Tuesday, April 7, 2020

OICCI members invested Rs 20 billion in twelve months:  CSR report reveals

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
The leading foreign investors who are members of the Overseas Investors Chamber of Commerce and Industry (OICCI) have invested in excess of PKR 20 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 Rs 6 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 (PKR 15 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% 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. Health and Nutrition related initiatives were supported by 85% of the members through donations to reputable hospitals, medical/blood/eye care camps and health awareness campaigns.

 

Infrastructure Development was also one of the areas of interest and 61% of the members assisted in development of infrastructure in the vicinity of their respective major operating facilities.” The Secretary General OICCI, M. Abdul Aleem, added 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.

 

” Overseas Investors Chamber of Commerce and Industry (OICCI) have invested in excess of PKR 20 Billion during the past twelve months in the socio economic development activities in Pakistan”  Irfan Wahab Khan

 

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.” OICCI members , Abdul Aleem informed “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% of these activities focused in Sindh, 28% in Punjab, 12% in Khyber Pakhtunkhwa, 10% in Baluchistan, and 15% in FATA, Gilgit-Baltistan and Azad Kashmir”.

 

These CSR activities, interwoven with the highest level of ethical standards and transparency, were carried out through philanthropic contributions, as well as through active engagement of the human resources of the staff of OICCI member companies, by adopting newer and smarter ways and means to fill the gaps in the growing social needs of the country.

 

The OICCI is the collective voice of top 200 foreign investors in Pakistan, who have a very rich history of contributing towards the socio-economic development of Pakistan. The OICCI is the largest chamber of commerce in Pakistan in terms of economic contributions as its members are among the largest contributors towards the tax revenue and investment in the country.

 

During 2018 alone, OICCI members invested over $ 2.7 Billion in Pakistan and account for roughly one third of the tax collected in the country.

 

 

 

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

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