Page 124 - 2019\20 KZN Top Business Portfolio - EBOOK

INDUSTRIAL DEVELOPMENT CORPORATION (IDC)

Pat Moodley
www.idc.co.za

YOUR PARTNER IN DEVELOPMENT KwaZulu-Natal’s manufacturing sector has the
potential to grow due to the benefits of President Cyril
FINANCE Ramaphosa’s targeted $100 billion (R1.39trln) invest-
Industrial Development Corporation (IDC) is one of the ment drive. The KwaZulu-Natal provincial government
key contributors to KwaZulu-Natal’s (KZN’s) economic is also striving to ensure that the province’s economy is
prosperity. The corporation’s regional office in KZN driven by investments.
strives to find synergies and maintain alignment As such, the IDC is well positioned to play a role in
between national and provincial goals and the IDC’s expanding the manufacturing sector with this foreign
strategic objectives as a national development direct investment stimulating the economy.
finance institution. Their overall aim is to ensure that
sustainable industrial development, economic growth The IDC’s Regional Manager for KwaZulu-Natal Pat
and job creation will occur in the medium to long term Moodley said that the province’s manufacturing sector,
within the province. the country’s second-biggest gross domestic product
contributor after Gauteng, was well placed from a
KwaZulu-Natal is a diversified province that comprises logistics point of view for importing and exporting. “I
a range of industries. The IDC’s KwaZulu-Natal regional am positive that KZN will be one of the forerunners in
office works to capitalise on this strength. Some of manufacturing,” he commented.
the key projects funded in the province include those
in textiles, clothing, footwear, metals, chemicals, Currently, the province’s focus in the manufacturing
tourism, agro processing, media and audio-visual sector is on the localisation of the automotive, clothing
sectors. In particular the IDC views manufacturing as and footwear sectors as well as the chemical sector.
an important catalyst for development in the country, The IDC promotes localisation by supporting the
focusing on job creation and rural development. establishment of business concerns that can feed
into the local supply chain and can be in a position
to replace imports. In addition, Moodley says large
companies are tending to move to locally produced
goods if the quality and price are right.
Since its inception, much of the KwaZulu-Natal
regional office’s success has grown out of the
relationships it has forged with local and provincial
government, private businesses and clients. “We don’t
work in isolation and it’s important to bring together
resources to create beneficial partnerships for the
economy,” says Moodley.
These relationships are evident in the R150-million
investment in the Glodina towel manufacturing
company in Hammersdale, west of Durban. Through
this partnership, jobs were saved and additional jobs
are to be created when the revived facility reaches full
operational capacity.
Moodley reflects that he is particularly passionate
about the clothing and textile sector because it is a

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