The fourth edition of Sharjah FDI Forum, which kick-starts on 10th December, is set to address the definition of Corporate Social Responsibility, CSR.
Organised under the theme ‘Shaping the Future of Economies’, the forum will be addressing key CSR practices across two separate panel sessions; one titled “The Future of Chambers of Commerce”, scheduled to take place on the first day of the forum; the second titled “Sustainability beyond CSR” scheduled to take place on the second day of the forum.
Mohamed Juma Al Musharrkh, CEO, Sharjah FDI Office (Invest in Sharjah), said, “When it comes to CSR, the UAE ranks as one of the top philanthropic nations according to the ‘CAF World Giving Index.’ The country transformed CSR from charitable contributions to a full-fledged development initiatives on a national level, including the ‘National Strategy for the Year of Giving 2017,’ under the supervision of the Ministry of Economy.”
He continued, “The strategy aims to reach a comprehensive and sustainable national development mechanism through partnership between private and public institutions and plant the seed of CSR culture in the UAE. Currently, 400,000 companies are taking part in this national plan.”
Additionally, the UAE government launched a national CSR index, under the umbrella of the Ministry of Economy, to monitor corporates’ CSR commitment. Furthermore, the 2015 corporate regulation came into force which allows public shareholding companies to contribute through CSR what is equivalent to 2% of their net profit.
Many initiatives in the UAE were launched to regulate CSR. In February, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, issued a resolution that aims to place an organisational framework for national social responsibility and the mechanisms of documenting, managing and organising them. The framework includes the roles and responsibilities of concerned authorities as well as lays down incentives for companies who practices social responsibility.
According to global researches, the concept of social responsibility is the result of many challenges faced by companies, including rapid technological advances which compelled companies to develop their products as well as their employees’ skills. In view of the transition from manufacturing to knowledge-based economy, there is an increasing human capital interest.
In addition to challenges, governments from around the world are applying pressure on companies through issuing legislations and regulations to protect consumers, workers, and the environment. To maintain market presence and improve competitive advantages, the business community is bound to improve their efforts and build closer strategic relations with consumers, employees, business partners, environment-protection advocates, local communities and investors.
Organised in 2015, the Sharjah Foreign Direct Investment Forum is one of the world-leading economic and financial forums, and the largest FDI and investment forum of its kind across MENA.
The Fourth edition, organised by the Sharjah FDI Office (Invest in Sharjah), under the support of the Ministry of Economy, will take place on 10th to 11th December, at Al Jawaher Reception and Convention Centre in Sharjah.