Abstract
After sketching the historical background of the present regional development strategy, the author evaluates actual regional development trends and concludes that there is a general lack of success. Economic and socio‐political factors contributing to this lack of success are described and in conclusion some elements of a more effective regional development strategy receive attention. Economic growth must be stimulated by creating a socio‐economic environment that promotes efficient management of economic resources by both the private and public sectors. This has to be supported by a public investment programme to increase the productive capacity of the economy and the upgrading of human resources.
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