Emerging market companies (EMC), long accustomed to privileged positions in protected markets, are facing intense competition from international companies in their increasingly liberalized economies Many are unprepared for the new competiti\eonslaught, and there is little guidance available to EMC in the management literature The conventional response of EMCs has been to sell out to foreign competitors or to exit the industry. However, we suggest that lessons can be drawn from EMCs that have successfully competed with MNC competitors This article examines a wide range of successful defence strategies pursued by companies in competition with multinational companies in many emerging markets around the world.