22 Asian Legal Business | September 2024 Asia M&A Rankings 2024 Investors, while confident in Singapore’s strong corporate governance and political climate, are taking a more cautious approach to dealmaking. They prefer taking a longer look at the macroeconomic conditions, competitive markets and the quality and potential of future assets in the island nation’s market – a trend that is likely to continue. Significant pent-up demand for PE investors, a need to spur exits and the rise of healthcare and financial technology as attractive sectors are likely to enhance dealmaking in the coming months. “The momentum of the first three quarters is likely to carry through the rest of the year, and we expect infrastructure, healthcare and technology sectors to continue to be active, and activity to pick up in the real estate sector,” Chin says. Ambitious Indonesia Among emerging markets in Asia, none has more promise than Indonesia, which has ambitious plans to bring in strong global investment through acquisitions and private equity investments for its fast-maturing economy, with a strong focus on minerals, technology, consumer and retail, energy and natural resources. Indonesia secured $53 billion in combined foreign and domestic investments in the first half of 2024, with foreign investors accounting for over 50 percent of this number. Singapore remains the country’s top investor, with $8.8 billion committed in the first half of the year. China, Hong Kong, the U.S. and Japan also maintain strong portfolios in the archipelago. As in 2023, the downstream metal industry dominates the investment space, with $7.8 billion coming • Sagus legal • Stratage Law Partners • Tempus Law Associates Indonesia TIER 1 • ABNR Counsellors at Law • Assegaf Hamzah & Partners • Ginting & Reksodiputro in association with A & O Shearman • Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie • Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills • SSEK Law Firm TIER 2 • Hanafiah Ponggawa & Partners – Dentons HPRP • Makarim & Taira S. • Makes & Partners • Oentoeng Suria & Partners in association with Ashurst • PwC Legal Indonesia • Soemadipradja & Taher • Walalangi & Partners (in association with Nishimura & Asahi) • Widyawan & Partners (in association with Linklaters) TIER 3 • AYMP Atelier of Law • Christian Teo & Partners • Hogan Lovells DNFP, in association with Dewi Negara Fachri & Partners • Mochtar Karuwin Komar • Roosdiono & Partners • UMBRA – Strategic Legal Solutions NOTABLE FIRMS • ADCO Law • Adnan Kelana Haryanto & Hermanto • ARKO (Armila & Rako) Law Office • Azwar Hadisupani Rum & Partners • Fikry Gunawan • FKNK Law Firm • H&A Partners (in association with Anderson Mori & Tomotsune) • Hendra Soenardi • Hutabarat Halim & Rekan (HHR Lawyers) • IABF Law Firm • Imran Muntaz & Co • Leks&Co • Sutedja & Associates in association with Gurbani & Co • TNB & Partners in association with Norton Rose Fulbright Australia • TnP Law Firm • Witara Cakra Advocates (WCA) in association with White & Case Indonesia Japan Domestic TIER 1 • Anderson Mori & Tomotsune • Atsumi & Sakai • Mori Hamada & Matsumoto • Nagashima Ohno & Tsunematsu • Nishimura & Asahi • TMI Associates TIER 2 • Hibiya-Nakata • Miura & Partners • Oh-Ebashi LPC & Partners • Ushijima & Partners TIER 3 • City-Yuwa Partners • Gaien Partners • Kojima Law Offices • Southgate • Tokyo International Law Office (TKI) Japan International TIER 1 • A & O Shearman • Baker McKenzie (Gaikokuho Joint Enterprise) • Davis Polk & Wardwell • Herbert Smith Freehills • Morrison & Foerster / Ito & Mitomi • Simpson Thacher & Bartlett • White & Case Law Offices (Registered Association) TIER 2 • Clifford Chance • DLA Piper • Freshfields Bruckhaus Deringer • Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo • Jones Day • Latham & Watkins Gaikokuho Joint Enterprise • Linklaters • Paul, Weiss, Rifkind, Wharton & Garrison • Skadden, Arps, Slate, Meagher & Flom NOTABLE FIRMS • Ashurst • EY Law • King & Spalding • Mayer Brown GJBJ • Milbank • Morgan, Lewis & Bockius • Norton Rose Fulbright “Investors, while optimistic about Indonesia’s growth trajectory, raise concerns about slow regulatory process and bureaucratic red tape and say a stronger incentive program will further enhance the country’s attractiveness as an investment destination.”
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