In emerging markets you will never know which particular company have moat and companies which have moat are few and highly priced. I think emerging markets are driven by mainly soft reasons and move around politics and policy making and good intention of top leadership always leads to higher market prices of stocks and individual companies.
Policies which favour certain sectors tend to do well in that economy. For example if government favoured investment in infrastructure then companies in that sector benefits a lot and only thing you have to do is to find out companies in that sector who have right management skills and connections to acquire projects. Few governments support environmental protection by installing solar panels in that country at massive scale or subsidies the prices of solar panels then solar manufacturers gonna benefit from it.
Governments who are keen to take home foreign investment , they benefit companies who have right reputations in foreign investment community- like management or chairman have worked in other countries and know the mindset of foreign investors.
Government's instance towards unemployment and what type of (direct or indirect(reliance on free markets)) role government gonna play to tackle it. This is because if more people will be employed then per capita income of these people will rise and they gonna buy stuff in the marketplace and hence businesses will grow.
These are called top down approach of investing, best used by john Maynard Keynes in 1930s and 40s.
Despite these things you still have to stick to value approach in between because they help you to find multibaggers with good particular sector performances.