The developed world is known for their intensive research and development activities which in turn enables them to own most of the world’s technology. This in turn have given them the economical and political advantage over developing countries. In the contrary, developing countries lack the capability to conduct fruitful research and technology development activities in order to build and possess the necessary technology for their countries welfare and economical growth. In recent years, technology transfer has got great attention and often loud spoken as a means of knowledge transfer to developing nations. The experiences of some successful East-Asian newly industrialized countries also ascertain as the acquisition of a significant amount of foreign technology to play a major role in the move to catch up the developed world. However, technology transfer is far from a onetime shopping of foreign technology and the constraints associated are immense. In this regard, this book has presented the mechanisms by which developing countries could efficiently absorb foreign technology in a way it will enhance their local technological capability in a move towards global competitiveness.