Speech by SCED at HKGCC Silver Economy Summit
Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the Hong Kong General Chamber of Commerce (HKGCC) Silver Economy Summit today (October 14):
The Secretary for Commerce and Economic Development, Mr Algernon Yau. Photo source: reference image
Mr Douglas Woo (Vice Chairman of the HKGCC), Mr Zhou (Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region, Mr Zhou Qiang), distinguished speakers and guests, ladies and gentlemen,
Good morning. It gives me great pleasure to join you at the HKGCC Silver Economy Summit. I would like to thank the HKGCC for organising this timely Summit and bringing together leaders from business, finance, healthcare, technology, professional services and other sectors. The diversity of expertise represented here demonstrates that the silver economy offers opportunities across a wide range of sectors.
Hong Kong is entering a new era of longevity. As at mid-2025, there were nearly 1.8 million persons aged 65 and above in Hong Kong, accounting for almost one quarter of our population. By 2046, this figure is projected to rise to 2.74 million, or 36 per cent of the population. This demographic shift will drive growing demand for products and services that support healthier, more independent and more fulfilling later lives.
The silver economy is about much more than elderly care. It covers different aspects of daily life, from food, retail and travel to healthcare, financial planning, lifestyle and technology. It is about recognising the diverse needs and preferences of older persons, and providing them with more suitable, accessible and quality choices. These needs also create new business opportunities, encouraging enterprises to develop age-friendly products and services, meet growing demand and strengthen their competitiveness while bringing economic and social benefits.
The Government has established the Working Group on Promoting Silver Economy and rolled out 30 measures under five areas of work since May 2025, including boosting "silver consumption", developing "silver industry", promoting "quality assurance of silver products", enhancing "silver financial and security arrangements", and unleashing "silver productivity". The two panel discussions today reflect these priorities and highlight the diverse opportunities presented by the silver economy.
These measures cover various policy areas and are being implemented by the relevant policy bureaux. My Bureau has been working closely with the industry to promote "silver consumption" and quality assurance, with encouraging progress. We have been encouraging businesses to incorporate silver economy elements into major exhibitions and to introduce products and services tailored to the needs of older persons. For example, more restaurant chains and food companies are now offering soft meals for older persons with swallowing difficulties. We are also working with the Hong Kong Council of Social Service and the Hong Kong Trade Development Council to make more senior-friendly products available in physical stores and e-commerce platforms.
Quality assurance is equally important in building consumer confidence and supporting the sustainable development of the silver economy. The Hong Kong Registration – Silver-friendly Series launched by the Hong Kong Quality Assurance Agency has received more than 160 applications covering venues, products and services across sectors. Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area Standard for care food and Hong Kong's first Care Food Product Certification Mark Scheme are helping businesses build trust, improve their offerings and capture opportunities in the silver market.
Beyond promoting the silver economy, the Government is taking a broader and more comprehensive approach to addressing the challenges and opportunities arising from an ageing population. Last year, we set up the Working Group on Ageing Society Strategies to review the policies and measures of various bureaux. The Working Group released its report last month, which sets out 73 measures across 11 areas. These include developing the silver economy to meet the changing needs of older persons and create new business opportunities.
Among other initiatives, we will collaborate with the industry and relevant organisations to explore extending silver certification to a wider range of age-friendly products and services. In particular, we will study the development of standards for mobility aids, such as walking sticks, wheelchairs and exoskeleton systems, and explore the possibility of incorporating these standards into the Guangdong-Hong Kong-Macao Greater Bay Area Standards framework.
We will also continue to boost "silver consumption" by encouraging the industry to better incorporate the needs and preferences of the elderly into its business strategies and planning. Our efforts include staging more silver economy exhibitions, offering retail and catering concessions to the elderly, encouraging e-commerce platforms to diversify their range of silver products and facilitate online shopping, and expanding the availability of silver products in restaurants and other retail outlets.
Ladies and gentlemen, the silver economy is about creating better choices and better lives for older persons. It is also about fostering innovation, unlocking new market opportunities and creating fresh momentum for Hong Kong's economic development. I am confident that, by bringing together the strengths of the business community, professional sectors and different partners, we can develop more quality products and services, capture the opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, the Mainland and beyond, and make Hong Kong a more age-friendly and vibrant city.
I wish the HKGCC Silver Economy Summit 2026 every success, and all participants a fruitful and rewarding morning. Thank you.
HKGCC Silver Economy Summit. Photo source: investhk.gov.hk
