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Finweek English Edition - - FEEDBACK - Fin­week Thabo Nt­seare

So the 300 jobs we cre­ated in the past year are in­cluded in that fig­ure.

Re­gards,

Royal Fields Fi­nance I was quite clear in my com­men­tary that I be­lieve the IDC was ac­tu­ally do­ing quite a good job in terms of dis­burs­ing cap­i­tal and most im­por­tantly de­liv­er­ing an eco­nomic profit – which is ul­ti­mately sup­port­ing the South African tax­payer.

The point I was get­ting across was that even if we ex­clude the im­pacts of the re­ces­sion and global fi­nan­cial cri­sis, South Africa his­tor­i­cally has many in­dus­tries which are over­con­cen­trated and have many play­ers who own both ver­ti­cal and hor­i­zon­tal parts of the sup­ply chain. If you are a new en­trant into the mar­ket­place then you need a lot of cap­i­tal and a lot of time to carve out your space and be­come a vi­able en­tity. South African pol­i­cy­mak­ers are ob­sessed with the idea of en­trepreneurs cre­at­ing jobs and ev­ery­body seems to have this idea that if you throw money at a prob­lem it will cre­ate jobs. Un­for­tu­nately we of­ten un­der­es­ti­mate how much money en­trepreneurs ac­tu­ally need to cre­ate a re­turn on cap­i­tal.

There are broader pol­icy is­sues as well, like labour costs and the ease of do­ing busi­ness, which need to be in­ves­ti­gated

Keep up the good work!

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