Trade, Industry and Competition Minister Parks Tau replying to questions from MPs regarding the appointment of the Industrial Development Corporation board members. Parliament has a constitutional responsibility to ensure that public entities operate in accordance with their legislative mandates, says the writer.
Siyabonga Gama
South Africa stands at a critical economic crossroads. Economic growth remains stubbornly low. Unemployment remains among the highest in the world. Manufacturing, once a major driver of employment and industrial development, continues to lose ground.
At the centre of efforts to prevent these outcomes stands the Industrial Development Corporation (IDC), one of South Africa's most important development finance institutions.
The IDC was never intended to function as a conventional commercial lender. It was set up to finance industrialisation, promote economic transformation, expand productive capacity, and create sustainable employment. Unlike commercial banks, its mandate extends beyond profitability.
