modest internal rate of return and no eclipsing gain. This is especially the case
when a project leaves an adverse legacy for the next generation to take on in the
form of an environmental mess, or the kind of social upheaval which follows a
completed hydro-dam construction or an abandoned mineral working.The point of project generation, at the ideas stage, is the propagation of projects.
At this level of endeavour there is probably more hunch than analysis, and more
conjecture than science involved. Action follows, with the imputation at this stage
of science logic taking over from human inspiration. In terms of that science logic,
economic development projects and conservancy practice connects with the
SWOT Progression (Strengths and Opportunities to seek out – Weaknesses and
Threats to adjust away from); andthe ‘Planning Sequence’ (survey-analysis-
prognosis-plan). Mistakes will be made and allowed for; but adherence to such
‘progressions’ and ‘sequences’ will reduce errors, and give rise to extra options.
Community ‘lessons from experience’ should hold sway over ‘formulaic pre-
sumptions’ – particularly for smaller communities of concern.
Although there may be lashings of investment capital circling the globe looking
for tax havens, investment holidays, low wage rates and relaxed labour laws, these
are factors about the economic-climate over which development agencies cannot
call the shots, any more than they can alter the weather pattern. In practical fact
there are very few trustworthy footloose firms looking to make a start with a
greenfield site in an unfamiliar region. This predicates caution. Agencies always
flaunt any success they may have in attracting this or that big-name overseas
company – but at what economic price, at what social cost, and in terms of what
environmental reckoning? A factory will simply alight where land taxes, wage
rates and union controls are favourable to them and the market they serve. A
regional development or conservancy agency organizationally deludes itself if
it believes, especially under GATT–WTO, that such firms will stay put when
another, better to the firm, opportunity arises. Worse than the horror of such a
firm not ‘showing up’ in the first place is the likelihood of their up-camp and
departure once established at no notice, leaving in their wake social and economic
discard and environmental hazards to clean up.
Of course when fiscal help comes from central or state government, then a
subject region for whom this could be perceived as a windfall would be expected
to take the helping hand – the only important operational criteria being avoidance
of incentive packages which leave a residual legacy of social discord and envi-
ronmental costs for the host community. To incoming investor enterprises, local
incentive packages are actually a minor part of the overall deal. What is usually
of much greater importance to them is practical help, such as cutting down on the
lead time with ‘permitting procedures’, facilitating ‘first people’ protocols, intro-
ducing supply partners, opening market doors and providing procedural advice.
A further point to note is that while overseas marketingis of ‘basic’ economic
significance, attracting out-of-region or offshore investmentoften proves very
daunting.
There is a need, even within small three-person planning agencies, for an
openly accessed well updated data base. Such an information system should avoid138 Practice