PUTRAJAYA: Malaysia must prioritise investments in the silver economy to develop the necessary infrastructure and foster technological innovation to address the needs of an aging population, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
He said the government aims to drive economic growth that is sustainable, inclusive, productive and flexible, in line with the Madani aspirations.
He added that this approach ensures no group is left behind, particularly retirees who have made significant contributions of time, energy, and effort to the nation's development.
"In less than seven years, by 2030, Malaysia is projected to attain the status of an aging nation, with senior citizens making up 15 per cent of its population.
"It is widely known that ageing nations face various challenges, including those related to health, economy, society, psycho-spiritual aspects, and the environment.
"The growing elderly population could form a significant segment of the economy and should be given comprehensive attention," he noted.
Amir Hamzah said this in his speech read by Treasury secretary-general Datuk Johan Mahmood Merican at the Kumpulan Wang Persaraan (Diperbadankan) (KWAP) MyPesara Award 2024 here today.
The minister said the government is committed to empowering the silver economy, in addressing the challenges of an increasing ageing population.
However, he noted that in Malaysia, the potential of senior citizens as one of the drivers of the economy has not been fully explored.
"It is well understood that senior citizens are highly vulnerable to the risk of poverty due to the lack of a stable income after retirement.
"Individuals who once worked and possessed various knowledge, skills, and experiences in different fields no longer have a platform to utilise their expertise," he said.
As such, Amir Hamzah said the government will collaborate with agencies, related companies, the private sector, industry players, non-government organisations (NGOs), and associations to stimulate the silver economy.
It will also develop a comprehensive action plan to manage the country as Malaysia transitions into an ageing nation.