Abstract: This paper aims to explain how experiences of various countries in their OFDI journey can shape those who are currently venturing in this domain. It is imperative to find out the reasons for the significant increase in volume of emerging economies' outward foreign direct investment (OFDI) in recent times. We identified five reasons that have been instrumental in a home country's desire to enter global markets through investment. We have collated the work done on the scope of OFDI based on articles in journals, government data, the United Nations Conference on Trade and Development (UNCTAD), and the International Finance Corporation. This research would help understand methods to increase GDP, improve productivity of available resources and create employment opportunities in emerging economies by this route. Keywords: Outward FDI, Emerging Economies, Multinational Enterprises from Emerging Economies (EMNEs), OFDI theories, OFDI Policy Framework JEL Classification Number: F3, F210, F230