Speech by SCED at BOC Life 11th Golden Age Expo and Summit Grand Opening
Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the BOC Life 11th Golden Age Expo and Summit Grand Opening this morning (July 30):
Dr Roy Chung (Honorary President of the Golden Age Foundation, the Founder and Chairman of the Bright Future Charitable Foundation), Professor Rebecca Choy Yung (Founder and Chair of Golden Age Foundation), Mr Wilson Tang (Chief Executive Officer of the BOC Group Life Assurance Company Limited), distinguished guests, ladies and gentlemen,
Good morning. It is my great honour to join you today for the grand opening of the 11th Golden Age Expo and Summit. A very warm welcome to our friends from Hong Kong and around the world. This gathering of brilliant minds is a powerful testament to the immense potential and global significance of the silver economy. The development of the silver economy is a shared mission. It requires concerted efforts of the Government, business community, social organisations, and every one of us. This Summit provides exactly an excellent forum for dialogue, partnership, and collaboration.
This year's theme, "Connect Collaborate Co-innovate", perfectly captures the spirit we need, in order to embrace the opportunities arising from our ageing population. It could not be more timely. Like many advanced economies, Hong Kong's demographic is changing rapidly. Our population is ageing, and this presents not only a challenge, but also a profound opportunity. The National 15th Five-Year Plan highlights the importance of actively responding to population ageing by developing the silver economy, enriching the supply of age-friendly products and elderly services, and strengthening the financial and policy support for elderly care. These strategic directions provide important guidance for Hong Kong as we continue to develop a vibrant and sustainable silver economy.
Photo source: reference image
The silver economy encompasses all economic activities that meet the needs of our older population. It is a dynamic and growing market, driven by the needs, aspirations, and considerable purchasing power of our older generation. It is also a catalyst for innovation, job creation, and inclusive growth, creating value for our senior citizens while supporting sustainable economic development.
Recognising this potential, the Hong Kong Special Administrative Region (HKSAR) Government has established a high-level Working Group on Promoting Silver Economy to drive cross-sectoral co-operation and formulate a comprehensive strategy. Since last year, the Working Group has rolled out 30 measures with fruitful results across five key areas, namely boosting "silver consumption", developing the "silver industry", promoting "quality assurance of silver products", enhancing "silver financial and security arrangements", and unleashing "silver productivity". Today, I wish to highlight two of these areas.
First, on boosting "silver consumption", it is essential to address the needs of the silver population. My Bureau has worked closely with the industry to increase silver elements at various exhibitions, bringing together a wider range of products and services closely related to the elderly's daily life. Now, there are more dining options for seniors with swallowing difficulties in several major chain restaurants and food companies. The sales channels for this kind of care food have also become more developed. More suppliers of silver products are now capitalising on e-commerce marketing. In addition, the Hong Kong Consumer Council has launched the "Smart Seniors" Consumer eHub in January this year, providing a one-stop, elder-friendly information platform that helps seniors better protect their consumer rights.
Second, consumer confidence depends on quality assurance. That is why promoting "quality assurance of silver products" is fundamental. We encourage the industry to leverage Hong Kong's strengths in testing technology and professional certification to ensure the delivery of high-quality silver products and services. There is now a Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Standard for care food helping the industry improve the quality of soft meals and expand sales in the GBA.
Photo source: reference image
The Golden Age Expo and Summit is an ideal platform to turn our policies into action. It is more than an exhibition. It brings together ideas, innovation, investment and collaboration to unlock new opportunities for the silver economy. The Golden Age represents not just a stage of life, but also a golden opportunity for Hong Kong's future development. Looking ahead, the HKSAR Government will continue to promote the silver economy. Together with the expertise, creativity and commitment of all of you, we can respond to the needs of our elderly more effectively, while giving a boost to our local economy.
I wish the 11th Golden Age Expo and Summit every success, and for those travelling to Hong Kong to attend, a wonderful stay. Thank you.
The Secretary for Commerce and Economic Development, Mr Algernon Yau, Photo source: reference image
