Chairman of Chaudhary Group Binod K. Chaudhary has stressed on the need for significantly increasing private sector spending on philanthropic projects.

"We need to recognize the importance of our societies' sustainability," Chaudhary said, addressing the Milken Institute Asia Summit in Singapore on Friday. "We, the private sector, should seriously reflect upon our contribution to the society that is so important to us." 

Rather than thinking of profit as the prime objective, the private sector should focus on doing sustainable and socially responsible business, Chaudhary told top business leaders attending the summit.

Chaudhary's remarks came at the backdrop of Chaudhary Foundation's ongoing CG Shelter and CG School projects in the earthquake affected districts of Nepal. Chaudhary was recognized with the 'Asian Man of the Year' award by We Care for Humanity, a U.S.-based humanitarian organization, at the U.N. Building in New York in August in recognition of his contribution to rehabilitate the earthquake survivors. 

Chaudhary also called upon the world business leaders to support Nepal's rebuilding effort post-earthquake. "Nepal is making effort for rebuilding. The business sector can definitely contribute toward this end. Let us join hands and help the country rebuild itself," he said.

Stating that the earthquake came as an unfortunate disaster for the people of Nepal, Chaudhary said that the country could nevertheless take the rebuilding effort as an opportunity for economic growth. "We are doing our best for rebuilding, but have been unable so far to take it forward as a catapult for economic development. We have this opportunity in hand, and we need to take it," he said.

Chairman and CEO of Singapore-based KS Energy Kris Wiluan, Founder and Chairman Emeritus of India-based Sobha Group P.N.C. Menon, and Founder of Room to Read John Wood were co-panelists with Chaudhary. CEO of J.P. Morgan Private Bank, Andrew L. Cohen, moderated the event.

Top leadership of private and non-government sector from across the world attended the prestigious annual summit.

The Milken Institute is a nonprofit, nonpartisan think tank working to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs and improve health. It conducts data-driven research, action-oriented meetings and policy dialogues toward that end.