For many years, governments in developing countries, such as the African ones, tried to boost Foreign Direct Investment (FDI) inflows, believing that this type of investment could have a key role in the transfer of innovative technologies in their country and thus encourage their economic growth. However, even though over the past decades there has been an important improvement of FDI inflows to African countries, there is little evidence of a positive impact of FDI on technological innovation in these developing countries. The reason is that technology transfer can be mainly achieved if the foreign investment regards Research & Development (R&D) activities, which are proved to stimulate innovation among domestic firms.