Shell to increase investment in Malaysia by more than RM9 billion
KUALA LUMPUR: Shell will increase its investment in Malaysia by more than RM9 billion over the next two to three years, which is expected to create high-skilled jobs, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also the Finance Minister, said the plan was conveyed by Shell's Global chief executive officer Wael Sawan during a meeting today.
'This investment reflects international investors' confidence in our sound economic policies and clear leadership. Insya-Allah (God willing), Malaysia will continue to chart a prosperous and competitive future,' he said in a post on X today.
Anwar added that aside from being a prominent player in the global energy industry, Shell has long been a key investment partner and part of Malaysia's economic journey.
'I took the opportunity to share the MADANI Government's strategic approach in positioning Malaysia as a stable, sustainable, and resilient investment destination – not just for today, but for future generations,' the Prime Minister said, adding that Sawan had also expressed his confidence in the country's direction.
Earlier, Sawan was quoted as saying that demand for liquefied natural gas (LNG) in Southeast Asia – particularly in Malaysia, Brunei, the Philippines, and Thailand – is expected to grow steadily from now until 2035.
He said the surge in energy demand, driven by the expansion of data centres and artificial intelligence, can be met with LNG as a reliable energy source, especially amid geopolitical uncertainties.
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The Ministry of Investment, Trade and Industry (MITI) is especially pleased that our industrial reforms implemented under the New Industrial Masterplan 2030 have contributed to the jump in the rankings in terms of sub-factors such as domestic economy (+20); international trade (+11); international investment (+2); employment (+8); institutional framework (+11); business legislation (+4); productivity and efficiency (+19), and the labour market (+11). While there is still much room for improvement, this dramatic increase in the rankings is a strong validation that Malaysia's economy is on the right track and we are steadily regaining our competitive edge on the global stage. Reform engine: MITI's coordinating role This surge in competitiveness is not accidental. It is the result of intentional, coordinated, and at times, politically difficult reforms. It reflects a responsible governance approach under Prime Minister Datuk Seri Anwar Ibrahim's Madani Economy Framework, and the deft execution by the relevant economic ministries and agencies including MITI, which has led the implementation of Malaysia's revamped trade, investment, and industrial strategies. MITI's agency, the Malaysia Productivity Corporation (MPC), has led the coordination work on improving the WCR sub-factors across various ministries and agencies. At the heart of this leap is a more aggressive posture on bureaucratic reform and investment facilitation. MITI's leadership of the National Competitiveness Council (JKDSN), together with the Ministry of Finance, has driven whole-of-government efforts to streamline investment approvals, reduce regulatory burdens, ease investors' journey and modernise economic policy frameworks. 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Concurrently, in a world marked by rising protectionism, geopolitical realignments, and economic fragmentation, Malaysia's steady hand in policy continuity is increasingly appreciated by global investors. This competitiveness boost is also a strong endorsement of the New Industrial Master Plan (NIMP) 2030 along with its supporting policies such as the National Semiconductor Strategy and Green Investment Strategy – all of which prioritise high-value industries such as semiconductors, green technology, and digital economy as future growth pillars. Their implementation has already created stronger linkages between industrial policy and talent development, innovation incentives and sustainability goals. Rankings, of course, are not policy goals in themselves, but they do matter. They serve as confidence benchmarks to global markets, foreign investors, and multilateral institutions. A leap of 11 positions makes Malaysia more attractive as a business destination, especially for multinationals seeking resilient and progressive emerging markets in Asia. It also reflects how our institutions – empowered with the political will, mandate and right leadership – are perfectly capable of executing coherent reform agendas for the nation. The road ahead: Maintain the momentum This milestone is cause for celebration, but not for complacency. If anything, the real work begins now. While economic performance and trade efficiency have improved, there remain areas where Malaysia still lags – particularly in innovation capability, workforce productivity, digital transformation, management practices and workforce attitudes. There may be a need to complement structural reforms with human capital upgrades and culture shifts. Global digital and green transitions will require Malaysia to not only adopt new technologies but also to nurture a new generation of skilled, future-ready workers. Here, too, MITI's role will be pivotal. The ministry will continue working closely with education and human resource agencies to ensure that industrial strategies are matched by robust talent development and pipelines. Initiatives like 'Academy in Industry' programme by MPC, K-Youth under Khazanah Nasional, and upskilling programmes under HRD Corp, must be scaled and better integrated into the national competitiveness agenda. To sustain and further elevate Malaysia's position, it is worthwhile to draw inspiration from international best practices. For instance, Denmark's emphasis on workforce adaptability and lifelong learning ensures that its economy remains resilient and responsive to technological shifts. Meanwhile, South Korea's aggressive investments in research and development (R&D) and innovation ecosystems have positioned it as a global leader in advanced manufacturing and semiconductors. Malaysia should consider incorporating these elements such as agile regulatory sandboxes, performance based innovation grants, and a national work-integrated and lifelong learning agenda, as part of its next phase of competitiveness reforms. More importantly, Malaysia must shift from a primarily input-driven model to one rooted in productivity and innovation-led growth. This means significantly boosting investments in R&D, creating stronger linkages between academia and industry, and nurturing a vibrant startup ecosystem. Malaysia should also emulate countries that rank highly in competitiveness, such as Switzerland, South Korea, and Sweden, who lead in patents, intellectual property, and cutting-edge innovation globally. We can try to achieve this in strategic sectors such as advanced electronics, artificial intelligence (AI), clean energy, and biotechnology. Incentivising private sector innovation, reforming procurement to favour innovative solutions, and enhancing funding mechanisms for techpreneurs will be crucial steps forward. Innovation must be made the 'engine' of our long-term economic resilience and prosperity. It is imperative that we maintain this trajectory. The government has set a goal for Malaysia to be among the 'Top 12 Most Competitive Economies' by 2033. This is ambitious, but now, demonstrably achievable. It must be stressed that improved economic competitiveness means increased chances of attracting high impact investments which will create more job opportunities with higher wages. This latest ranking shows that Malaysia is not just playing catch-up, but also clearly positioning itself to lead especially in today's complex geo-economic landscape. Our message to the world has been clear and consistent: Malaysia is serious about economic reforms, open for business and ready for the challenges ahead. Ultimately, Malaysia's improved competitiveness is a function of political will and determined leadership. It shows what can be achieved when a government dares to reform and focus on making tough but necessary decisions for Malaysia's future prosperity. * Tengku Zafrul is Malaysia's Investment, Trade and Industry Minister. IMD World Competitiveness Ranking Miti Tengku Zafrul
