By Nyein Nyein
SINGAPORE-based Green Urban Development Company will spend three per cent of its profit on Corporate Social Responsibility (CSR) activities, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
“At present, foreign investors in Myanmar are using only two per cent of their profit for CSR activities. But, Green Urban Development Company has declared that it will allocate three per cent for CSR measures. We will monitor whether the company follows through with the decision or not,” said U Thant Sin Lwin.
The Green Urban Development Company will invest US$142 million into Yangon urban development businesses, according to the DICA.
Foreign investors in Myanmar have come to prioritize CSR activities. CSR is a self-regulatory business model that involves philanthropic or voluntary activities such as donations for schools and roads. Additionally, it helps a company be socially accountable to itself, its stakeholders, and the public.
“CSR also helps to produce a positive impact on society. We do not set the amount of contributions,” said U Thant Sin Lwin.
The Myanmar Investment Commission (MIC) is scrutinizing investment proposals taking into consideration the rules and regulations, business responsibility, environmental impact, and social impact. (Translated by Ei Myat Mon)
