The desired changes and impact will be pursued
primarily by pursuing four key outcomes hinged
around the simple concept of making it easier
for business to succeed:
Only profitable businesses survive. Working
from places with lower cost of business are
crucial, especially if the products or services
can be transported to markets. Businesses choose
their location either to gain a cost advantage,
capability advantage or to gain a proximity
advantage to markets (such as the mines in Fetakgomo).
Reducing the cost of doing business is therefore a crucial
part of LED efforts.
Local markets are easier to compete in than distant
markets due to proximity, information and relational
advantages. Mining purchases of goods and services,
offers the most profound opportunity in Fetakgomo and
the current local market share is minimal. Other than
mining and some retail the local markets offer very
little opportunity for economic growth.
Currently few sectors (other than mining) generate
significant revenue from external markets. Where
possible this external revenue should be increased.
The advantage of serving external markets is the
sheer size of the external market opportunities,
for those than can compete effectively.
External investors are crucial to growth of the
Fetakgomo economy as they bring new entrepreneurs,
skills, employment and competition in the market.
In order to attract investment Fetakgomo needs to
promote its advantages and make it easy for investors
to utilise economic opportunity in the area.