“This year the Industrial Development Corporation (IDC) celebrates 80 years of existence in its role as a Development Funding Institution (DFI), providing funding for manufacturing. We have come a long way in aiding the development of the South African economy during this time and have also assisted many companies in expanding and trading into the African continent,” says IDC’s KwaZulu-Natal (KZN) Regional Manager, Pat Moodley.
The IDC’s key sectors in the province include the textiles, clothing, and footwear industry, which Moodley says is a key driver in the KZN economy, especially because of easy access to the Durban port for exports. Other economic sectors supported in this region include agro-processing; chemicals; plastics and medical products; wood and furniture products; automotive and transportation; machinery and equipment; electronics; basic metals; tourism; infrastructure; as well as energy. “With industrialisation comes development, which includes job creation and localisation. An additional element which we actively focus on is the growth and empowerment of black industrialists, and youth and women owned businesses,” explained Moodley.