A New Approach to Feasibility Study

Abstract

While economist, businessmen, and government officials in developing countries such as Korea may disagree on the proper method, all agree that their major objective is to increase as rapidly as possible per capita income. To accomplish this objective the optimal mix of agricultural, agri-business, and industrial projects is required. And of course there are other necessary projects related primarily to the activities of government organization such as infrastructure, education, health and the like that must be considered. Now the essential problem is to identify those projects that add most to the present and future economic structure of Korea. It is apparent, therefore. that considerable attention must be given agricultural, fisheries and agri-business projects; for in Korea today, the highest percentage of the labor force is engaged in these activities. With farms and fisheries operating at a subsistence level, farmers and fishermen find they have little money left for consumer goods. Hence, it is difficult to build a healthy industrial structure until the per capita income of persons engaged in farming, and fisheries is increased through increased productivity.