MITEC is the Nation's Largest Trade and Exhibition Centre
Kuala Lumpur, 24 November 2020
The Malaysia International Trade and Exhibition Centre (MITEC), Malaysia’s largest trade and exhibition centre, will temporarily hibernate its operations following the unprecedented impact of the deadly virus COVID-19 on the Business Events industry.
The COVID-19 pandemic, with current restricted movements, cancellation of business events, and borders remain close to international travel has drastically impacted the global economy including Malaysia. To curb the spread of COVID-19, the Malaysian Government implemented the Movement Control Order on 18 March 2020 and enforced the Conditional Movement Control Order (CMCO) since 14 October 2020, which has put the entire Business Events industry to a complete halt.
MITEC which began operations in 2017 has secured 65% of its business for 2020 and due to the effects of the pandemic, has had its financial performance severely impacted. The Venue forecasted a significant financial loss for 2020 even after taking into account the various cost reduction measures.
With the uncertainty of the COVID-19 situation, MITEC has decided to hibernate its operations from December 2020 to minimise the operating loss for the Venue.
“This is not a decision that was made lightly, as we did everything in our power to support a safe and sustainable reopening of our Venue after the MCO was lifted in July 2020, from implementing robust health and safety measures at our Venue to joining our industry in making a collective commitment to the Business Events safety protocols for organising events,” said Gunther Beissel, Chief Executive Officer, Malaysia International Trade and Exhibition Centre.
MITEC is assessing its staffing needs based on future bookings and the local business environment while continuing to monitor the situation and will react accordingly as market conditions improve.
“To this effect, MITEC is implementing a transition strategy which includes the retrenchment of 90 employees. As part of our commitment to our clients, stakeholders, and service providers. MITEC is ensuring the sustainability of the business by retaining a core team of 9 employees,” said Beissel.