CAIRO: It is necessary to develop a unified vision for private sector involvement in social responsibilities, human development and poverty reduction, said a recent report published by the Ministry of Investment.
The report states that private sector companies can take part in reducing poverty by paying attention to the poor as a major part of their agenda, the Ministry of Investment’s press office told Daily News Egypt.
In coordination with the United Nations Development Program (UNDP), the Ministry of Investment published a report on corporate social responsibility titled Business Sector Solutions for Human Development.
The report comes within the ministry s initiative to encourage the private sector to take part in improving the living conditions of people in lower-income brackets, to combat poverty and to improve the overall status of human development in Egypt.
Although the private sector has already shown strong commitment in overcoming obstacles that hinder social and economic development, it still considers these activities as additional or voluntary, the ministry said in a statement.
Although the human resources base is one of Egypt’s major assets and despite valuable input by some large companies in human development efforts, there is a lot to be done in order to have all business institutions take part in development, said Minister of Investment Mahmoud Mohieldin.
The report calls on the private sector to step up efforts to confront the development pressures of a growing population and meet the budget deficits of the public sector.
The report sheds light on the international experiences of private sector involvement in development, juxtaposed next to Egypt s efforts in the field. It reviews the business community in Egypt and points out how companies can take part in achieving development goals via private institutions.
Prepared by a team of experts and academics in cooperation with non-profit private institutions, the report also discusses the role of NGOs, business associations, chambers of commerce, businessmen unions and international agencies in organizing development efforts
Mohieldin encouraged businesses to cooperate with the Ministry of Investment and the UNDP in enhancing corporate social responsibility programs in Egypt through the Egyptian Institute of Directors.
