Breakfast meeting on “Commercial Investments as a tool for Development,” organized by the think-tank Civita.
Bill Gates, in Norway to try to secure continued funding for his foundation’s aid programs, started out by giving kudos to Norway’s wealth management strategy and aid generosity. He argued that it would be feasible for Norway to invest a small part of the oil money with a “dual goal” objective – investing in countries that are short on capital, and where the investments could both provide a financial return and help financing needed basic infrastructure (electricity, roads, agriculture). He ducked a couple of hard issues. On a question from Paul-Christian Rieber on how to deal with oppressive regimes, he said that it was up to the national governments themselves to set their own rules and that he believed in engaging with most countries. I wished he had been more specific about how to engage. On a question from journalist Maria Berg Reinertsen on challenges related to taxation, Gates only said that planning was fair. A more helpful response was given by State Secretary Jon Gunnar Pedersen, who pointed out that tax issues had to be dealt with at an international government level. Pedersen cut a good figure, and also noted that the pension fund already do have investments in the areas that Gates were talking about, such as Sub-Saharan Africa, and that we have Norfund, a government fund whose aim is specifically to invest for development.
While this meeting was about investments, Gates’ next meeting of the day was with the new Prime Minister. Probably hoping that her people would note, he was crystal clear that aid was much more important.