The objective of this paper is to deepen the discussion about the unavoidable way Brazil has to go through in order to construct a modern industrial and technological policy, based on knowledge and technological innovation, which will work as a stimulator of economic development. The different theories about this subject (SCHUMPETER, 1985; PAVITT, 1998; FREEMAN, 1995; KRUGMAN, 1995; COUTINHO & FERRAZ, 1994; MATIAS-PEREIRA & KRUGLIANSKAS, 2005), so as the principles set by the Brazilian Development Ministry (“Diretrizes de Política Industrial, Tecnológica e de Comércio Exterior”), give support in the search for defining a new model of industrial, technological policy and foreign trade for the country. The strategic role of industrial policy seems to be very evident, if it takes on its co-ordination work involving the productive agents, which are responsible for crucial decisions, such as those related to investments and/or innovation, in a context of great incertitude about the consequences of their decisions in the future. Finally, the conclusion arising from this discussion demonstrates that it is crucial for the country to define a modern industrial policy, which could be able to integrate the incentive to innovation as well as to exports, in order to serve as a tool to foster development. The paper also argues that the feasibility to this policy depends on Government’s ability in supplying agents with a favorable context towards adequate regulation, purchasing policy, availability on financing facilities and fiscal incentives.El objetivo del siguiente trabajo es discutir acerca de la inevitable manera en que Brasil se ha dirigido hacia la construcción de una política moderna industrial y tecnológica, basada en el conocimiento y la innovación tecnológica, la que funciona como un estimulante para el desarrollo económico. Las distintas teorías acerca de este tema (SCHUMPETER, 1985; PAVITT, 1998; FREEMAN, 1995; KRUGMAN, 1995; COUTINHO & FERRAZ, 1994; MATIAS-PEREIRA & KRUGLIANSKAS, 2005), como también los principios declarados por el Ministerio de Desarrollo Brasilero (“Diretrizes de Política Industrial, Tecnológica e de Comércio Exterior”), apoyan la búsqueda por un nuevo modelo industrial, la política tecnológica y los tratados internacionales hechos en el país. El rol estratégico de la política tecnológica aparentemente es evidente, si se toma en su trabajo coordinado de los distintos agentes involucrados, los que son responsables de decisiones cruciales, tales como las relacionadas con la inversión y/o la innovación, en un contexto de gran incertidumbre acerca de las consecuencias de éstas decisiones en el futuro. Finalmente, la conclusión vislumbrada de ésta conclusión demuestra que es crucial para un país definir una política industrial moderna, la cual puede ser útil para integrar el incentivo a la innovación como también a las exportaciones, con el objetivo de servir como herramienta para gestar el desarrollo. Este trabajo además discute que la factibilidad de dicha política depende de una capacidad de gobierno con respecto a los agentes proveedores con un contexto favorable, apuntando a la regulación adecuada, a la política de compra disponibilidad de infraestructuras financieras y a los incentivos fiscales.The objective of this paper is to deepen the discussion about the unavoidable way Brazil has to go through in order to construct a modern industrial and technological policy, based on knowledge and technological innovation, which will work as a stimulator of economic development. The different theories about this subject (SCHUMPETER, 1985; PAVITT, 1998; FREEMAN, 1995; KRUGMAN, 1995; COUTINHO & FERRAZ, 1994; MATIAS-PEREIRA & KRUGLIANSKAS, 2005), so as the principles set by the Brazilian Development Ministry (“Diretrizes de Política Industrial, Tecnológica e de Comércio Exterior”), give support in the search for defining a new model of industrial, technological policy and foreign trade for the country. The strategic role of industrial policy seems to be very evident, if it takes on its co-ordination work involving the productive agents, which are responsible for crucial decisions, such as those related to investments and/or innovation, in a context of great incertitude about the consequences of their decisions in the future. Finally, the conclusion arising from this discussion demonstrates that it is crucial for the country to define a modern industrial policy, which could be able to integrate the incentive to innovation as well as to exports, in order to serve as a tool to foster development. The paper also argues that the feasibility to this policy depends on Government’s ability in supplying agents with a favorable context towards adequate regulation, purchasing policy, availability on financing facilities and fiscal incentives.