only benefit rival players in the region," they said.

The whole region is witnessing an unprecedented openness, unlocking doors that used to be firmly closed, they said.

Describing Bahrain as an integral part of the region, they said it can't thus isolate itself from current trends.

The two leaders cautioned against attempts to undermine Bahrain's openness to the world. "Any step backwards, while others go forward, will be detrimental to Bahrain's regional and global economic standing and competitiveness," they warned.

The importance of hosting functions, conferences, exhibitions, sport and cultural events came under the spotlight.

"Such events are crucial in attracting tourists and capital and further developing investment infrastructure," the leaders said, citing Gulf Air Bahrain Grand Prix, Bahrain International Air Show and other key economic and trade events.

HRH the Premier congratulated HRH Prince Salman on the success of the F1 race. "It succeeded in turning all eyes in the world to Bahrain thanks to the remarkable preparations and organisation," HRH the Prime Minister said, crediting the achievement to the Crown Prince.

The leaders described government-owned corporations as key pillars of the national economy, hence the need to continue supporting them for the country to thrive.-TradeArabia News Service