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