How can theoretical principles in chemical engineering serve as the foundation for designing efficient industrial processes and innovative technologies? Explore the significance of fundamental concepts such as thermodynamics, kinetics, transport phenomena, and reaction engineering in shaping the field. Discuss their application in optimizing reaction pathways, enhancing reactor design, and maximizing yield and selectivity. Additionally, analyze how computational methods and modeling techniques contribute to predictive process design and optimization. Furthermore, consider the role of interdisciplinary collaboration with fields like materials science and nanotechnology in pushing the boundaries of chemical engineering theory and practice for sustainable development and technological advancement.