George Soros (Soros Fund Management Founder) – Keynote Remarks (2016)

Chapters

Abstract

Addressing the Global Refugee Crisis: George Soros’ Comprehensive Investment Initiative

Investing in Hope: Soros’ $500 Million Pledge to Support Refugees and Migrants

In a bold move to address the escalating refugee crisis, George Soros, a renowned investor and philanthropist, has pledged to invest up to $500 million in startups and enterprises owned by refugees and migrants. This strategic initiative, announced at the Private Sector Summit on Migrants and Refugees, aims to create economic opportunities, foster integration, and tackle the root causes of displacement. Soros, a refugee himself, brings personal empathy and a deep understanding of the challenges and opportunities that accompany such a status. His foundations have actively supported refugee-related causes globally, including the Rohingya crisis in Asia and assisting unaccompanied children in the United States.

Background:

George Soros is not only a renowned investor but also a fervent advocate for various challenging causes, including refugees and migration. His foundations donate $850 million annually to programs in over 100 countries. Soros’ passion for refugees and migration stems from his personal experience as a refugee, which influences his dedication to this cause. He experienced better treatment as a refugee in the past compared to the current situation.

New Initiatives:

Soros announced a $500 million investment initiative from his private capital to support startups and enterprises owned by refugees and migrants. These businesses should address challenges related to refugees and migration. He also announced a smaller initiative related to private sponsorship of refugees.

Strategic Investments for Sustainable Solutions

Soros’s commitment goes beyond philanthropy; it’s a strategic investment in sustainable solutions. With a focus on profitable ventures, this initiative spans various sectors, including digital technology. It aims to empower not only startups but also established companies and social impact initiatives led by refugees. The underlying principle is clear: investments should benefit refugees and host countries alike, creating a symbiotic relationship that addresses economic and social challenges.

Investment Initiative:

Soros’ $500 million investment addresses the refugee crisis comprehensively, focusing on startups, established companies, social impact initiatives, and businesses started by refugees and migrants. Sectors include digital technology and others. The aim is to demonstrate sustainable and enduring investments to improve prospects for migrants and host countries.

Ensuring Benefits to Migrants and Refugees:

To ensure the initiative’s effectiveness, Soros emphasizes collaboration with organizations like the UN Refugee Agency and the International Rescue Committee. These partnerships are crucial in establishing guiding principles for investments and assessing the success of the initiative. Such ethical investments are pivotal in creating a sustainable impact on the lives of refugees and migrants.

Ethical Investments and Global Partnerships

To ensure the effectiveness of this initiative, Soros emphasizes collaboration with organizations like the UN Refugee Agency and the International Rescue Committee. These partnerships are crucial in establishing guiding principles for investments and assessing the success of the initiative. Such ethical investments are pivotal in creating a sustainable impact on the lives of refugees and migrants.

The Emma Lazarus Fund:

Soros established the Emma Lazarus Fund in 1997 to address migration issues in the United States.

Motivation for the Investment Initiative:

President Obama’s call to action inspired Soros to involve US companies in addressing challenges related to refugees and migration. The initiative aligns with the foundation’s growing conviction that supporting refugee- and migrant-owned businesses can create positive change.

Addressing the European Refugee Crisis and Beyond

The European refugee crisis, a complex and multifaceted issue, requires more than just financial investments. Soros critically evaluates the EU-Turkey agreement, identifying its deficiencies and emphasizing the need for comprehensive solutions. His seven-pillar plan to address the crisis includes measures like admitting a significant number of refugees into the EU, stimulating economic growth, and creating a welcoming environment for economic migrants.

European Refugee Crisis:

Previous efforts to reform the European asylum system were unsuccessful due to complex political dynamics and anti-European and xenophobic movements. The current focus is on preventing the disintegration of the European Union.

Turkey Agreement:

Soros criticizes the EU-Turkey agreement for being non-European, severely underfunded, and transforming Greece into a de facto holding pan. The plan is not voluntary and imposes quotas that many member states and refugees oppose.

Comprehensive Plan for the Refugee Crisis:

Soros’ plan comprises seven pillars:

– EU to take in a substantial number of refugees (minimum 300,000 annually) in a secure and orderly manner

– EU to regain control of its borders and generate economic growth

– Common mechanism for border protection, asylum camps, and refugee relocation

– Voluntary matching mechanism for relocating refugees, learning from Canada’s approach

– Greater support to countries outside the EU hosting large numbers of refugees

– Offer far greater support to countries outside its borders that host a large number of refugees

– Creation of a welcoming environment for economic migrants to contribute to innovation and development

Jordan: A Strategic Partner in Refugee Support

Highlighting the significance of Jordan as a strategic partner, Soros underscores the importance of investing in countries that are directly affected by the refugee crisis. Jordan’s forward-looking government and its potential for investment align well with the criteria of Soros’s $500 million program. This approach not only aids refugees but also supports the host country’s economy, creating a model for other investors to follow.

Efforts to Realize the Vision:

Soros’ plan is comprehensive, emphasizing collaboration, investment, and systemic reforms. The investment initiative, focus on Jordan, and detailed plan pillars highlight the commitment to finding sustainable solutions. The plan aims to improve the lives of migrants, refugees, and host countries while fostering economic growth and stability.

Soros Foundation’s Initiatives:

The Soros Foundation engages in various activities worldwide, including providing education support to refugees in Turkey and Europe. The foundation’s migration grant-making program aims to improve conditions for migrants and host communities globally.

Collaboration with Canada and the UNHCR:

Soros highlights Canada’s success in integrating refugees and commends the UNHCR’s efforts in defending refugees’ rights. The foundation aims to promote Canada’s model of private sponsorship for refugees in other countries. This joint initiative involves a modest contribution of hundreds of thousands, not millions, from the foundation.

Global Support and the Canadian Model of Integration

The Soros Foundation extends its support beyond financial investments. Collaborating with the Canadian government and the UNHCR, the foundation promotes the Canadian model of private refugee sponsorship worldwide. This model, known for its success in refugee integration, emphasizes the role of citizens in creating a welcoming environment for refugees.

Call to Action:

Soros emphasizes the urgency of addressing the refugee and migration crisis, stating that there is no time to spare. He urges everyone to work together to achieve the desired progress in this area.

Strategic Dialogue and Closing Call to Action:

Gregory Maniatis announces the start of the strategic dialogue session, limited to invited participants. A second registration process will take place in the lobby for those attending this session. All attendees are invited to join the closing call to action at 5.45 p.m., where a summary of the day’s discussions will be presented.

In conclusion, George Soros’ comprehensive approach to addressing the refugee crisis combines strategic investments, ethical guidelines, and a collaborative plan involving Europe, Africa, and other affected regions. It’s an initiative that goes beyond traditional philanthropy, aiming to create lasting change through economic empowerment and strategic partnerships. As the world grapples with the complexities of the refugee crisis, Soros’s approach offers a blueprint for how the private sector can play a significant role in resolving one of the most pressing issues of our time.

Notes by: Ain