KUALA LUMPUR (Sept 14): Prime Minister Datuk Seri Najib Tun Razak said Malaysia's state-owned Employees Provident Fund and Khazanah Nasional Bhd's move to increase investments in US assets was expected to reap huge returns as the money will be invested in infrastructure redevelopment and technology companies there.
Bernama's report today quoted Najib as saying the EPF's investment in the US would reap huge returns, which will translate into dividends for workers in Malaysia.
He said Malaysia's investments in US high-technology companies aim to make these companies Malaysian-owned assets, which will yield higher returns in the future.
"So it's not one-way street," Najib told reporters, who were covering his visit in the US.
"Malaysia is now a capital exporter and the situation is the same when the US is investing in Malaysia. The fact that we're now becoming an exporter of capital is indicative that Malaysia is a successful nation," Najib said.
As such, the impression that the EPF and Khazanah's US investments is a waste of Malaysian public funds is wrong, according to Najib.
"I want to explain because the people that are spinning them said we wanted to contribute and did not get anything in return … (that's) not right," he said.