“In terms of power and influence, you can forget about the church, forget politics. There is no more powerful institution in society than business… The business of business should not be about money, it should be about responsibility. It should be about public good, not private greed.”
-Anita Roddick, Business as Usual
Corporate Social Responsibility (CSR) in Norway:
The Norwegian government views transparency and sustainability disclosure as instrumental in building and maintaining trust between society and companies. The government also acknowledges corporate transparency as an important means for stakeholders to understand the impact of companies’ operations and their management strategies. How Norway CSR Programs Can help the Healthcare Sector in Pakistan.
The Ministry of Finance is in charge of overseeing the adoption of the legislation and any transitional measures that are required. It is expected that draft regulations pertaining to such exemptions will be sent for public consultation later this year.
The key drivers for (Corporate Social Responsibility) CSR and sustainability reporting in Norway are based in respect of human rights, and the acknowledgment of the need to address environmental concerns and combat corruption. The focus of the financial sector on responsible investment has also been a major driver for the development of CSR policies in the country.
The petroleum industry is exemplary in Norway which is strictly regulated and highly taxed, and for the Hammerfest municipality, the property tax from Statoil’s onshore facility ensures a significant boost to local income, enabling big investments in schools, a cultural center, and infrastructure, amongst other things.
Norway has proven itself as a leader in the field of (Corporate Social Responsibility) CSR policy, showing that responsibility for sustainability is shared between business and the state. In 2009, the government launched its first national White Paper on CSR. The paper placed CSR firmly in the context of global sustainability challenges and clarified the roles and responsibilities of government, civil society, and the private sector when it comes to reporting sustainability performance. The Paper also explains how GRI’s Guidelines can be used to fulfill companies’ responsibilities for transparent disclosure on key sustainability issues.
How Norway’s CSR Programme Can Help the Healthcare Sector in Pakistan:
Red Cross Society (RCS) of Norway has donated a Medical Response Vehicle (MRV) to Pakistan Red Crescent (PRC-Sindh) to help expand health care services in far-flung areas of the province. Through this program, The Red Crescent Society has developed capacities to reach all corners of Sindh and help provide basic health support to people in need.
The Norwegian Red Cross donations will help people belonging to remote areas and meet their healthcare needs at their doorsteps.
In recent years, Norway’s development assistance to Pakistan has reached an annual level of USD 20-25 million, with roughly half of that furnished bilaterally and a half through multilateral channels. However, since 2016, bilateral assistance has been somewhat reduced. Total Norwegian development assistance to Pakistan over the years amount to some USD 625 million.
The priority sectors are education, women and gender equality, human rights, and prevention and mitigation of natural disasters. For reasons of efficiency and manageability, it is the Embassy’s policy to support fewer, but larger projects, preferably in cooperation with other donors.
Norway and Pakistan has very cordial relations. Both countries enjoy cordial relations based on the commonality of views on a number of important issues. It is encouraging to note that the relations between them are following an upward trend. There is a need to make more concerted and sector-specific efforts to enhance economic cooperation between the two countries.
Humans can never be immune to the need for medicine which indicates why the pharmaceutical industry is growing with every passing day in Pakistan. Many industries are locally operating in Pakistan like Novartis Pakistan but at the same time, there are multinational companies too like GlaxoSmithKline. Many doctors nowadays prefer to go for medicines made by top pharmaceutical companies is that their budget on research and making new medicines is quite high. This is why their outcomes are relatively better and reliable, especially when it comes to treating serious illnesses.
The market size of pharmaceuticals in Pakistan is now $3.2 billion and it’s increasing each day making it a considerable market for foreign investment. Now that Norway is ready to take all steps to expand its ties with Pakistan for the socio-economic development of the country and is more interested in investment than the trade-in Pakistan, therefore it should go for the Pharmaceutical industry in the first place.
Conclusion – Norway’s CSR Programs:
It’s no secret that (Corporate Social Responsibility) CSR policies can impact buying decisions where customers seek to make an ethical purchase. This, in turn, can lead to greater profits for a business. However, building a highly regarded and trustworthy reputation is more valuable in this instance, and observers appreciate that social responsibility initiatives take time to establish and manage.
When the importance of social responsibility is recognized as part of a business’s foundation, the impact of such endeavors can have life-changing consequences for recipients of aid and, equally, instill a sense of pride in the people who support and work toward its growth. A business can grow with or without social responsibility, but doing good for others allows a business to reap rewards in many ways.