Improved co-operation between public and private sectors is needed to help push Bahrain's economy into the future, a top official said.

The country's efforts to establish a free economy has ensured its stability in attracting foreign investors and such co-operation is the foundation of a successful economy, said Foreign Affairs Ministry bilateral relations director ambassador Dr Dhafer Al Umran.

He was speaking on the sidelines of the Bahrain Global Forum, which discussed the impact of the international economic crisis on regional and global security.

The three-day event, which is the first IISS geo-economic strategy summit, is being held at Ritz-Carlton Bahrain Hotel and Spa.

The forum, which ends today, revolved around the changing balance of global economic power and its international impact in the aftermath of the financial crisis.

The event, hosted by London-based International Institute for Strategic Studies (IISS), has brought together more than 250 government ministers, policy-makers, business leaders and economists.

Dr Al Umran said Bahrain's open market policy has helped it to make its mark among the international economic community.

'The country's openness in the economic arena allows investors to freely come into the country and makes them feel as if they are investing at home and not abroad,' he said.

'There are no barriers for foreign investors and this is a great aspect because we are one of the few countries in the world where a foreign investor doesn't need a local partner.

'This strategy allows them to invest in the country on their own.'

Bahrain's main challenge is the lack of co-operation between government bodies and the private sector, said Dr Al Umran

However the Economic Vision 2030 addresses this problem by proposing a tight-knit bond bringing both sectors together in hopes of boosting the country's economic status.

'Our greatest challenge is the time span in which the government bodies and the private businesses need to co-operate,' said Dr Al Umran.

He said that the level of investment in Bahrain was growing, gradually allowing it to place a stable foot on the economic arena.

'As long as we are organised and know what we want and the leadership and the public work together then we will move in the right path in improving and strengthening our foreign investment,' said Dr Al Umran.

However, he warned economic growth could not be achieved without further investment in human development.

'We can't look at this issue only from a business point of view because in order to achieve economic growth we need to create a balance between it and human development,' he said.

'We need to establish economic growth with a human face. But this is a national effort, which includes both the government and the private sector.

'The government's role is to provide a healthy environment for investment inside Bahrain and abroad but the rest falls on the private sector - especially entrepreneurs.

'We need to encourage them to lead the way into the future because in this case the nation cannot fully depend on the government.'

Dr Al Umran was speaking during a session entitled Attracting investment after the Financial Crisis.

The panellists included Jordan Minister of State for Mega Projects and Public Sector Development Minister Imad Fakhoury, Republic of Korea Ambassador for international economic co-operation Dongsun Park and Kazakhstan Samruk-kazyna chief executive officer Kairat Kelimbetov.

Fakhoury spoke about the efforts made by Jordan to attract foreign investors in light of the credit crunch and the challenges it was facing.

He also described how the country used public-private co-operation to fund national projects and boost1 economic growth.

Park touched on the G-20 summit, while  Kelimbetov addressed the session by explaining Kazakhstan's efforts to attract foreign investors and the role of GCC investment.-TradeArabia News Service