KwaZulu-Natal Business 2016-17 edition

PROFILE Financing KZN

PROFILE Financing KZN businesses to grow the economy Pat Moodley, Regional Manager of the Industrial Development Corporation's (IDC) KwaZulu-Natal region, shares his insight on the potential for small and large businesses in the province. The IDC is South Africa’s largest development finance institution. Since its inception in 1940, it has helped to build the industrial capacity that fuels the country’s economic growth by funding viable businesses. For more than 75 years, the IDC has been instrumental in implementing South Africa’s industrial policy, establishing some of the industries that have since become the cornerstone of the country’s manufacturing sector. Apart from large industrial projects, the IDC has also been instrumental in the establishment of other industries, such as fabricated metals, agro-industries, clothing and textiles, to name but a few. BIOGRAPHY Pat Moodley, Regional Manager of the IDC for the KwaZulu-Natal region, states that the corporation's mission has always been to be the primary driving force of commercially sustainable industrial development and innovation for the benefit of South Africa, in addition to the rest of the African continent. The IDC strives to contribute to the generation of balanced, sustainable economic growth and the economic empowerment of South Africans. The IDC has undergone numerous changes since its inception and Moodley affirms that, “although our priorities have evolved in line with policy direction over the years, we remain committed to developing the country’s industrial capacity and, in doing so, playing a major role in job creation.” Rapid growth In recent years, KwaZulu-Natal (KZN) has experienced rapid economic growth and the province's Pat Moodley is the Regional Manager of the Industrial Development Corporation (IDC) for the KwaZulu-Natal Region. He has been with the IDC for 10 years and is passionate about economic development in the KZN province. He previously worked for a commercial bank, specialising in the SME market prior to joining the IDC. Moodley holds a B Com degree in accounting and a National Diploma in Commerce. He is presently completing his MBA. KWAZULU-NATAL BUSINESS 2016/17 40

PROFILE Opus1 & Mooi River Textiles, a home textiles company in Tongaat, KwaZulu-Natal. economy is now the second-largest provincial economy, with growing tourism, manufacturing and agro-processing sectors. “The provincial government of KZN has recognised that investment is critical for the growth of the province's economy. It therefore aims to create an environment that is conducive for investment. Both the provincial and local government have invested in infrastructure to promote a supportive environment for businesses and entrepreneurship to flourish. "The KZN economy is driven largely by manufacturing, which includes key economic sectors such as metals, chemicals, textiles, tourism and agro-processing,” says Moodley. Despite the numerous activities taking place in KZN, like the rest of the South African economy, the province is experiencing a sluggish economic performance. The KwaZulu-Natal Treasury reported during the March 2016 Budget Vote, that the province’s economy is expected to grow by 0.6% in 2016, gradually improving to 1.3% in 2017. The IDC aims to provide further funding in support of industrial capacity development as this is a key component for future growth of our economy. According to Moodley, the IDC’s mission in KwaZulu-Natal is to promote entrepreneurship through building competitive industries and enterprises based on sound business principles. “The IDC has been stimulating KZN's economy by extending its reach and focusing on smaller municipalities in rural and outlying areas within the province. We work closely with key stakeholders to be at the centre of industrial development and job creation across the province,” says Moodley. 41 KWAZULU-NATAL BUSINESS 2016/17