Indian and Chinese companies are ramping up overseas acquisitions amid mounting domestic economic and business headwinds.

Chinese firms have been snapping up Western consumer goods brands; fast fashion giant Shein announced it was buying US clothing label Everlane, and Luckin Coffee purchased upscale American cafe chain Blue Bottle, the Financial Times reported.

Meanwhile, India’s Sun Pharmaceuticals bought a US healthcare company this year, and Tata Motors is acquiring Italian truckmaker Iveco.

The outbound dealmaking in Asia’s largest and third-largest economies comes as Chinese companies contend with intensifying competition and a slowing economy at home, while Indian firms grow frustrated with the country’s business conditions, the BBC reported, despite the government’s domestic investment push.