Asian Development Bank | Emerging Economies
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The document discusses emerging economies in the Pacific region and private sector development initiatives. It describes a program funded by the ADB and Australian AID that works with 14 Pacific developing countries on business law reform, access to finance through secured transactions and company registries, and state-owned enterprise reform. The process involves detailed analysis, public-private consultation, and implementing technology solutions. Results include establishing secured transactions and company registries in several countries. Factors that can impact the success of reforms are reform fatigue, country buy-in, political instability, donor inputs, differences between laws and implementation, and building judicial and legal capacity.
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Asian Development Bank | Emerging Economies
- 1. Emerging Economies Trends-challenges-risks-potential solutions Terry Reid Business Law Reform Advisor Pacific Private Sector Auckland, March 2013 Development Initiative
- 2. Sovereign nations in the Pacific
- 3. Pacific Private Sector Development Initiative •ADB / Australian AID funded programme covering 14 Pacific developing countries •Business Law Reform (registries) •Access to Finance (registries) •State-Owned Enterprise Reform •Removing barriers to private sector development
- 4. The Process of Reform •Detailed analysis – Private sector assessments •Consultation – private/public dialogue •Technology solutions and implementation
- 5. The Results •Secured Transactions registries •FSM, RMI, Vanuatu, Solomon Islands, Tonga •Company Registries •Solomon Islands, Samoa •Other registries
- 6. Factors which impact results •Reform Fatigue •Country buy-in •Political instability •Donor inputs •Law v Implementation – technology •Judicial and Lawyer Capacity Building
Editor's Notes
- There are 14 countries in the Pacific with populations ranging from the 10,000 mark in Nauru, to 7 million in PNG.But despite their size, each has a legal framework, parliament, a set of laws, courts, and the complexities and international responsibilities of being a sovereign nation.
- The Work I am involved with tries to remove these barriers to PSD so economies can grow to the point where countries are less aid reliant and people are lifted out of poverty3 focus areasCutting red tape through BLR improving A2F and financial servicesEnhancing the performance and assisting in privatisation of SOEs.
- Foreign investment is a crucial part of economic development in Pacific.Strong need for technical expertise, capital investment and international linkages for many industries to thrive.Adoption of NY Convention may enhance the case for foreign investment in risky countries.Implementing the NY Convention may only be one piece in the puzzle – but an important one to boos confidence of foreign investors.A NY Convention framework may well be accounted for in costings of political risk insurance for foreign investors.Papua New Guinea: ‘an island of gold, floating in a sea of oil, surrounded by gas’.US$15bn LNG project; second $5bn LNG projectSignificant mines in Lihir, Porgera, Ok TediPotential world first underseabed mineGovernment has legislated option to take equity stakes in mining/oil/gas ventures. [PNG and Indonesia consider range of joint projectsPosted at 03:11 on 15 November, 2012 UTCPapua New Guinea’s Prime Minister says his government is considering a number of joint projects with Indonesia along their common border.Peter O’Neill this week held talks in Bali with Indonesia’s President Susilo Bambang Yudhoyono.The leaders agreed to increase bilateral trade and investment and to consider joint projects, including utilising Indonesian expertise and technology to develop gas reserves in PNG’s Gulf of Papua.Mr O’Neill confirms PNG is also looking at engaging Indonesian companies to build roads in PNG, and at buying power from a hydro-power station being built in Indonesia near the border.“That was mooted by both the President and myself, that we should look at opportunities of improving economic activities along the border area so that the standard of living for people living in the border areas can be improved at the same time.”]
- Foreign investment is a crucial part of economic development in Pacific.Strong need for technical expertise, capital investment and international linkages for many industries to thrive.Adoption of NY Convention may enhance the case for foreign investment in risky countries.Implementing the NY Convention may only be one piece in the puzzle – but an important one to boos confidence of foreign investors.A NY Convention framework may well be accounted for in costings of political risk insurance for foreign investors.Papua New Guinea: ‘an island of gold, floating in a sea of oil, surrounded by gas’.US$15bn LNG project; second $5bn LNG projectSignificant mines in Lihir, Porgera, Ok TediPotential world first underseabed mineGovernment has legislated option to take equity stakes in mining/oil/gas ventures. [PNG and Indonesia consider range of joint projectsPosted at 03:11 on 15 November, 2012 UTCPapua New Guinea’s Prime Minister says his government is considering a number of joint projects with Indonesia along their common border.Peter O’Neill this week held talks in Bali with Indonesia’s President Susilo Bambang Yudhoyono.The leaders agreed to increase bilateral trade and investment and to consider joint projects, including utilising Indonesian expertise and technology to develop gas reserves in PNG’s Gulf of Papua.Mr O’Neill confirms PNG is also looking at engaging Indonesian companies to build roads in PNG, and at buying power from a hydro-power station being built in Indonesia near the border.“That was mooted by both the President and myself, that we should look at opportunities of improving economic activities along the border area so that the standard of living for people living in the border areas can be improved at the same time.”]
- Reform Fatigue :Heavy donor presence can divert governments – often spend more time conforming to donor requirements when should be governing the country.Country buy-in: building momentum – need to engage A’Gs, judges and champions with political influence.Political instability, particularly in Melanesia means legislative reform is difficult- often parliament may only sit once or twice a year, and limit discussions to budget approvals – and survival of no-confidence motions.New laws do not mean they are implemented: some needs to bring the laws to life, the ministry responsible for a new law may not understand how it works, how their processes need to change. Same goes for a court – how will they adapt their processes for a different view taken on the role of arbitration – resistance? A threat to their own power? These are not new issues….