IDC opens offices in Limpopo to boost economy

The Industrial Development Corporation (IDC) is strengthening its presence across the country to unlock entrepreneurial opportunities and create sustainable employment in the aftermath of the Covid pandemic.

The IDC recently launched regional offices in Limpopo and, according to Naomi Mtshali, the acting head of small business finance and regions, Limpopo grows the most tomatoes in the southern hemisphere, more than South America, where tomatoes originate.

Besides having fertile soil for agriculture, Limpopo also has vast opportunities in the agro-processing space, with identified gaps mainly in the packaging and storage areas.

Mtshali said the IDC planned to work with the Limpopo provincial government and small business owners to create jobs.

In the last quarter of the 2023- 24 financial year, Limpopo lost over 400 000 jobs, according to the SA Quarterly Labour Force Survey.

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Mtshali said the organisation had enhanced its offering at the regional level. “This change has turned our regional offices into turnkey operations which cover transactions up to R20 million, ensuring faster turnaround of deals.

“As a result, last year alone, IDC approved R510 million and disbursed R305 million to support entrepreneurs and sustain job creation,” she said.

Mashweu Matsiela, IDC regional manager in Limpopo, said the province contributed R4.4 billion to the IDC’s total approvals of just over R20 billion.

Matsiela said on the mining front, Limpopo had several opportunities within the platinum group metals and coal industries. Junior miners and suppliers to mines have opportunities which can be supported through the myriad of funding solutions, including SME-Connect initiative.

“Through this initiative we can partner with big mining houses and tap into their enterprise supplier development programmes thereby creating valuable linkages for SME support.”

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Limpopo economic development, environment and tourism spokesperson Zaid Kala said the IDC initiatives would help build an inclusive economy.

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