Biznews published Cofesa’s plea for a business-friendly labour dispensation to unleash the unlimited human capital resources of our entrepreneurs and turn around our economy.
Our unlimited human capital potential is evident by the success of Mr Elon Musk who left Pretoria at the age of 17 and sought the greater economic opportunities available in the United States. He is worth around $100bn more than Amazon’s Jeff Bezos, and he is about 29 times better off than South Africa’s richest citizen, Johann Rupert. As of Tuesday, 26 October 2021, Elon Musk is worth $289bn or R14.6trn, to convert that into the currency of his country of birth.
Elon Musk is now so rich, he can fund SA for two years – and still be far richer than any local,
Elon Musk, at a 17 May 2021 visit to Brandenburg. (Photo by Christophe Gateau/picture alliance via Getty Images)
Elon Musks and Mark Shuttleworths are leaving the country in droves.
Mark Shuttleworth, born in Welkom on 18 September 1973, is the founder and CEO of Canonical. In 2002, Shuttleworth became the first South African to travel to space as a space tourist, and indeed the first African from an independent country to travel to space.
Brain drain
Following Mssrs Musk and Shuttleworth, it is estimated that up to 1.8 million citizens have left the country since 1990 to live abroad, including 500,000 experienced, skilled and qualified citizens of all colours
We need a quantum leap towards a modern inclusive economy for a modern generation – a Mustang, not a bloated Edsel.
Our situation is a reminder of the financial dilemma the Ford Motor Company faced in the early 1960s. To regain market share, they designed the monstrous Ford Edsel and lost a further fortune. Then Mr Lee Iacoca rescued Ford with a perky, trim, exciting Ford Mustang. He saved time and costs by using parts of the Ford Falcon. He saved Ford.
Ford’s total assets were $267bn in 2020. SA has all the resources to go for a ‘Mustang economy’, a vibrant, energetic economy with millions of jobs.
Not junk status? Let’s unlock our unlimited potential and turn around the economy – Mr Brand Pretorius
Mr Brand Pretorius saved McCarthy Motor Holdings from bankruptcy after the group was declared technically insolvent in February 2001.Under Brand’s leadership, McCarthy was successfully recapitalised, restructured and restored to financial health, saving thousands of jobs. Today, the group employs 7,000 people, has an annual turnover more than R20bn and sells approximately 75,000 new and used cars annually.
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Regards, Cofesa Team
