Countries outside the EU that refuse to take back irregular migrants risk tighter visa restrictions to Europe, the bloc's interior ministers agreed on Thursday.
They reached consensus that the system, in place since 2020, "should be fully used" to boost the number of migrants returning home after their asylum applications fail, said Sweden's Migration Minister, Maria Malmer Stenergard.
Sweden currently holds the EU presidency and chaired the meeting in Stockholm.
"Should intensified political and diplomatic efforts not produce the desired results, member states call on the Commission to come back to the Council with proposals on visa restrictions," Ms Malmer Stenergard said.
The tougher line was reflected in a letter European Commission President Ursula von der Leyen sent to leaders of EU countries on Thursday, before a February 9-10 summit that will discuss the issue.
Ms Von der Leyen said EU member states could sign up to a pilot scheme over the first half of this year to speed up screening and asylum procedures for eligible migrants, and "immediate return" for those not deemed to qualify.
Migrants cross from Morocco to Spanish enclave of Melilla - in pictures
She said she wanted the EU to draw up a list of "safe countries of origin", and for the bloc to strengthen border monitoring on the Mediterranean and western Balkans routes migrants use to get to Europe.
The EU planned to put in place migration deals with countries such as Bangladesh, Pakistan, Egypt, Morocco, Tunisia and Nigeria "to improve returns … and to prevent departures", Ms Von der Leyen said.
In Stockholm, EU home affairs commissioner Ylva Johansson said many of the bloc's member countries were under "huge pressure", receiving nearly one million asylum applications last year.
Migrant children rescued in French waters - in pictures
Capacity was further stretched by the EU hosting nearly four million Ukrainian refugees who had fled Russia's war in their country, she said.
European Commission statistics show a low rate of effective returns.
In 2021, out of 340,500 orders for migrants to be returned to their countries of origin, only 21 per cent were carried out.
The EU funds various reintegration programmes in countries that readmit their citizens who have been denied asylum in Europe.
These are separate from deportations or forced returns based on a court or administrative order, which are often carried out under escort and typically do not include in-country assistance.
Sweden, the government of which relies on a far-right party, the Sweden Democrats, to stay in power, wants EU countries to use visas, foreign policy and development aid to press outside countries on the returns issue.
So far, the EU has applied the visa restriction against only one country: the Gambia, for whose citizens obtaining a Schengen visa is more difficult and costly.
Afghan migrants in France set sights on the UK – in pictures
The commission in 2021 proposed the mechanism be extended to Bangladesh and Iraq, but that has not happened.
Ms Johansson said after a November visit to Bangladesh that the threat of the visa sanctions had prompted Dhaka to become more "politically open" to accepting irregular migrants back from Europe.
The overall tone on migration has hardened in Europe since 2015-2016, when it took in more than a million asylum-seekers, most of them Syrians fleeing the war in their country.
The bloc in 2016 struck a deal with Turkey to prevent much of the onward passage of irregular migrants into Europe.
Austria backs the strengthening of a fence built along the border of EU member Bulgaria with Turkey to further reduce the flow of asylum-seekers.
Afghan migrants detained in Turkey - in pictures
Austrian Chancellor Karl Nehammer said on Monday, during a visit to that border region, that the fence would cost about €2 billion ($2.18 billion) and called on the European Commission to fund it.
The commission has been reluctant to do that, emphasising instead the role of Frontex, the bloc's border patrol agency, which EU member states can call on.
"It's about strengthening the fence that is there," Mr Nehammer said in Vienna on Thursday.
"The commission categorically says, 'No, there is no money for fences'. That can't be the final word."
The current system to manage asylum and the visa-free Schengen zone had failed, he said.
Ms Johansson said she objected to the fence proposal on financial grounds, as the European Council representing member states had cut her department's budget for the 2021-2027 cycle.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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