University-industry collaboration (UIC) has emerged as a focal point in the contemporary global higher education landscape. Nevertheless, the underlying objectives for endorsing UIC often vary across national contexts despite a consensus on its collective benefits. This study endeavors to juxtapose the social imaginary surrounding UIC within three economically vigorous Asian countries: China, Japan, and Singapore through a multimodal discourse analysis. Findings reveal a consonant priority placed on the role of UIC as an innovation driver in all three contexts. However, whereas China has exhibited a pronounced tendency to harness industry sector dynamics to reform pedagogical frameworks within its higher educational institutions and promote economic development, Japan's approach to UIC is more motivated by the intention to maintain international competitiveness and address societal challenges peculiar to the nation. Meanwhile, Singapore places research collaboration and internationalization at the heart of its UIC agenda and highlights them as the key factors driving its leadership in global cutting-edge technology. Practical implications for governments include placing equal emphasis on both education-focused and research-oriented UIC, fostering stronger R&D collaboration frameworks between universities and industries, designing policies that promote cross-sectoral trust-building, and aligning long-term goals with the more immediate needs of the industry.