Bahrain is sending a high-powered delegation to the World Economic Forum which opens today at Davos in Switzerland.

The annual event will see business and political leaders from across the world debate where the global economy is going.

The Bahrain delegation will be led by Economic Development Board chief executive Shaikh Mohammed bin Essa Al Khalifa, Central Bank of Bahrain Governor Rasheed Al Maraj and Bahrain Mumtalakat Holding Company chief executive officer Talal Alzain.

The global summit runs until Sunday and is a timely gathering of global leaders under the theme 'Shared Norms for the New Reality.'

Shaikh Mohammed said the focus must be on getting business fundamentals right and working towards a positive set of values as a successful foundation for long-term economic prosperity.

Bahrain itself has taken a number of measures to strengthen the long-term sustainability and prosperity of the kingdom, including a prudent fiscal and monetary approach and tried and tested regulatory framework.

'We must together ensure that the world no longer talks about growth at any price,' he said.

'Growth must be real rather than for the short term. How business is done is as important as how much.

'This year there will rightly be an emphasis on fairness, competitiveness and sustainability.

'In Bahrain these values have long formed the basis for steady and sustainable economic growth and are now enshrined in Economic Vision 2030, the blueprint for the development of our economy, government and wider society over the coming decades,' he added.

According to the EDB's 2010 Annual Economic Review, Bahrain enjoyed real GDP growth of 70 per cent over the past decade, representing a sustainable growth rate in real GDP of more than 6 per cent year-on-year.

Last month, the International Monetary Fund (IMF) announced growth is expected to accelerate from the 3 per cent recorded in 2009 to 4 per cent last year and further to 5 per cent this year.

Shaikh Mohammed will participate in a panel session titled Insights on the Middle East and North Africa, discussing the economic challenges, political priorities and business issues shaping the Mena region today.

Also speaking at the event is Alzain as part of a panel focusing on the trends around the role of government and state-owned entities in the economy.

He joins the delegation alongside senior figures from the kingdom's thriving private sector - the engine of growth under Vision 2030.

'The World Economic Forum provides a platform to highlight how Mumtalakat is working with the government to increase levels of transparency and corporate governance,' said Alzain.

'This approach sets us apart from many other state-owned enterprises, and helps shape our investment strategy to create a well-diversified and balanced global portfolio to generate long-term financial growth for the kingdom,' he added.-TradeArabia News Service