IT'S A booming sunrise industry as the world's and Singapore's population ages - so global companies, urged the minister in charge of ageing issues, Mr Lim Boon Heng, should use Singapore as a "living lab to innovate and experiment" before launching new businesses to corner the "silver industry" in Asia.
Speaking at the opening of the silver industry conference and exhibition on Thursday morning with the theme "Turning Silver into Gold", Mr Lim also announced that Temasek Polytechnic will be setting up the >60 (Greater than Sixty) Design Centre on its campus.
With a $3 million injection of funds from the Ministry of Community Development, Youth and Sports, the centre will promote age-friendly products and designs via a web portal and an international design competition called "Celebrate Ageing".
"The emergence of more financially secure 'active agers' will set the stage for a glittering silver market in Asia," Mr Lim told his audience.
"Singapore can be a regional centre to develop innovative ideas and products. Our multi-ethnic and ageing population, together with strengths in logistics, finance, research and technology make Singapore an ideal test-bed for the wider Asian silver market."
4 broad areas
With Asia's population above 60 years old expected to quadruple by 2050 to 1.2 billion - the same population as China today, Mr Lim added - the minister outlined 4 broad areas where products and services will be in heavy demand.
1) Financial services, since retirement years will be prolonged and estate planning must be done,
2) Health care, anything from health screenings to geriatric services and chronic disease management,
3) Active ageing, with wellness programmes and seniors' participation in the community, and
4) Ageing-in-place, meaning bulding barrier-free public facilities and elderly-friendly features in shops, homes and offices.
"Companies would do well to tap on this group of emerging old, who have the resources to spend and do things that matter to them," stressed Mr Lim.
In any case, when the first batch of Singapore's baby boomers turn 65 in 2012, he said, they will be "better educated, healthier and wealthier" and more well-traveled than previous generations.
