IDC creates 19 000 iobs

Written by Albert Pule

The Industrial Development Corp-oration (IDC) has created 19 000 and saved 4 000 jobs in the market   conditions, the corporation has continued playing a proactive role in the economy by supporting the development of key industries.

Announcing the IDC’s annual results, Minister of Economic Development Ebrahim Patel said the corporation had been successful in seven major areas of its work.

These are industrialisation, infrastructure development, greening the economy, job creation, small business development empowerment, innovations in financing arrangements, and African regional development.

According to the Minister, manufacturing remained critical to industrialisation as it created direct jobs and sustained a large number of indirect jobs. Since 2009, the IDC's total assets rose from R89 billion to R127 billion signalling growth of 43 per cent.

The IDC had also invested R45 billion in projects in the form of equity or loans in the past four years.

Though the corporation has created jobs, there are some problems that need to be addressed. One of them is for the IDC to focus more on youth entrepreneurs.

Minister Patel said R2.7 billion was available for the next five years for special youth funding.