In a significant demographic shift, elderly persons will comprise over a third of Hong Kong’s population by 2043, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said on Wednesday.

Answering a query at the Legislative Council, Yau said the Working Group on Promoting Silver Economy was formulating strategic plans after the Census and Statistics Department predicted that the number of Hong Kong persons aged 65 or above will increase from 1.64 million in 2023 to 2.67 million in 2043.

This means the proportion of elderly people out of the total population of Hong Kong will increase from about 23 percent in 2023 to around 35 percent in 2043, Yau said.

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“This significant demographic shift means that more than one-third of Hong Kong's population will be elderly by then, highlighting a substantial market potential that cannot be overlooked,” he added.

Yau said that the working group, which Chief Executive John Lee Ka-chiu announced in his policy address in November, was planning implementation frameworks on five key areas, including boosting "silver consumption", developing the "silver industry", promoting "quality assurance of silver products", enhancing "silver financial and security arrangements" and unleashing "silver productivity".

He said the SAR government has outlined key strategic initiatives to further encourage the development of the silver industry.

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“By promoting the marketization and industrialization of products catering to the elderly population and rationalizing funding mechanisms, the government seeks to empower the business sector to expand product offerings and market reach,” Yau said.

He said the Innovation, Technology and Industry Bureau was dedicated to enhancing the city’s innovation and technology ecosystem, which serves as a catalyst for the development of gerontechnology.

Yau said the Hong Kong Science and Technology Parks Corporation and Cyberport were also offering comprehensive support to start-ups, including those specializing in gerontechnology.

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“These institutions also organize industry events to facilitate networking, enhance the alignment of gerontechnology supply and demand, and provide platforms for showcasing innovative digital solutions tailored to the daily needs of the elderly, thereby driving the growth of the silver industry,” he said.

Yau also said that the Social Welfare Department has introduced measures to cultivate professional caregiving talent, while the Innovation and Technology Fund established programs to nurture local I&T talent and attract international expertise in silver economy development.