The KwaZulu-Natal IDC operates on two principles: value and development. Value is determined by funding and the subsequent output of the business; development is determined by the location of the business, the jobs it creates for communities in surrounding areas, and how it has affected those communities.
It is this approach to business that has made the KZN IDC so successful. It is the only regional office in the country that has two headquarters because of the large number of its investments. The Pietermaritzburg office sees to clients in the Midlands and surrounding areas, and the Durban office caters for businesses along the coastline.
The KZN IDC invests in five sectors: namely agro-processing, textiles, metals, chemicals, and health care, with a particular focus on developing business in rural areas and promoting youth entrepreneurship.
In 2012, the sectors that received the most investment from the KZN IDC were textiles (R235-million) and metals (R237-million). Some of its key projects include Kingsgate Clothing Group, which has over 6 000 employees; Somta Tools; and Prilla yarn manufacturers, of which the IDC owns 100%.
At the end of its financial year in March 2013, KZN IDC had approved just over R1-billion of funds to 38 companies. This led to the creation of 7 836 jobs. Because of its efforts, the office has received numerous awards, including the Partnerships Award in the 2013 FNB KZN Top Business Portfolio Awards.
Suite 2305, 23rd Floor
The Embassy Building
199 Anton Lembede Street
PO Box 2411
Tel: 031 337 4455
Fax: 031 337 4790
The CEO Regional Roadshow got underway in KwaZulu Natal on 26 August 2016. Download the supplement for the event in PDF format.
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