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After being nationalised in 1963, Myanmar’s financial system was liberalised in 1988, allowing for the emergence of several private banks. The government’s strategy for developing the sector includes a three-phase plan that emphasises an independent central bank and adequate regulation. Foreign banks are lining up at the country’s doorstep to tap into this potentially major market in the heart of South-east Asia, but significant challenges lie ahead, and risks to the banks, depositors and borrowers are evident. Competition for Myanmar’s banking sector is fierce, and a wide arsenal of tools must be carefully selected over the coming years if institutions hope to succeed. The country is also on its way to opening a local, modern Yangon Stock Exchange (YSE) by 2015 after Myanmar’s first stock exchange was closed in 1960. Rounding off Myanmar’s financial services sector, the insurance industry is also moving forward as, for the first time in 60 years, Myanmar has permitted private insurance companies to compete with the state monopoly. This chapter contains interviews with U Win Shein, Minister of Finance, and Chairman, Myanmar Investment Commission; U Kyaw Kyaw Maung, Governor, Central Bank of Myanmar; and a banking roundtable with U Than Lwin, Deputy Chairman, KBZ Bank; U Kyaw Lynn, CEO, Cooperative Bank; and U Win Min Khine, Managing director, Apex Bank.

A new foreign investment law, an open telecommunications license tender and the exchange rate float, all in the past two years, have shown the government’s focused interest on developing the necessary legal, financial, and policy measures for attracting foreign investment and boosting the economy. A budding young labour force, abundant natural resources and a strategic geographic position at the heart of high-growth Asia give the country the potential to be a key global player in the coming decades. Official figures report that economic growth for FY2012/13 was 7.6%. In 2012, agriculture made the greatest contribution to GDP at 33% of the total. Thanks in part to the large informal economy, SOEs account for over two-thirds of government revenues, with tax receipts at a modest 3.3% of GDP. Recent years have seen large investment projects developed by Asian investors, but the new Foreign Investment Law of August 2012 has caught the attention of larger Western firms looking for exposure to the next frontier high-growth market. Myanmar has just begun its development process and, although growth will be strong, there are still many legal and regulatory measures that need to be taken before Western firms consider it to be largely risk free. This chapter contains interviews with U Soe Thane, Minister of the President’s Office and Former Chairman, Myanmar Investment Commission (MIC); Dr Kan Zaw, Minister of National Planning and Economic Development; Serge Pun, Chairman, Serge Pun and Associates (Myanmar); and Le Luong Minh, Secretary-General, ASEAN.

The hydrocarbons sector accounts for about 80% of all government revenues in the UAE. However, the sector’s GDP share varies substantially, from over 50% in Abu Dhabi to less than 6% in Dubai. Given its modest hydrocarbons endowment, Dubai continues to import most of its energy feedstock. The emirate is working to diversify its energy mix on both the supply and demand side. With 70% of electricity use in the emirate’s buildings committed to cooling, developing efficiencies in this market segment is a main focus of the demand side management strategy, and as a result of this, the district cooling service market is expected to reach 30% penetration at the individual level. Meanwhile, an expansion in production capacity at desalination plants looks set to meet growing demand for water. This chapter contains interviews with Saeed Mohammed Al Tayer, Managing Director and CEO, Dubai Electricity and Water Authority; Saeed Khoory, CEO, Emirates National Oil Company; and Ahmad bin Shafar, CEO, Empower.

Vast mineral resources have served as a primary driver of Ghanaian economic growth in recent decades, and 2012 was another banner year for the mining industry. Ghana was the world’s eighth-largest producer of gold in 2012. At the same time, production of bauxite, a key aluminium property, increased, while deposits of diamonds and manganese continued to attract international investment. Overall, mine production was reported by the Ghana Chamber of Mines to have grown by 23.5% in 2012, above the 18.8% rise posted in 2011. This translated into a 14% increase in total revenues year-on-year. However, limited port and rail facilities are beginning to pose a challenge for the industry, which is being forced to rely on less-than-ideal options for transporting equipment and mineral output. Efforts are under way to develop the supply chain and create new downstream manufacturing capacity, but progress is gradual. It is highly likely that mining output will slow as the market for gold flags. This chapter contains interviews with Alhaji Inusah Fuseini, Minister of Lands and Natural Resources; and Toni Aubynn, CEO, Ghana Chamber of Mines.

This chapter contains an overview of the draft of the new companies law, which clarifies rules for investment and covers a number of important exemptions in the law. There is also an explanation of the new competition law, which was recently enacted by the UAE government. This chapter contains a viewpoint from Michael Kerr, Regional Managing Partner, Dentons.