Innovation and internationalization are two basic growth strategies which contend for both the firms’ and governments resources. At the same time, they are linked by a two-way relationship that has been widely documented in previous studies. However, often preceding literature is disconnected and does not integrate innovation and export promotion studies into the analysis. In this article we review and synthesize the different approaches regarding these relationships, while considering also the research on the impact of export promotion programs. As a result, a list of recommendations is deduced both for management and public policy regarding the development of these two strategies.