The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

The Portfolio Committee on Trade, Industry and Competition has welcomed the annual performance plan and renewed strategic vision presented by the Industrial Development Corporation (IDC), while at the same time expressing concern about what it views as a decline in ambition and lower performance targets when compared to the previous financial year.
 
The committee welcomed the Board’s Independent Complaints Review Panel however it has stressed the importance of ensuring the credibility and effectiveness of the structure by calling for clear timelines and transparent criteria for the appointment of independent experts who will serve on the panel. The committee further underscored the need for the panel to adopt a differentiated approach that clearly distinguishes its role from other existing internal structures within the IDC.
 
In advancing measures aimed at improving the operational environment of the IDC, the committee announced that it will lead a debate in the National Assembly on the possibility of a tax exemption to address what it believes is an anomaly affecting the IDC.

The committee also welcomed and endorsed the proposal for the establishment of a Venture Capital Fund dedicated to financing high-impact projects that contribute meaningfully to industrial transformation, economic growth and innovation in South Africa. The committee will explore and lead a discussion on the possibility of recapitalising the IDC, including through direct engagement with the South African Reserve Bank, to strengthen the IDC’s capacity to support large-scale developmental and industrial initiatives.
 
The committee called for high impact national projects like revitalising refineries that have since closed and supporting new entrants into the oil and gas sector, smelters and industrial furnaces to propel industrial development in South Africa.
 
Finally, the committee called on the IDC to immediately attend to, address and report back on all matters brought before it. This includes investigating and providing a comprehensive report on the Business Rescue Practitioner's earnings related to Tongaat Hulett.

Issued by the Parliamentary Communication Services on behalf of the Chairperson of the Portfolio Committee on Trade, Industry and Competition, Mzwandile Masina