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Pat Moodley - Passionate about economic development
Passionate about economic development
Pat Moodley, the regional manager of the Industrial Development Corporation (IDC) for the KwaZulu-Natal region, is the well known face of the Durban office. Having previously worked for Standard Bank before joining the IDC, he holds a B Com degree in accounting, a National Diploma in Commerce and an MBA. Moodley has a very close knit family and is married with one son.
Being passionate about economic development and, more specifically seeing businesses grow to create employment opportunities, he obtains a great deal of personal fulfillment from his current role at the IDC. Having spent 16 years in various roles at the corporation, his work ethic is well aligned to his personal values. “The fact that my position allows me to in a way give back to society and contribute to the advancement of my province gives me great satisfaction,” says Moodley.
The IDC plays an important role as a catalyst by assisting entrepreneurs in developing and funding their businesses. Moodley says that through his line of work he is able to create a legacy that will have an impact on job creation, which is much needed in South Africa, especially in rural areas. “By creating sustainable employment opportunities, a multiplier effect is experienced in communities as not only the bread winner benefits, but also each of their dependents gain in the long run,” he adds.
Moodley has a specific interest in the clothing and textiles sector as he believes that revitalising this sector has great potential to have an impact on providing employment. He added that the sector is primarily focused at providing employment for women, which is an important focus area of the IDC.
Another focus is to ensure that all business enterprises financed are fully compliant with South African regulations. Moodley said, “We also proactively assess how
we can assist businesses. It is a challenge to ensure that we constantly work to empower people and their establishments, which may include identifying gaps that require attention or providing mentorship to assist the business to grow.” He said, “It is like a chair; if the one leg is wobbly than the whole business is unstable.” He added, “We try and understand the needs of our clients. It is important to realise that we are dealing with people, their emotions and expectations, which is not always easy.”
Moodley said, “The IDC is a responsible funder that assesses risk through due diligence exercises. As a developmental finance institution, we crowd in other financers as opposed to crowding them out. This allows joint financing by various financiers and the risk is mitigated between financiers, be it commercial banks or other development finance institutions.”
Moodley is justly proud of the IDC’s KZN regional office team. He said that without them, the KZN regional office would not be able to achieve as many successful outcomes as it does. He added, “The team drives the process on the ground and together we plan on how we can make a difference in our province. Together we achieve more. Everyone, from the receptionist, to the administrator and the other key staff, work together to drive economic development in the province.” He added, “We are very customer focused and ensure that we provide a high level of service.”
One of Moodley’s key objectives is to strategically identify and promote new business development for the IDC in KwaZulu-Natal, which will assist in job creation and poverty alleviation. He believes that the KZN province has many opportunities and that it is important to tap into these. He concluded, “We need to work together to ensure economic development in the region.”
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