Taiwan, Japan work to unlock commercial potential of senior market

The two countries share aging woes and are looking for ways to turn them into profit

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Pixabay photo

Pixabay photo

TAIPEI (Taiwan News) — The Commerce Development Research Institute (CDRI) and the Tokyo Star Bank on Monday (Nov. 18) signed a memorandum of understanding (MoU) pledging a joint effort to explore commercial opportunities in the senior market.

As Taiwan and Japan are faced with the shared problem of an aging society, the two should seek to capitalize on the irreversible trend and make it a driving force of economic growth, reckoned Hsu Tain-tsair (許添財), chairman of CDRI.

It is wrong to treat the elderly, who may have lost productivity, as a burden on society, Liberty Times quoted Hsu as saying. The senior population should be considered a key force that has the potential of boosting the economy with changes in consumer behavior and demographic composition, he added.

With the partnership, the Taiwanese government-sponsored think tank and the Japanese bank group will team up to promote a series of projects. These will include the development of senior-friendly facilities, the incorporation of Internet of Things (IoT) technologies into nursing homes, the provision of know-how in dining services targeting elders, and more.

The two sides are also expected to cooperate in networking activities involving Japanese and Taiwanese firms operating in the Southeast Asian market, said Seiji Sato (佐藤誠治), general manager of the Tokyo Star Bank.