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    2024 Asia Report: Year in Review

    3 minute read + PDF download  16.03.2024 Brendan Clark, Benjamin Smith

    Our 2024 Asia M&A report highlights the strong focus on Australia by investors from Japan, Korea, China, Singapore and Malaysia, driven by renewable energy and strong bilateral partnerships.

    Just about all markets in the North and South East Asia region have had to negotiate the headwinds of rising interest rates, geo-political tension and fluctuating demand for exports. While these factors have made deal making challenging, the key underlying thematic influencing Asian investors in Australia have meant that M&A activity has been steady, with conditions in 2024 increasingly looking favourable.

    Major North Asian corporations have reduced their exposure to the coal sector, reflecting a broader regional shift towards sustainability. In Australia, foreign investment, particularly from Japan, Korea and Malaysia, has remained robust, with notable activity in renewables, the property sector and strategic partnerships in defence procurement. Commitments to enhance trade and investment within the ASEAN region underscore Australia's increasing connectivity with its neighbours.

    In this report we explore deal highlights, key trends and sectors where we expect to see clients active in 2024 across the Asia Pacific region.


    Renewable energy Navigation Show below Hide below

    China

    Leading the global EV and renewable energy sectors, China's domestic market is a driving force for technological advancement. China will play a key role in Australia achieving its net zero ambitions.

    Japan

    Japan is shifting its focus from long standing support of the coal sector to renewables, with high profile investments and indications of continuing interest in the hydrogen and pumped hydro sectors.

    Korea

    Korea is an emerging renewable energy powerhouse with major Korean companies making multi-billion dollar commitments to Australian projects.

    Singapore

    Singapore remains positioned as a key player in renewable energy as demonstrated by Sun Cable's $30 billion flagship project to export solar energy from the Northern Territory to Singapore.

    Malaysia

    Malaysia has been active in the Australian renewables sector with an emerging model based on the acquisition, scale and transfer of Australian renewable know-how to the Malaysian market.

    Strategic partnerships Navigation Show below Hide below

    China

    The Albanese Government has made a significant effort to improve the Australia China bilateral relationship. The Prime Minister's state visit to China late last year was the first by an Australian Government Minister in 7 years. With China removing most trade barriers from the pandemic era, and increased Australian receptiveness to investment in most sectors outside of those central to national security, we are seeing signs of renewed interest from Chinese investors in the Australian renewables and food and agriculture sectors.

    Japan

    The Australia-Japan bilateral relationship is Australia's most mature in Asia. Australia and Japan's national security and economies are closely intertwined and we expect this will drive corporate activity in 2024.

    Korea

    Korea is a key partner for Australia with whom Australia enjoys strong bilateral trade relationship. This is most evident in the critical minerals and defence industries, where we have seen the Korean defence sector become a major supplier to the Australian Defence Force.

    Singapore

    The Singapore Australia relationship has always been close. The City State is Australia's largest trade and investment partner in the ASEAN region and we see no signs of that changing.

    Malaysia

    The Federal Government's recently announced $2 billion commitment to investment in the ASEAN region, which reflects a deepening and growing importance of the Australia-Malaysia bilateral relationship that should increase reciprocal investment.

    Explore the latest trends and opportunities across China, Japan, Korea, Singapore, and Malaysia.

    View report

    Looking ahead

    With the US election less than 12 months away, as well as elections taking place in India, Indonesia, the EU presidency, Mexico, Korea and the UK in 2024, the year ahead is almost certain to be an eventful one for investors in the Asia Pacific region.

    At MinterEllison we are firmly committed to the region and look forward to working with you on your deals in 2024.

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    Mergers and acquisitions Expanding beyond Australia International trade and investment
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    https://www.minterellison.com/articles/2024-asia-report-year-in-review

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