Asian firms are, however, facing competition from Middle East companies such as those based in Qatar and Dubai, and competition could drive prices up, he said.
Asian firms are also exploring other parts of the world such as Australia, Africa and Brazil.
Healthcare, agriculture, logistics and financial services may be attractive industries for Asian firms to invest in or do mergers and acquisitions (M&A) deals.
Asian firms could also find investment opportunities in other industries that could be incorporated into their strategy, he said.
Yundyong Thantiviramanon, a senior partner of Baker Tilly Thailand, said Thai firms such as Siam Cement and PTT have a lot of cash on hand so they are in a better position to strike M&A deals abroad.
"But we have advised them to think carefully before making a deal. They have to consider whether the deals are at reasonable prices and can enhance their synergy," he said.
Warwick Kneale, managing partner of Baker Tilly Thailand, said Myanmar also looks promising but investors have to take into account changing laws and regulations and political stability.
His firm opened an office there last year and has advised six firms, including one from the Philippines, on investing in Myanmar. Baker Tilly's office in Myanmar also helps local firms deal with international firms seeking investment and business partnerships in the new open market, he said.
Barnes said he believes the high growth of the consulting business in Asia-Pacific is likely to continue. As ASEAN is striving to form a single-market ASEAN Economic Community in 2015, M&A deals are expected to rise due to the freer movement of goods, services and people.
The global revenues of member firms of the Baker Tilly International network last year were up 3 per cent to US$3.3 billion. The Asia-Pacific region led the way, reporting a 30-per-cent rise, he added.
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