KUALA LUMPUR (June 4): Malaysia must prioritise investments in critical sectors, such as healthcare, pharmaceuticals and infrastructure conducive to active ageing, Prime Minister Datuk Seri Anwar Ibrahim said.
He also stressed the need to prioritise the so-called silver economy, while advocating for infrastructure development, and innovation in areas such as artificial intelligence and robotics that can 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,” Anwar said in his speech at the Employees Provident Fund’s (EPF) International Social Wellbeing Conference 2024 on Tuesday.
By definition, Malaysia is already an ageing society — mostly internationally defined as having more than 7% of its population aged 65 and above. By 2044, 14% of the population is expected to be above 65 years, making Malaysia an ‘aged society’, according to the World Bank.
However, a large swath of the 30 million-plus population have inadequate savings for retirement, with more than six million people under the age of 55 having less than RM10,000 in their retirement accounts, according to the EPF’s data as of September 2023.
“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,” Anwar said.
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 (RM70.38 trillion), driven by the needs and preferences of an ageing consumer base, he said.
Malaysian government-linked companies including the EPF, Khazanah Nasional Bhd, and Retirement Fund (Incorporated) “have taken the lead in investing in ventures targeted at developing the silver economy in Malaysia”, Anwar noted.
“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 added.