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This paper presents the application of fuzzy cognitive mapping analysis to study the impacts of developing an eco-industrial park (EIP). Within an EIP, one facility's waste is used as another's input, thereby reducing raw materials required and waste generated. While this is beneficial from a waste reduction approach, there are other factors such as colocation of secondary and tertiary services, increased population and vehicular traffic that follows as more industries colocate within a geographical area, which need to be considered. The combined impact on all these indirect effects has been studied here using a fuzzy cognitive map. The impact assessment found that utilizing byproducts/wastes provided by existing facilities significantly decreases waste disposal, but may lead to increased pollution due to increased activity level as additional businesses are established.