ABSTRACT
So far we have dealt with various aspects of demand and supply in tourism, and
the impact of tourism on value added creation, employment generation and the bal-
ance of payments. There is still one economic aspect missing. There cannot be a
tourism industry without projects. These projects can take different forms, such as
development of attractions, accommodation, entertainment, transport, congress cen-
tres and events. They all involve serious investment. The investor public or private sector always has a great financial responsibility, and therefore a preliminary investment appraisal is a must.
