The role of science in development of human society has been crucial. It has not only made an enormous impact on the human intellect, but also changed the living conditions of humanity. It has also given a new conception to man’s place n the universe. It is an undeniable reality that scientific and technologies development is a prerequisite for socio-economic development, of any society, although it alone does not ensure it. However, it is crucial to make clear that sustainable growth cannot be based on mere transfer of technology. Since scientific inventions keep on changing, the technology these create also change. Unless the underlying scientific knowledge is there, growth cannot be sustained. Abdus Salam stated: “Tomorrow’s technology is today’s science, so technology transfer, if it is to work in the long term, must be accompanied by science transfer,”. Thus a nation must invest for the promotion of basic research to attain real development.