Malaysia's Care Economy Set For US$25.5 Bln Boom - Hanifah Hajar

The care economy is flourishing in Southeast Asia, with Malaysia's market potential reaching US$25.5 billion (US$1 = RM4.49), according to Deputy Economy Minister, Datuk Hanifah Hajar Taib.

Speaking at the Seterra Dialogue 2024 (SeDIA24) National Caregivers Conference, she highlighted the economic opportunities presented by the ageing population.

"The global market potential from the ageing population is projected to be US$4.56 trillion by 2025.

"Malaysia can leverage this trend to enhance societal well-being and productivity through new economic sectors such as the caregiver economy," she said when officiating the SeDIA24 conference on 8th August.

She noted that Malaysia's industries could benefit from the growing demand for healthcare services, both domestically and internationally.

This includes opportunities in healthcare and long-term care tourism, medical equipment supplies, and advanced medical technologies employing artificial intelligence and robotics.

She encouraged private companies to develop products and solutions targeting the elderly and the caregiver economy.

The conference, organised by Bina Darulaman Bhd in collaboration with the Seterra Group of Companies and MY Iskandar Sdn Bhd, featured two key forums: "Integrating the Care Economy into National Development" and "Empowering Private Sector Synergies in the Care Economy," with distinguished panellists from various stakeholders.

In a statement, the organisers emphasised the importance of the care economy, noting Malaysia's rapid transition into an ageing society and the associated disparities in aged care.

The conference aimed to highlight the investment potential in related industries and foster connections among professionals passionate about the caregiving economy.