IN a region more used to lamenting lost jobs than celebrating new ones, it is all too easy to be seduced by the promises of potential investors.

So it comes as no surprise to discover that thousands of jobs promised in the North-East by foreign companies over the past 14 years have never materialised.

The experiences of companies like Samsung, Siemens and Fujitsu are glaring examples of unfulfilled dreams.

We do not agree with the suggestion by Ian Williams, of One North-East, that today's report by the University of Newcastle's business school is an unproductive use of researchers' time.

It is right that foreign investment in the region - supported by public funds - is properly analysed so that lessons can be learned.

And the report underlines the responsibility government agencies and local authorities have to investigate thoroughly the credentials and business plans of companies seeking financial aid.

But equally, it has to be accepted that there are no guarantees in the world of business, just as there is no such thing as a 'dead cert' in horse racing.

The task of attracting fresh investors will always be a gamble to some degree.

The North-East is caught in a Catch 22 situation. It has to find new ways to balance the depressing consequences of the manufacturing crisis.

Without providing inducements from the public purse, those jobs will go elsewhere, and the North-East will be lagging behind in the race for jobs.