KUALA LUMPUR: As the country faces a growing old-age population, there is a need to prioritise investments in the silver economy, said Datuk Seri Anwar Ibrahim.
The Prime Minister said these include investments in critical sectors such as healthcare, pharmaceuticals, and infrastructure conducive to active ageing.
"By allocating resources towards these areas, Malaysia can position itself to harness the potential of a rapidly expanding market, estimated to be worth US$15 trillion, driven by the needs and preferences of an ageing consumer base.
"Such investments not only promise substantial returns but also underscore Malaysia's commitment to ensuring the wellbeing and quality of life of its ageing population while fostering sustainable economic growth for the nation."
He said this at the launch of the International Social Wellbeing Conference here, today.
Anwar noted that it would take only 23 years for Malaysia to make the shift from an ageing nation to an aged nation, with 14 per cent of the population being above the age of 65.
"And it will take only another 14 years thereafter for Malaysia to reach a super-aged nation status, with 21 per cent above 65.
"Indeed, our speed of ageing outpaces that of more developed economies who have the wealth, infrastructure, and policies in place to prepare for this phenomenon," he said.
Anwar, who is also Finance Minister, said investments were also needed in infrastructure and innovation in technological fields such as artificial intelligence and robotics that could enable active and healthy ageing.
"Increasing availability and affordability of technological devices, ranging from smart home technology to wearable devices, which can help track health markers, may assist older Malaysians in living healthier retirement lives.
"Improvement in accessibility technologies, which can overcome deteriorations in mobility, hearing or eyesight, may even enhance the productivity of older persons in the workplace, allowing them to contribute to the workforce for a longer period," he added.
Anwar said Malaysian government-linked investment companies, including the Employees' Provident Fund, Khazanah and The Retirement Fund Incorporated had taken the lead in investing in ventures targeted at developing the silver economy in Malaysia.
"I look forward to more involvement from the private sector in developing products and solutions in this field so that we are not left behind in the race.
"Preparing for an ageing nation requires a whole-of-nation approach to improve the lives of older Malaysians and the citizens of the world."
Also present were Deputy Prime Minister Datuk Seri Fadillah Yusof, Finance Minister II Datuk Seri Amir Hamzah Azizan, and Deputy Finance Minister Lim Hui Ying.