Based on synthesis of ideas from international business and strategy, and drawing on the experiences of (1) Japanese, Korean and Taiwanese firms and (2) Indian software and pharmaccutical companies, we present a framework to understand the issues related to emerging market companies ascending the value curve in international markets. In this framework, the proponsity of EMCs to ascend the value curve is dependent on their motivation and willingness to do so, their capabilities and the availability of suitable product-market opportunities. Implications are drawn for action by emerging market companies, and for further research in this area.Â