Bahrain is well positioned to benefit from an expected trade boost brought about by the liberalization and economic growth of Saudi Arabia, the country's minister for industry, commerce and tourism told CNBC Thursday.

"The opening up and liberalization of Saudi Arabia is something good for the whole region not just Bahrain. Saudi is the largest market, it's the largest population, it has the largest disposable income in the region, and by having a more liberal and accessible Saudi Arabia we all stand to benefit from that," Zayed Al Zayani told CNBC's Hadley Gamble.

"If you look at China opening up it didn't hurt Hong Kong, Hong Kong flourished because of that and China flourished as well," he said.

Asked whether it was Bahrain's goal to be like the Hong Kong of the Middle East, Al Zayani said: "I think so, I think this is a great opportunity for us to be like that."

The liberalization and economic strategy of Saudi Arabia with its Vision 2030, taking place under the aegis of Crown Prince Mohammed bin Salman, was a "win-win" situation for Bahrain, Al Zayani said, with the small kingdom well positioned to export throughout the region and beyond.