In the early twentieth century, Argentinean firms were among the first emerging market multinationals. More recently, international expansion has been conditioned by domestic economic and political turmoil. In this chapter, we analyze the internationalization strategies of seven Argentinean firms: Globant and Grupo ASSA (information technology), Grupo ARCOR (food processing), Bodega Lagarde (winemaking), Grupo Mirgor (consumer electronics), Grupo Bagó (pharmaceutic), and San Miguel (agriculture). We included firms that are in different stages of the international process: from exporters to multilatinas to operating beyond Latin America. We find that firm internationalization requires the development of strategic capabilities that complement those required to be successful in the domestic market. Whereas firms initially emphasize production capabilities and leverage cost advantages, over time they develop marketing capabilities related to understanding customer needs in different markets and managerial capabilities that allow for integrating the multinational organization. Our interviews with directors and senior managers highlight how perceptions of the business context condition the development of strategic capabilities and their deployment in international markets.