Foreign investors spend over Rs20 billion in CSR activities during 2018

Foreign investors spend over Rs20 billion in CSR activities during 2018

Foreign investors who are part of the Overseas Investors Chamber of Commerce and Industry (OICCI) have collectively invested more than Rs. 20 billion under corporate social responsibility (CSR) in Pakistan over the past year, according to Irfan Wahab Khan, President of OICCI.

The OICCI recently released its ‘OICCI CSR Report 2018,’ highlighting the substantial financial and non-financial contributions made by foreign investors. These contributions have reached over 60 million direct beneficiaries across Pakistan, with a direct investment of Rs. 6 billion in financial terms and the equivalent of 1.2 million human hours.

Notably, one of the OICCI members, Novartis Pharma (Pakistan) Limited, in collaboration with its major overseas shareholders, has invested USD 140 million (equivalent to Rs. 15 billion) under the Novartis Access Program. This initiative aims to provide essential medicines to treat non-communicable diseases (NCDs) for low to lower-middle-income groups in Pakistan.

Irfan Wahab Khan emphasized the focus on human capital development, health, and nutrition in their contributions. Approximately 87 percent of OICCI members have been involved in human capital development initiatives, including funding new school facilities and supporting vocational training programs for youth skill development.

Furthermore, health and nutrition-related initiatives have been supported by 85 percent of OICCI members. This support includes donations to reputable hospitals, medical, blood, and eye care camps, as well as health awareness campaigns.

Infrastructure development has also been a notable area of interest, with 61 percent of OICCI members participating in the development of infrastructure near their major operating facilities.

M. Abdul Aleem, Secretary General of OICCI, highlighted the growing emphasis on sustainability and corporate social responsibility (CSR) initiatives by OICCI members. He noted that businesses are actively engaging with stakeholders and communities, resulting in expanded social services. These initiatives cover education, healthcare, community development, environmental protection, and infrastructure development.

The private sector’s commitment to reaching underprivileged segments of the population through CSR and sustainability initiatives has gained recognition and support from civil society.

Abdul Aleem further informed that OICCI members have partnered with over 160 social and development sector organizations in various social development initiatives. These CSR activities have been widespread across the country, with 35 percent of efforts 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.

The concerted efforts by foreign investors, as part of the OICCI, are contributing significantly to socio-economic development in Pakistan and helping improve the lives of millions of people across the nation.

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