Malaysia’s future economy can no longer rely on natural resources

Malaysia’s future prosperity cannot rest on the country’s natural resources and conventional industrial strength, Economy Minister Akmal Nasrullah Mohd. Nasir said. The next phase must be driven by advanced technology, new innovation, intellectual property and specialized solutions.

Speaking at a discussion on “Shared Prosperity: Capturing Wealth Beyond Oil and Gas” during OGA 2026 in Kuala Lumpur, Akmal said the government had set a clear change of direction through the 13th Malaysia Plan. Development would focus on industries with greater impact and higher value.

“For the past 15 years, we have benefited from abundant natural resources and being on the right industrial track, to the envy of other countries,” he said. “Moving forward, the true value of prosperity goes beyond those basic strengths.”

He said energy should no longer be treated as a separate sector. It should support advanced areas such as the digital economy and artificial intelligence, allowing Malaysia to secure higher economic returns.

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For the past 15 years, we have benefited from abundant natural resources and being on the right industrial track, to the envy of other countries. Moving forward, the true value of prosperity goes beyond those basic strengths.

The minister also challenged domestic oil and gas services and equipment companies to move beyond their comfort zones. Their dependence on the domestic market and the Petronas ecosystem, he said, should give way to efforts to export technical expertise and domestically developed digital solutions.

“ Our local workforce and expertise have proven that they meet international standards. The main issue now is how to scale up businesses and have the courage to enter overseas markets,” he said.

Malaysian OGSE companies already play an important role in the country’s oil and gas ecosystem. Akmal said their experience should now be converted into technology-based solutions and original products that can compete in international markets. Economic resilience, he added, would depend on placing Malaysia higher in more complex global value chains through technology adoption and innovation.

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Our local workforce and expertise have proven that they meet international standards. The main issue now is how to scale up businesses and have the courage to enter overseas markets.