Malaysia's Prime Minister Urges Investment in Silver Economy to Foster Healthy Ageing

Malaysia's Prime Minister, Datuk Seri Anwar Ibrahim, has called for increased investments in the silver economy to promote healthy ageing through advancements in artificial intelligence (AI) and robotics. Speaking at the International Social Wellbeing Conference 2024 (ISWC 2024) in Kuala Lumpur, Anwar highlighted the urgent need to build infrastructure and make technological devices more accessible and affordable for older Malaysians.

Malaysia needs to prioritise investments in the silver economy to build the infrastructure and drive innovation in technology fields such as artificial intelligence (AI) and robotics that can enable active and healthy ageing," Anwar said. He emphasized that improving accessibility to technological devices like smart home technology and wearable devices can help older Malaysians live healthier retirement lives by tracking health markers.

The conference, held today in Kuala Lumpur, saw attendance from key government figures including Deputy Prime Minister Datuk Seri Fadillah Yusof and Finance Minister II Datuk Seri Amir Hamzah Azizan. Anwar pointed out that enhancing accessibility technologies can also help overcome deteriorations in mobility, hearing, or eyesight, thus enhancing the productivity of older persons in the workplace and allowing them to contribute to the workforce for a longer period.

Why this matters: Malaysia's investment in the silver economy has significant implications for the country's ageing population and its economic growth. If successful, it could serve as a model for other countries facing similar demographic challenges.

Malaysia is facing a rapidly ageing population, with projections indicating that 14% of the population will be above 65 years old in just 23 years. Anwar underscored the importance of investing in critical sectors such as healthcare, pharmaceuticals, and infrastructure conducive to active ageing. He noted that these investments promise substantial returns and demonstrate Malaysia's commitment to ensuring the wellbeing and quality of life of its ageing population while promoting sustainable economic growth.

The global silver economy market is estimated to be worth US$15 trillion, driven by the needs and preferences of an ageing consumer base. By allocating resources towards this sector, Malaysia can position itself to harness the potential of this rapidly expanding market. Government-linked investment companies, including the Employees' Provident Fund, Khazanah, and The Retirement Fund Incorporated, have taken the lead in investing in ventures targeted at developing the silver economy in Malaysia.

Anwar encouraged more involvement from the private sector to develop products and solutions in this field, ensuring Malaysia is not left behind. He emphasized that preparing for an ageing nation requires a whole-of-nation approach to improve the lives of older Malaysians and citizens worldwide.

To summarize, Anwar's call for investments in the silver economy highlights Malaysia's proactive approach to addressing its ageing population. By focusing on AI and robotics innovation, the country aims to enhance the quality of life for its older citizens while tapping into a lucrative global market.

Key Takeaways

• Malaysia's PM Anwar Ibrahim calls for investments in the silver economy to promote healthy ageing.
• Investments in AI, robotics, and accessibility tech can enhance older Malaysians' quality of life.
• Malaysia's ageing population is projected to reach 14% above 65 years old in 23 years.
• The global silver economy market is estimated to be worth US$15 trillion.
• Govt-linked investment companies are leading the way, with private sector involvement encouraged.