Malaysia needs to prioritise investments in the silver economy, says PM Anwar

Malaysia needs to prioritise investments in the silver economy to build the infrastructure and spark innovation in technology fields such as artificial intelligence and robotics that can enable active and healthy ageing, said Prime Minister Datuk Seri Anwar Ibrahim at the opening ceremony of the International Social Wellbeing Conference 2024 (ISWC 2024) as reported by The Star.

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This comes in view of Malaysia’s aging population which brings new challenges for Malaysia especially in areas such as healthcare. PM Anwar also emphasised the importance of investing in key sectors like healthcare, pharmaceuticals and infrastructure.  According to FMT, the PM said by allocating resources to these areas, Malaysia will be able to tap on a potentially market worth an estimated US$15 trillion.

The PM said that old-age dependency ratio in Malaysia will decrease significantly from 10 adults for every elderly person in 2020 to three adults for every elderly person in 2060.

Additionally, government-linked investment companies such as Employees Provident Fund, Khazanah Nasional and Retirement Fund (Incorporated) have taken the lead in investing in ventures targeted at developing the silver economy in Malaysia. EPF has reportedly committed as much as 250 million ringgit (US$52.74 million) into local startups and mid-stage companies, with healthcare investments targeted towards aged care and the silver economy.

Previous iterations of the annual conference had focused on themes such as convening perspectives from abroad pertaining to social protection, as well as turning the tide on inequality. PM Anwar's intended investments towards the silver economy comes closely after his affirmation that other foreign investments will proceed smoothly and start operations according to schedule.

In a statement on X, Anwar said that he received a courtesy visit from Mubadala Energy chief executive officer Mansoor Mohamed Al Hamed where he was informed about the focus and progress of Mubadala Energy's investment in Malaysia. The company, according to Anwar, is currently active in renewable energy and decarbonisation initiatives through investments in value chain development such as blue hydrogen and carbon capture, use and storage (CCUS). 

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