Foreign investors spend over Rs20 billion in CSR activities during 2018

Foreign investors spend over Rs20 billion in CSR activities during 2018

KARACHI: The foreign investors who are members of the Overseas Investors Chamber of Commerce and Industry (OICCI) have invested in excess of Rs20 billion during the past twelve months in the socio-economic development activities in Pakistan.

 Giving details, Irfan Wahab Khan, President OICCI informed that ‘the OICCI CSR Report 2018’ has been issued highlighting extensive financial and non-financial contribution of the existing foreign investors which has collectively reached out to over 60 million direct beneficiaries throughout Pakistan by a direct investment of Rs6 billion in financial terms and of 1.2 million of human hours.

In addition one of OICCI member, Novartis Pharma (Pakistan) Limited has, in coordination with its major overseas shareholders, invested USD 140 million (Rs15 billion) under the Novartis Access Program to provide medicines to treat important non-communicable diseases (NCDs) in low to lower middle income groups in Pakistan.

In terms of specific social sectors, Irfan Wahab Khan commented: “Human Capital Development and Health & Nutrition remained key focus areas. Around 87 percent of the members were involved in human capital development initiatives.”

Many of the members have funded new school facilities and made contributions towards vocational training programs for skills development of the youth, he added.

“Health and Nutrition related initiatives were supported by 85 percent of the members through donations to reputable hospitals, medical/blood/eye care camps and health awareness campaigns,” he said.

Infrastructure Development was also one of the areas of interest and 61 percent of the members assisted in development of infrastructure in the vicinity of their respective major operating facilities.

Secretary General OICCI M. Abdul Aleem said that “Over the last few years, there has been a noticeable enhancement in the sustainability and CSR initiatives by the OICCI members in diversified fields through a proactive engagement between business and all stakeholders in the society.

The increasing importance given by business entities to CSR has resulted in the expansion of a number of social services, most importantly in the field of education, healthcare, community development, environment and infrastructure development.

The efforts of the private sector to reach out to the underprivileged sections of the population through a number of CSR and sustainability initiatives, is not only becoming more and more visible, but is also being recognized by the civil society.

Abdul Aleem informed that the OICCI members had engagement with over 160 social and development sector organizations in some of the key social development initiatives of member companies.

As in the past, the CSR activities were spread all over the country with 35 percent of these activities focused in Sindh, 28 percent in Punjab, 12 percent in Khyber Pakhtunkhwa, 10 percent in Baluchistan, and 15 percent in FATA, Gilgit-Baltistan and Azad Kashmir.

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