KUALA LUMPUR: The silver economy is growing rapidly in Southeast Asia, with Malaysia projected to potentially capture a market worth approximately US$25.5 billion from the industry.
Deputy Minister of Economy, Datuk Hanifah Hajar Taib stressed that Malaysia should see the aging population as an economic opportunity by taking advantage of new economic sectors such as the care economy to improve the well-being and productivity of society as a whole.
“The global market potential that can be explored from the aging population trend is estimated to reach US$4.56 trillion in 2025,” she said when officiating the Seterra Dialogue 2024 (SeDIA24) National Care Conference 2024 at M Resort & Hotel Kuala Lumpur on Thursday (Aug 8).
She also suggested that various industries in Malaysia have the potential to benefit from the growing demand for healthcare services, whether from within the country or abroad.
“This includes healthcare tourism and long-term care, the supply of medical equipment, as well as medical technology that uses artificial intelligence (AI) and robotics,” she said.
She invited more private companies to get involved in the development of products and solutions that target the elderly and the caregiver economic sector.
The conference, organised by Bina Darulaman Berhad in collaboration with Seterra Group and MY Iskandar Sdn Bhd, featured two main forums: “Integrating the Care Economy to National Development” and “Empowering Private Sector Synergies in the Care Economy,” where prominent panelists from various stakeholders participated.
According to a statement from the Seterra Group of Companies, the conference aims to provide a deeper understanding of the importance of the care economy and the potential growth of investment activities in related industries in Malaysia.
