This point can’t be understated. A main feature of a developed economy is a strong legal system, meant to handle business and property disputes. A strong legal system protects investments.
For example, Iran is a country with a ridiculous amount of natural resources, yet their primary exports are nuts and rugs. This is becuase they don’t have a great legal system (and also they have the dubious honour of being the most sanctioned country in the world). Their government does what they want, when they want. If that means they jail you and seize all your assets on some made up grounds, then that’s what happens. The legal systems in developed nations is designed to prevent this from happening. That’s why it exists.