KUALA LUMPUR, Oct 12 — The Selangor International Care Summit (SICS) has surpassed expectations by facilitating 160 business-matching sessions, double its initial target of 80, said state executive councillor for investment, trade and mobility Ng Sze Han.
He said the milestone reflects growing recognition of the care economy as more than just a welfare function and that it must evolve into a structured economic sector with measurable value.
“The care economy is important as a social security net, but we also need proper policies and regulations to strengthen it. This will create a win-win situation for both families and businesses,” he said during the Hotseat Session: Bold Questions, Real Answers forum, moderated by Tehmina Kaoosji.
The session was held as part of SICS and was attended by major industry players, researchers and stakeholders to hear concrete answers on the state’s plan to support this sector.
Ng said that without a sustainable model, the absence of formal childcare and elderly care structures would hurt productivity.
“If we do not have a good system to govern caregivers, how can we have productivity? Without proper childcare and elderly care, we cannot increase productivity, and the cost to the government, to society and to companies will be higher,” he said.
Ng added that investments in the sector carry significant potential, with projections showing it could contribute up to 9 per cent to the country’s gross domestic product (GDP).
He also said that businesses must see care services as viable ventures, not charity.
“In all businesses, if you cannot make a profit, forget about it. We need to ensure the businesses investing in this care economy get a reasonable profit in order to grow steadily,” he said.
To support this, Ng said Selangor is committed to building an enabling ecosystem by connecting entrepreneurs with financiers, investors and policy support, similar to its approach in nurturing the semiconductor industry.
SICS is held under the auspices of the Selangor International Business Summit (SIBS), held from October 8 to 11 at the Kuala Lumpur Convention Centre.
