Industrial Development Corporation (IDC)

The Industrial Development Corporation (IDC) was a pivotal institution in Dominica’s economic development landscape. Established in the post-independence era, the IDC was tasked with promoting industrial growth, diversifying the economy, and reducing reliance on traditional agricultural exports. Its formation marked a strategic shift towards fostering local industries and attracting foreign investment to stimulate economic progress.

Mandate and Objectives of the Industrial Development Corporation (IDC)

The IDC’s primary objectives included:

• Encouraging the establishment and expansion of manufacturing enterprises.
• Providing support services and incentives to local and foreign investors.
• Facilitating access to financing and technical assistance for industrial projects.
• Collaborating with government agencies to streamline investment processes.

By focusing on these areas, the IDC aimed to create a conducive environment for industrial development, job creation, and economic diversification.

Transition and Legacy of the IDC

In 1988, recognising the need for a more integrated approach to economic development, the government enacted the National Development Corporation Act No. 17 of 1988, merging the IDC with the Dominica Tourist Board to form the National Development Corporation (NDC). This new entity continued the IDC’s mission while also promoting tourism, reflecting the growing importance of the tourism industry to Dominica’s economy.

The IDC’s legacy is evident in the foundation it laid for subsequent economic development initiatives. Its efforts in promoting industrialisation and attracting investment contributed to the diversification of Dominica’s economy and set the stage for future growth and development.