Malaysia is currently poised to introduce its Science, Technology and Innovation (STI) Policy and Act to bolster the nation's efforts at economic and social transformation. In championing this initiative, the Academy of Sciences Malaysia, while continuing to advise the Government on STI issues of the day, has made major strides in taking stock of the country's STI strengths in the various sectors of the economy as well as weaknesses that need to be addressed in terms of human capital development. In this article, the author examines the level of research expertise presently in the country in the field of chemistry, and elaborates on the four key areas of energy, catalysis and chemical synthesis, materials science and biological chemistry which will be researched globally in the next few decades that we would also need to be engaged upon to remain competitive. Intended for a wider audience than chemists alone, the descriptive sections in the article by and large belie an interdisciplinary flavour. The article also advocates the need for a more thorough road mapping exercise of the STI efforts in chemistry across the spectrum of academia and industry and makes some recommendations towards forging strong collaborations in research between the universities, public research institutes and the industry which are seen as vital in providing cross-cutting chemical solutions throughout the value chains and to the success of technologies identified as critical to the nation.