Job Creation is the Only Long-Term Solution

Job creation through profitable investments is presented as the sole sustainable solution to mitigate migration pressures toward Europe, according to Erik Sandersen, CEO of Norfund. He argues that poverty reduction achieved through investments that generate employment ultimately serves Europe's own interests by addressing a root cause of migration.

Sandersen acknowledges migration researcher Jørgen Carling's warning that development cooperation focused narrowly on migration might yield less development for the money. However, Sandersen clarifies that his proposal is not about redirecting Norfund's investments or Norwegian aid away from development. Instead, he emphasizes that the poverty reduction resulting from job-creating investments is a long-term strategy that indirectly reduces the incentive for people to migrate.

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My point is that the poverty reduction we contribute through profitable investments that create jobs is also in our own interest – partly because it is the only thing that can permanently reduce the migration pressure towards Europe in the long run.

While Carling may be correct that the impact on young people's immediate desire to emigrate might not be instantly quantifiable in short-term studies, Sandersen insists that job creation is the only viable path toward a future where individuals do not feel compelled to risk their lives crossing the Mediterranean Sea. This perspective frames development aid and investment not just as humanitarian efforts but as strategic measures for global stability and European security.

The underlying principle is that economic opportunities within a person's home country are the most effective means of preventing forced migration. By fostering environments where profitable businesses can thrive and create jobs, the need to seek better prospects elsewhere is diminished. This approach underscores the interconnectedness of global economies and security, suggesting that investing in development abroad yields tangible benefits at home.

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But if we want a world in the long term where no one is willing to risk their lives to cross the Mediterranean, job creation is the only solution.