An article about emerging multinationals investing in Europe and their impact on the local economy written with Elisa Giuliani. We investigate how subsidiaries of multinationals from both emerging (EMNEs) and advanced (AMNEs) economies investing in Europe learn from the local context and contribute to it as much as they benefit from it. There are EMNE subsidiaries that contribute through their significant local innovative efforts to development processes in the host country. This suggests possible win-win situations from which novel policy implications may be drawn.