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PNG’s insurance sector is seeing strong growth from a low base, with general insurance assets rising from PGK700m ($333m) in 2006 to PGK1.2bn ($571m) in 2009. Given the relative newness of insurance products to the country’s populace, non-life premiums outweigh life. High-volume subsectors include property, motor and civil construction insurance, but most of the major projects that fuel PNG’s economy are too big to be covered by local insurers. The industry is looking at motor and life insurance as growth areas, but penetrating the rural, unbanked majority of the country’s population will be difficult.

With only 20 firms listed, the Port Moresby Stock Exchange (POMSoX) is subject to volatility, but market capitalisation is on an upward growth trend. Like the country’s formal economy, the bourse is dominated by mining and energy firms, along with related sectors like financial services and transport. PNG also has a thriving primary bond market, driven by commercial banks purchasing T-bills and C-bills with a short-term maturity. The government is working with POMSox to develop a secondary bond market for these instruments, which could boost PNG’s international credit rating and make it more attractive as an investment destination. This chapter features interviews with Geoff Mason, General Manager, Port Moresby Stock Exchange (POMSoX); and Ian Mason, General Manager, BSP Capital.

PNG’s banking sector is dominated by three major players: BSP, ANZ and Westpac. The challenges they face are familiar to emerging markets, including limited capital, riskier commercial loans and a largely unbanked population. The current issue is an excess of liquidity, as banks have accumulated plenty of cash through a build-up of foreign exchange reserves, yet are hesitant to lend it out. To incorporate more people within the formal banking system, the government is expanding the National Development Bank, while the private sector is counting on mobile banking to reach rural inhabitants. This chapter includes interviews with Loi M Bakani, Governor, Bank of Papua New Guinea; and a roundtable discussion with Vishnu Mohan, CEO (PNG), ANZ Banking Group; Ian Clyne, CEO, Bank South Pacific (BSP); and Ashleigh Matheson, Managing Director, Westpac Bank (PNG).

PNG’s GDP grew 8.9% in 2011, thanks in large part to the fact that construction work on the PNG LNG project is in full swing. While growth likely cannot sustain such a high pace, government officials hope that revenues from the LNG facility will catalyse an economic transformation. Analysts, however, are worried about Dutch disease, where resource-driven growth drives inflation and makes local manufacturing uncompetitive. The challenge will be to expand the formal economy, which accounts for just 15% of GDP. This will require major improvements in the security situation, infrastructure development, and investment in education. This chapter includes interviews with Ivan Pomaleu, Managing Director, Investment Promotion Authority; Karel De Gucht, EU Trade Commissioner; David Cox, Managing Director, Steamships Trading Company; Caleb Jarvis, Trade Commissioner, Pacific Islands Trade and Invest; and Surin Pitsuwan, Secretary-General, ASEAN.

With one of the best health care sectors in the Middle East, Jordan is the regional leader for medical tourism. The Ministry of Health (MoH) is working to boost efficiency and reduce wasted expenditure through initiatives such as the development of an e-health platform. This will provide an electronic platform for the storage, retrieval and updating of electronic health records, and will be rolled out across the kingdom’s public health facilities. Another key focus is the expansion of health insurance, with plans in place for everyone in the country to be covered within the next 5-10 years. Lastly, with the country needing more qualified medical staff to meet demand, the government is making efforts to train and recruit new doctors and nurses. This chapter includes interviews with Dr Awni Al Bashir, President of the Private Hospitals Association; and Raed Shadfan, CEO of Atlas Medical.

Well-educated IT graduates and low operational costs mean that Jordan is emerging as a key regional IT centre. Indeed, part of the country’s appeal for foreign ICT firms looking to relocate is its workforce, which tends to relatively inexpensive. Moreover, driven by new technologies, rapidly rising domestic internet penetration is boosting the segment. In 2011 a rapid uptake of mobile broadband helped contribute to a significant increase in access to the internet. Information and communications technology has, in turn, become a key element of the economy, accounting for 14% of GDP. Going forward, planned regulatory changes are set to boost the domestic market as the kingdom cements its reputation as a regional centre for content and software development. This chapter includes interviews with Basem Rousan, Minister of Information and Communications Technology; Abdelmajeed Shamlawi, CEO of the Information and Communications Technology Association of Jordan; Usama Fayyad, Executive Chairman of OASIS 500; and John Chambers, Chairman and CEO of Cisco.