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July 09, 2020

Finding new business strategy to stay afloat during difficult times

Like other countries, we have felt the economic impact of the COVID- 19 pandemic. It hits hard in the manufacturing sector comprising small and medium enterprises, the hotel industry, and the tourism sector. The consequences of the global pandemic of the Coronavirus infection have forced some CMP (Cut-Make-Pack) garment factories with high numbers of labourers, along with employers in the hotel and tourism industries and some SMEs, to lay off employees, reduce work hours and even shut down At the same time, a great number our migrant workers are returning from abroad. To soften the blow from the COVID-19 crisis, we need to seek quick and short-term ways for mitigating the impact of this pandemic. It includes creating job opportunities for the people and helping the SMEs which employ a huge number of people.
In this situation, regional and state authorities are advised to listen to plights of the businesses and their pandemic related woes. It is simply because, they are among those who are really suffering a lot. We do believe that their thoughts and recommendations would be helpful for getting ideas for crafting a new business strategy which can increase our chances of staying afloat during these difficult times.
It is worth noting that the Yangon Region Government recently permitted two investment projects thus creating nearly 3000 jobs
Meanwhile, the Ayeyawady Region Government announced yesterday that over 48 investment projects, including 20 in 2019 have been permitted so far, and it has made efforts in anticipation of attracting investments in the region.
Investment in the regions and states are paramount for creating job opportunities for the local people and boosting the regional economy as well.
When it comes to creating job opportunities in the investment sector, we also need new business strategies which can quickly bring economic benefits to both investors and local people. In this time of crisis, we are heartened by evidence of national and local solidarity with people helping each other, and working together to alleviate the impacts on farmers and low-income people.We respect our people, as they are sharing the burden and risks when the country needs them. Today is the time for us to show our compassion, loving-kindness and unity to turn challenges into opportunities.

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