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While Bahrain has witnessed strong growth in recent years, there are concerns that sluggish oil prices and rising debt levels will limit growth into 2015. However the finance and banking sector, which represents the kingdom’s second-largest economic contributor, is expected to continue expanding, with the country having emerged in recent years as a financial services hub, especially in regards to its Islamic finance and insurance offerings. Moreover, foreign direct investment (FDI) flows into the kingdom continue to grow steadily since 2009, totalling $989m in 2013, up 11% from $891m in 2012 and outpacing global FDI flows, which increased by 9% in the same period. Three of Bahrain’s industrial areas are included among a list of the top 20 global free zones of the future, with the additional investment incentives and benefits for foreign investors on offer expected to ensure the kingdom remains an attractive location for companies setting up in the region. This chapter contains interviews with Kamal bin Ahmed, Acting Chief Executive, Bahrain Economic Development Board; Sheikh Ahmed bin Mohammed Al Khalifa, Minister of Finance; Le Luong Minh, Secretary-General, Association of South-East Asian Nations; Abdul Latif Al Zayani, Secretary-General, GCC; Alderman Fiona Woolf, Lord Mayor of London; and Mahmood Hashim Al Kooheji, CEO, Mumtalakat.

A series of political and economic reforms have led to the lifting of most international sanctions since 2012. While it may take many years of intensive foreign investment and rapid growth to catch up to other south-east Asian countries, Myanmar has exceptional potential for a country in its income range. Agriculture, fishing and forestry is the country’s largest sector, contributing 30.5% to Myanmar’s GDP in FY2012/13. Manufacturing is the second-largest sector, accounting for 19.9% of GDP in FY2012/12, followed by retail and wholesale trade with 19%, transport and communication with 13.3%, and mining with 6.1%. Since a historic reform process began in 2010, foreign investment has been pouring in, driving annual growth to more than 8%, according to IMF estimates. There are good reasons to believe the economy will continue to enjoy exceptionally strong growth in the years ahead. In the short term, much will depend on the outcome of the national elections, which are due in autumn 2015. This chapter contains interviews with U Soe Thane, Minister of the President’s Office; Hidetoshi Nishimura, Executive Director, Economic Research Institute for ASEAN and East Asia (ERIA); and U Set Aung, Chairman, Thilawa Special Economic Zone (SEZ). It also includes a viewpoint from John Kerry, US Secretary of State.

This chapter contains an overview of the rules and regulations surrounding business and investment in Myanmar. It also features a legal viewpoint from Cheah Swee Gim, Director, Kelvin Chia Yangon.

This chapter offers an overview of Myanmar’s tax system, examining how new laws and amendments are affecting the country’s business environment. It also features a tax viewpoint from U Win Thin, Chairman, Win Consulting.

According to the Ministry of Hotels and Tourism the number of international entrants to Myanmar in 2013 doubled to 2m from the previous year, with data showing that during the first half of 2014 a 40% year-on-year increase in arrivals was also recorded. The government is hoping to channel the industry’s short-term growth into long-term benefits for the country. In June 2013 the ministry unveiled its Tourism Master Plan, which focuses on six main areas including building human resource development, developing quality products and services, and building Myanmar’s brand as a tourist destination. Together with a Tourism Law it was developed to encourage the establishment of sustainable eco-tourism projects countrywide. Myanmar’s rich natural assets and cultural lure have the potential to make the country one of the top tourism destinations in the region. Major upgrades to transport infrastructure as well as hospitality and public services will be necessary to withstand the pressure of the tourism industry on the country’s infrastructure. This chapter contains interviews with U Htay Aung, Minister of Hotels and Tourism; and Chali Sophonpanich, President, City Realty Company.