Government to Boost Silver Economy... Discussing Development Plans for the Elderly-Friendly Industry

[Sejong=Asia Economy Reporter Kim Hyunjung] The government discussed measures to develop the silver economy based on the consumption activities of the elderly population.

The Ministry of Economy and Finance announced on the 14th that it held a meeting of the '2nd Phase Service Industry Innovation Inter-Ministerial Task Force (TF)' chaired by First Vice Minister Lee Okwon to review these matters.

The aim is to recognize the elderly population not simply as care recipients but as a major consumer group leading consumption, and to create a market that can satisfy the demands of the elderly.

In particular, with the retirement of the baby boom generation (born 1955?1963), who have higher education levels and are more socially active compared to previous generations, the consumption capacity of the elderly population is expected to improve further. Vice Minister Lee emphasized, "We will further expand the creation of new industries and new business models to revitalize our economy."

The government also plans to promote job discovery in response to industrial structural changes and foster the marine healing industry utilizing marine tourism resources such as tidal flats and salt. Additionally, it will focus efforts on legislating the Service Industry Development Framework Act (Seobalbeop) during this month's extraordinary National Assembly session, and once the bill passes, the 2nd Phase Service Industry Innovation TF will be used as an inter-ministerial joint response organization.

The Ministry of Economy and Finance intends to supplement the discussed tasks further and announce them through the Emergency Economic Central Countermeasures Headquarters meeting.

This content was produced with the assistance of AI translation services.