Technology transfer is a key factor emphatically affecting monetary development both in short and long haul. The admittance to innovation and its utilization in financial cycles to an enormous degree concerns the serious situations in the global work division. Basic changes in the whole economy are nearly unrealistic without a viable innovation move that is very much characterized by nation’s advancement framework. These two variables drove improvement in intensity and financial achievements of the recently industrialized creating economies.
Technology transfer can be characterized as a stream between innovation proprietor and purchaser. It empowers to close the hole in admittance to specific innovation in various ways; purchasing, leasing, or authorizing. A significant component carefully identified with technology transfer in technology commercialization – which implies innovation move with an extraordinary accentuation on utilization of R&D endeavors. Technology transfer channels through different mediums. It incorporates methods of picking up innovation, technology and other significant variables identified with the technology transfer cycle. Intricacy of technology transfer can be clarified using distinctive methodologies and theories. An intriguing theory could be the existing global trade and capital streams speculation regarding workforce, technological advancements, capital etc. across regions. The global trade is possible only because of the technological innovations. The core technologies are spreading gradually across countries from innovators to imitators. One of the many reasons for this gradual transfer is the countries contrast in financial levels and innovative developments. This, however, considers time as a factor of progressive development.
The entire transfer cycle can be partitioned into three stages; in the main phase it all begins in the innovator country, in the subsequent phase, along with the dissemination of items, exports are built up to developing countries. In the third stage, full innovation dissemination happens. Economies of countries, their political stability in the region, and the welfare of the populace are resolved to a great extent by the competitiveness of their economies globally. From one perspective, there exist a huge gap between the developed and the developing countries in terms of innovative technology. Furthering this, the developing countries have to meet this gap at any cost as it is imperative for their development. Therefore, the importance of international technology transfer cannot be neglected and such as it becomes more significant with time. The innovator countries are prepared to share their knowledge and the innovations with the developing countries to reduce the technology gap.
For Pakistan, it is high time to think that digitization and technology transfer can play an imperative role in the development of economy of the country and can create a number of job opportunities. Information and communication sector especially should benefit from getting knowledge and technical skills in innovative technologies. There are many challenges and hurdles yet faced by Pakistan for the purpose of technology transfer. Some of the major barricades in this regard are the language, culture, lack of technical skills, and lack of organizational and legal frameworks. The government should take keen interest in developing ideals and basic infrastructure for technology transfer.