International Business and Sustainable Development in Asia: Opportunities and Challenges for Firms and Countries

Abstract This article explores the role of multinational enterprises (MNEs) in advancing the Sustainable Development Goals (SDGs) in Asia, a region characterized by economic dynamism, diverse socio-political contexts, and significant environmental challenges. Since the launch of the SDGs in 2015, MNEs have emerged as key players in fostering sustainable development, notably through their global value chains (GVCs), knowledge transfer, innovation, and corporate social responsibility (CSR) initiatives. However, their contributions remain uneven, constrained by short-term profitability goals, fragmented regulatory frameworks, or symbolic CSR practices. Drawing on existing literature and empirical insights, this article examines how MNEs integrate sustainability into their strategies, balancing economic imperatives with societal and environmental responsibilities. It highlights the potential of ethical corporate practices, stakeholder collaboration, and policy support to drive transformative change. The article also identifies challenges such as governance gaps and limited stakeholder engagement, emphasizing the need for systemic reforms. Concluding with recommendations for future research, it underscores the importance of understanding Asia’s unique context to unlock the full potential of MNEs in achieving the SDGs and fostering sustainable development globally.