The fundamental task which all developing countries are facing is that of economic growth. To achieve this objective, developing countries have to generate huge resources both financial and managerial as well as technology and marketing skills both internally as well as externally. Because of the present shrinkage of availability of external resources through official development agencies, joint ventures particularly those bringing foreign investment play an important role. Joint ventures have been recognised by the United Nations, World Bank as well as the countries of the World as technical cooperation is the sine-qua-non of economic and industrial growth of any country. There is also recognition of the need for greater inter-dependence and collective self-reliance among developing countries themselves. The LIMA declaration of UNIDO envisages that 25% of the manufacturing production of the world should come from developing countries by 2000 A.D. A number of developing countries like India, Malaysia, Indonesia, some countries of Latin America and Africa are making increasing efforts in this direction. Joint ventures are the most significant means to achieve international economic cooperation and economic growth for both the home and host countries. Indian Government has formulated liberal policies for establishment of joint ventures in the country as well as for establishment of overseas ventures and technology transfer to other developing countries. The guidelines governing Indian participation in Joint ventures abroad which were formulated announced in 1970s have been constantly reviewed and have been progressively liberalised giving encouragement to establishment of such ventures. The concept of single-window clearance and streamlining of the of joint ventures abroad. Various studies conducted also reveal that there is very good return on such investments. The contribution which a joint venture makes in export of spares and components is also very significant. Recent statistical data also indicates that the Indian joint ventures abroad have been steadily improving their performance in the last few years. This paper tries to establish premises that South-South joint ventures have a sound economic base. As regards the transfer of technology, it is recognised at international levels that the transfer and development of technology is an important component of successful strategy on sustainable development. Technology should be considered as a "commodity" for export just as agricultural commodity which is exported from the country. The present concept of globalisation envisages international economic relations by way of joint ventures and technology trade.