Mon, May 27, 2019 - Page 16 News List

Firms can benefit from Asia’s aging societies: TAITRA

By Natasha Li  /  Staff reporter

The Taiwan External Trade Development Council (TAITRA, 外貿協會) is encouraging Taiwanese companies in the seniors healthcare market to look for business opportunities overseas.

The market presents solid business opportunities across Asia, especially in nations such as Taiwan, Japan and Singapore where the population is aging steadily, the government-funded trade promotion body said on Tuesday.

For instance, 16 percent of Singapore’s population is estimated to be 65 or older by 2030, it said.

Southeast Asian nations such as Vietnam and Myanmar are also moving toward having an aging population, with those over 65 accounting for 50 percent and 20 percent of the population respectively by 2050, according to Global Watch Insights.

TAITRA said that it is organizing an ASEAN Senior Care and Wellness Exposition (AGEXPO) in Malaysia in partnership with CIS Network Sdn Bhd.

The expos is to be held from April 16 to April 19 next year at the Kuala Lumpur Convention Center and would be focused on senior healthcare, the healthcare industry and supporting businesses, with products ranging from therapy and rehabilitation equipment to health and dietary supplements, it said.

Services oriented toward an aging population such as sports, courses and tourism would also be showcased at the exposition, it said.

Malaysia is forecast to become an aging society by next year when 10 percent of the population, or 330 million people, is 65 or older, TAITRA said, adding that the number is expected to double by 2040.

The medical equipment market in Malaysia is expected to grow to US$1.75 billion by next year, according to Business Monitor International and the Industrial Economics and Knowledge Center (產業經濟與趨勢研究中心).

TAITRA said that Malaysia is a fast-developing market for Halal certified medicine, which also represents an opportunity for Taiwanese businesses.

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