A review of the literature on the conceptual underpinnings for the development of international business is presented. Two key theoretical approaches emerge as useful frameworks for analysis: internationalization as a sequence of events, characteristically started by exporting and culminating in foreign direct investment; and the importance of relationships in international business (networks). These 2 ideas have strong explanatory power in the case of Asian international business. International business as a sequence of logical steps is especially manifested in the flying geese pattern in Asia. Networks are also an Asian strength, notably for state-owned enterprises in Singapore.