This opinion piece examines the enduring impacts of neocolonialism in contemporary global economies, particularly in the context of multinational corporations (MNCs) operating in the Global South. The authors argue that despite the formal end of colonialism, many developing countries continue to face exploitation through economic dependency on former colonial powers, exacerbated by the practices of MNCs. The paper explores the historical context of colonialism, the legacy of extractive economic practices, and the challenges faced by local populations in asserting their rights and sovereignty. It emphasizes the need for equitable and inclusive economic systems that prioritize human-centered values and the protection of local communities. The authors advocate for the implementation of robust environmental, social, and governance (ESG) frameworks to hold MNCs accountable and promote sustainable development, calling for a collaborative approach to dismantle neocolonialist structures and foster genuine partnerships between the Global North and South. Ultimately, the piece envisions a future where economic justice and equity are central to global development efforts.