The Employees Provident Fund's (EPF) investment in the United States is part of its global investment strategies to enable contributors to enjoy higher dividends, said Najib Abdul Razak.
The prime minister said the US investments have brought higher returns of 11.1 percent to the EPF compared with about 7.0 percent when investing in the local market.
“Those who benefit (from the US investments) are employees, EPF contributors (from) your dividends. So, we must have a global strategy to invest in the US. This is nothing new, it started since 2008," he said at the "Jom Bersama TM" event in Kuala Lumpur today.
Najib said the overseas investments would increase from time to time with the investment decision made by the EPF Investment Committee and not by the prime minister or politicians.
"I did not direct it (the agency), but I called for the investments made to be based on best returns plus low risks. We have to balance between the two criteria.
"When we invest and get profits, we will repatriate (the money). As for the investment made by Khazanah (Nasional Bhd) in AliBaba (Group), it has earned more than US$1 billion," he said, chiding detractors who misled and inflamed the people on EPF’s investments in the US.
“When I was invited by President Donald Trump to the White House, I went there to represent a successful country. I was there not to kneel or ask for alms or loans from him (Trump).
"I went there to inform him that our country has the ability to become a global investor," he said.