Trade and industry minister Ebrahim Patel has a lot of criticism for the Industrial Development Corporation.The IDC needs to invest a lot more money with black industrialists, other black-owned businesses, and women and youth enterprises, he said.
Funding for black industrialists had leapt from R1.4 billion in the previous year to R4.1 billion in the 2022 year, said IDC Chief Executive Officer TP Nchocho. The IDC had invested R5.3 billion with black-owned businesses, and R1.1 billion in women-empowered businesses, said Nchocho. "Going forward, the Corporation will need to intensify its focus on its critical developmental mandate, including accelerating the advancement and inclusivity of women - and youth entrepreneurs in the economy."The"IDC’s core investment activity outside this programme has not yet been able to yield the industrial and jobs impact that is required to make a meaningful contribution to decreasing national levels of unemployment and to grow the economy," said Patel.
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