The Public Investment Corporation (PIC) has officially renewed its strategic partnership with the Industrial Development Corporation (IDC) by signing a new Memorandum of Understanding (MoU) to accelerate the nation’s economic development.
The agreement strengthens a long-standing collaboration focused on driving transformative projects across South Africa through co-investment and shared expertise. This renewed pact builds directly on the successes of a previous MoU that was in effect from 2012 to 2017.
The partnership is set to fast-track progress in several strategic sectors deemed critical to the country’s reindustrialisation agenda. Key areas of focus will include green hydrogen, critical minerals, electric vehicles, advanced manufacturing, and high-value agriculture.
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The collaboration underscores the PIC’s commitment to leveraging institutional capital for meaningful economic impact, stimulating growth, and supporting sustainable job creation. Past joint initiatives have already yielded significant results, including the launch of the PIC Green Bond and UIF Fund 2, which contributed to economic recovery and job preservation. Officials confirmed that plans are already advancing for a UIF Fund 3 to further bolster employment and development in key sectors.
Patrick Dlamini, CEO of the PIC, hailed the renewed agreement as a milestone. “This renewed MoU strengthens a partnership that has already delivered tangible impact,” Dlamini stated. “It reflects our shared vision of harnessing institutional capital to drive inclusive economic growth, foster innovation, and support South Africa’s journey towards sustainable reindustrialisation.”
The renewed MoU marks a pivotal step for the PIC as it continues to demonstrate leadership in mobilising capital to deliver what it calls “measurable and lasting economic impact,” with the ultimate goal of shaping a more prosperous future for South Africa and the wider continent.
