The Emerging Market Multinationals Report (EMR) series is a comprehensive exploration on the rise of Emerging Market Multinationals (eMNCs) [i]and its broader implications. This report is the second edition of the series. The authors, Lourdes Casanova and Anne Miroux examine the resilience of emerging economies in today’s challenging global environment and their growing importance as foreign investors across all regions of the world. It also unpacks the role of outward FDI policies and their development phases as reflected in the cases of China, South Korea, and Brazil. In turn, it explores how these trends impact the expansion of eMNCs and their breakthrough in the global corporate world. The report includes contributions from the OECD and other partners, which hone in on the specificities of the latest developments in Latin American and Asian emerging markets in collaboration with the OECD.