TP Nchocho, IDC Chief Executive
What a difference a year can make. This time around last year, we were occupied by a different set of challenges, including slower than expected economic growth. The investment pledges at last year’s Presidential Investment Conference provided impetus to our efforts to kick-start our economy, with both local and foreign investors committing to plough significant investment into our economy.
The global health pandemic has compounded challenges for economies around the world. For now, our focus as exemplified by government’s Economic Reconstruction and Recovery Plan is how we get the economy back on to a growth path. There is consensus across stakeholders that as we ensure we protect our people from the health threat that is Covid-19, South Africa is ready and able to focus on economic recovery and reconstruction. The Industrial Development Corporation (IDC), as a state-owned development finance institution, is geared towards playing its role in catalysing the recovery of productive sectors and stimulating investment activity that yields development outcomes that address South Africa’s socioeconomic challenges.
As steep as the recovery path is, the IDC believes that the fundamentals to enable a sustainable economic recovery are firmly in place. South Africa remains the most industrialised and diversified economy on the continent. It also boasts a skilled and youthful population, modern communication, banking, road and general logistics infrastructure that is unrivalled.
The Economic Reconstruction and Reconstruction Plan demonstrates the state’s commitment to stimulating economic activity. Moreover, there is a standing commitment to attracting and facilitating investment in the economy, which is what this South African Investment conference is about.
As demonstrated over the years, the IDC stands ready to partner with entrepreneurs and the private sector, including foreign investors who are eager to invest in the growth opportunity that South Africa is and assist our country achieve its economic and transformation objectives. We believe in our path to recovery, which is why we are proud to have provided both the technical and material support to enable a successful SAIC 2020.
For more details on the IDC, click here