Malaysia needs to prioritise investments in silver economy to enable healthy ageing - PM

KUALA LUMPUR: Malaysia needs to prioritise investments in the silver economy to build the infrastructure and spark innovation in technology fields such as artificial intelligence (AI) and robotics that can enable active and healthy ageing, said Prime Minister Datuk Seri Anwar Ibrahim.

He said increasing the 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 said at the opening ceremony of the International Social Wellbeing Conference 2024 (ISWC 2024) here today.

Also present were Deputy Prime Minister Datuk Seri Fadillah Yusof and Finance Minister II Datuk Seri Amir Hamzah Azizan.

Anwar who is also the Finance Minister said Malaysia must prioritise 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 at US$15 trillion (RM70.2 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 added.

Anwar said that preparing for an ageing nation requires a whole-of-nation approach to improve older Malaysians and world citizens.

He said government-linked investment companies including the Employees Provident Fund (EPF), Khazanah Nasional Bhd and Retirement Fund (Incorporated) (KWAP) have 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,” he urged.

Organised by the EPF, the two-day of ISWC 2024 begins today with the theme "Ageing and Longevity: Towards a Meaningful Retirement” to discuss the many issues and challenges surrounding ageing and retirement with special attention given to ensuring retirement income security. - Bernama