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IDC to invest R12 bn in textile and clothing industry to bolster job creation

YarnsandFibers News Bureau 2016-06-09 11:00:00 – Africa

The Independent Development Corporation (IDC) is one of the exhibitors at Source Africa - the annual pan-African textile, clothing and footwear trade event currently taking place in Cape Town. The event brings together manufacturers, buyers, suppliers and service providers from across the continent, Asia and even the United States of America.

Traders from all over the continent and further afield are under one roof in Cape Town to promote African-made textiles to international buyers and to boost trade between African countries.

In 2016 the trade show has more of an international flavour with exhibitors from China and the USA. An exhibitor from US-Aid, Finn Holm-Olsen, said that investment into Africa keeps expanding. Four or five years ago it was really a struggle to get buyers to come to Africa. That is not a problem anymore - they are coming in their droves.

On the local front, the Independent Development Corporation said that it has invested about 12-billion rand in the textile and clothing industry in 2015.

IDC spokesperson, Shakeel Meer, said that the cash injection is aimed at bolstering job creation in the textile and clothing industry which has been shedding jobs.

As a country they know that the unemployment is the biggest challenge that they have got and the only way to resolve it is by starting up new businesses.

By expanding and they need to work with private sector to find those opportunities to identify sectors where they can grow and be competitive. However, after a difficult period, the textile industry appears to be stabilizing.

IDC is there to support textile and clothing in particular. They see opportunities for the industry to develop. It has stabilized and now some opportunity to grow. Source Africa has companies from the region, not only SA, opportunity to meet with some of these companies and maybe some will come to them for finance.

Source Africa to be held from June 7 to 9 at the Cape Town International Convention Centre coincides with the three day imbizo on the textile and clothing industry by the South African Clothing and Textile Workers Union.

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