Billionaire entrepreneur George Soros responded to President Obama’s call for U.S. companies to take a key role in the burgeoning refugee crisis by setting aside $500 million to address migrant businesses and needs.
“Migrants are often forced into lives of idle despair, while host countries fail to reap the proven benefit that greater integration could bring,” Soros wrote in a recent editorial published in The Wall Street Journal.
Soros contends that while government plays a key role by creating and maintaining a country’s social and physical infrastructure, the private sector’s involvement plays a critical role, too. George Soros’ plan helps create new businesses and puts people to work immediately, fostering economic growth in the country in which refugees settle.
“I will invest in startups, established companies, social-impact initiatives and businesses founded by migrants and refugees themselves,” he stated in his editorial.
Although his main business focus remains in Europe, Soros said he’ll fund refugee startups worldwide in an effort to show the key role of private capital’s effect on helping migrants and their host countries, reports Politico. The investor opines the failure to develop ineffective economic policies to handle the increased immigration flow that contributes to continued political instability and “human misery.”
George Soros also turned his focus and contributions to the U.S. recently to fund a group working to defeat the re-election of Arizona’s Maricopa County Sheriff Joe Arpaio. Arpaio opposes illegal immigration. In October, federal prosecutors charged the sheriff with contempt of court when he violated a court order “to halt discriminatory policing practices.”
George Soros contributed $2 million to the political action committee Maricopa Strong which targeted defeat of Arpaio in the November 2016 elections. The PAC also received donations of $500,000 Laura and John Arnold of Centaurus Advisors, LLC and $250,000 from Laurene Powell Jobs, wife of the late Apple co-founder Steve Jobs. Former Phoenix police sergeant Paul Penzone won the election by 10 points, according to KTAR.
Soros sympathizes with the plight of immigrants.
“Migrants are often forced into lives of idle despair, while host countries fail to reap the proven benefit that greater integration could bring,” he wrote.
George Soros founded the philanthropical organization Open Society in 1979 to foster the develop of an open society, a society that respects individual rights, holds government accountable, and encourages the truth. The foundation supports and partners with other organization and funds projects in more than 100 countries. Its first project was college scholarships to black South Africans under apartheid.
Read more from George Soros over at Bloomberg