Warren Buffett, the chairman of the Berkshire Hathaway investment and insurance juggernaut, has called for his company to seek more overseas investments in the future. The suggestion was made as Mr Buffett also revealed plans to spend $30 billion on acquisitions.

While addressing a congregation of 24,000 in Omaha, Nebraska at the company’s annual general meeting, Mr Buffett said that Berkshire would look to spend $30 billion on acquisitions over the next three year, but he added that the US focused finance giant needed to invest more abroad.

The revelation comes as the investment and insurance outfit has $40 billion in cash ‘hanging around’. Meanwhile, the Berkshire chairman, who is keen to use most of this sum on acquisitions, said that he had a $15 billion deal currently in the pipeline.

In terms of potential targets, Mr Buffett is believed to be considering the energy sector, with Europe and Japan highly desired geographical options. Meanwhile, despite suffering significantly at the hands of last year’s Gulf of Mexico hurricane season, Mr Buffett said he still had a strong appetite for the insurance business, Reuters reported.

Meanwhile no successor to Mr Buffett, who is thought to be close to retirement, has been selected as yet. The chairman has stated that he would like his son Howard to become non-executive chairman, as a ‘double protector’ of Berkshire’s culture.