Risk Management
- Novel Coronavirus (COVID-19)pandemic company strategies and implementation
(1) As on 11th March 2020, the World Health Organization(WHO) has announced COVID-19 outbreak a pandemic. MMID to commit the social responsibility is this critical situation, Myotha Industrial Park City(MIPC) COVID-19 Committee is established to manage all possible incident efficiently. On 14 March 2020 MIPC COVID-19 Committee announced the follow principles:
A. Suspend all MMID public activities to minimize the risk of exposure of people from COVID-19.
B. At Myotha Industrial Park City, Semeikhon Port, Head Quarter office, information center implemented protective measures, which emphasize respiratory etiquette and hand hygiene by all employees, tenants and visitors.
C. Raised the awareness of important basic protection.
D. Set up MMID own quarantine center with capacity of 50 beds for quarantine needs.
(2) As on 16th September 2020,one of the employees from onefactory tenant at MIPChas been tested positive for COVID-19, MIPC COVID-19 Committee further implemented the following policies:
A. Corporate closely with Ngazun Township Health Authorityto understand the travel history of confirmed case, and track people who had close contact with the confirmed caseand proceed quarantine and testing.
B. To further contain the virus spreading, MIPC COVID-19 Committee cooperated with the Ngazun Township Health Authority in responding to the situation to ensure implement measures whichfollows the MOHS guideline. According to the guideline, MIPC COVID-19 Committee implements strict entry control, only visitors who has recommendation letter or urgent medical purpose could enter into MIPC. All MIPC factories and all facilities tenants has been given strict requirement about necessary prevention measures, health advice about symptoms and emergency contact details to use if they become unwell in the 14 days, to ensure to minimize any risk to them and the wider public.
C. Issue public announcement on website to provide information with the details of our response policy.
D. MIPC COVID-19 Committee continue to share updates to provide information via website, to update regularly with the latest advice and guidance.
- Business continuity plan
During this unstable period, since one of the main income of MIPC is overseas investment, customers who intend to enter the park are currently waiting and seeing. Our company’s response measures are to maintain online contact with customers, timely report the national situation and industrial park conditions, communicate and understand customer needs and concerns, and strive for customers to enter the park in time after the situation is stabilized.
MMID tried to keep in close contact with major project contacts, timely communication, and exchange of concerns between both parties, before the cooperated party could visit Myanmar. When the domestic investment environment in Myanmar improves, we will implement all projects as soon as possible, and attract international investment to MIPC via the international chamber of commerce in Myanmar and other promote channels, to achieve the company’s sustainable development. Other than the international market, MMID also targets Myanmar local investors, to cooperate with local business associations, and to host domestic road shows in different regions after COVID period to promote domestic investment.
Under current circumstances, MMID actively promotes MIPC at online platform, publicizes the park, expands the visibility of the park, cooperation with relevant government departments, related industries and organizations and makes more people and customers with investment needs to understand the project potential, and prepares for strong growth in the next step of operation.
As a developer of the industrial park, existing enterprises in the park are in normal production and operation, and there is no issue such as closing factories, also for the park management committee has no plan to temporarily close the industrial park and will keep supporting the existing tenant whoever has difficulty under current overall situation. As per previous mentioned, the management committee is taking many measures to make the best of business resources and adjust whenever is needed. Cash flow is the most serious issue at the moment. To solve the tight cash flow issue, MMID actively carry out the work of clearing accounts receivable, cut expenses, and reduce operating costs to cope with the current crisis.
Sustainability Manager
MMID designed U Nyan Zin Moe as the Sustainability Manager, who is mainly responsible to implement and review the Sustainability policies, including Environment, Health and Safety, Social.