Foreign Direct Investment and Regional Development in East Central Europe and the Former Soviet Union by Turnock David Carter Frank

Author:Turnock, David,Carter, Frank
Language: eng
Format: epub
Publisher: Taylor & Francis (CAM)

Concluding Discussion

It is a contention of this chapter that CBC across broad frontier regions constitutes an important aspect of regional policy because the problems inherited from communism have been substantially neutralised and FDI is making a powerful impact, along with other funding geared to infrastructure and social development. However, the impact is highly variable with frontier regions providing a microcosm of ECE as a whole. It remains a matter of some doubt whether all parts of the region will find a rewarding role in the global economy after a long history of backwardness (a situation which communist central planning sought to alleviate as an autonomous system for the Eurasian periphery). While it seems likely that more sophisticated regional policy will focus on the remaining pockets of poverty and deprivation after EU enlargement, there must clearly be more awareness of the perceived constraints in the minds of investors and better promotion of the weaker regions to correct the excessively negative evaluations. By making a virtue out of peripherality, ways must be found to build on what has already been achieved to improve cohesion with a further widening of horizons to attract more FDI to border regions. Reconstituted civil societies are showing some skill in packaging the ‘local’ to catch the ‘global’ but the harvest is still awaited in much of the region. Stronger organisations are needed with wider interpretation of the sustainability principle.

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