Comparative empirical research on the internationalization strategies of Asian multinational enterprises (MNEs) from countries at different levels of development is lacking. This paper examines and analyzes the internationalization characteristics and strategies of MNEs from three Asian countries at two different levels of development. Primary data from matched sample firms from Malaysia (a fast developing economy) and Singapore and Taiwan (representing newly industrialized economies) in the textile and electronics industries are used for this study. The findings indicate some differences among the Malaysian, Singaporean and Taiwanese MNEs. These differences and their implications are examined. The empirical findings, particularly the contextual aspects of internationalization, and propositions for further research are discussed.