labor migration, skills, and student mobility in asia

8/12/2019 Labor Migration, Skills, and Student Mobility in Asia

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Jbhlr Mcorbtclg, Tkcjjs &Ttu`fgt Mlhcjcty cg Bscb


2/87

Jbhlr Mcorbtclg, Tkcjjs &

Ttu`fgt Mlhcjcty cg Bscb


3/87

8520 Bscbg @fvfjlpmfgt Hbgk Cgstctutf

Bjj rconts rfsfrvf`. Uuhjcsnf` cg 8520.Urcgtf` cg Abpbg.

Urcgtf` uscgo vfoftbhjf lcj-hbsf` cgks lg rfdydjf` pbpfr; mbguibdturf` tnrluon b tltbjjy dnjlrcgf-irff prldfss.

CTHG 3?>-0->33?0-505-?

Pcs puhjcdbtclg wbs alcgtjy prfpbrf` hy tnf Bscbg @fvfjlpmfgt Hbgk Cgstctutf (B@HC), tnf Lrobgcsbtclg ilr FdlglmcdDl-lpfrbtclg bg` @fvfjlpmfgt (LFD@), bg` tnf Cgtfrgbtclgbj Jbhlur Lrobgczbtclg (CJL). Ct wbs f`ctf` hy Suqcgo^cgo (B@HC), Afbg-Dnrcstlpnf @umlgt (LFD@), bg` Gcjcm Hbrubn (CJL, Hbgoklk), wctn dlgtrchutclgs irlm

Uncjcppf Nfrv (Cgtfrgbtclgbj Mcorbtclg @cvcsclg, LFD@, Ubrcs), Plmbs Jcfhco (Cgtfrgbtclgbj Mcorbtclg @cvcsclg,LFD@, Ubrcs), bg` Algbtnbg Dnbjlst (Cgtfrgbtclgbj Mcorbtclg @cvcsclg, LFD@, Ubrcs).

Pf rfsplgschcjcty ilr lpcgclgs fxprfssf` cg scogf` brtcdjfs, stu`cfs, bg` ltnfr dlgtrchutclgs rfsts sljfjy wctn tnfcrbutnlrs, bg` puhjcdbtclg `lfs glt gfdfssbrcjy rffdt tnf vcfws lr pljcdcfs glr dlgstctutf bg fg`lrsfmfgt hy B@HC,LFD@, lr CJL, lr tnfcr rfspfdtcvf Hlbr`s li Olvfrglrs lr tnf olvfrgmfgts tnfy rfprfsfgt.

Gfctnfr B@HC, LFD@, glr CJL oubrbgtffs tnf bddurbdy li tnf `btb cgdju`f` cg tncs puhjcdbtclg bg` bddfpts glrfsplgschcjcty ilr bgy dlgsfqufgdf li tnfcr usf.

Hy mbkcgo bgy `fscogbtclg li lr rfifrfgdf tl b pbrtcdujbr tfrrctlry lr oflorbpncd brfb, lr hy uscgo tnf tfrm dlugtrycg tncs `ldumfgt, gfctnfr B@HC, LFD@, glr CJL cgtfg`s tl mbkf bgy auòmfgts bs tl tnf jfobj lr ltnfr stbtus li bgytfrrctlry lr brfb.

Xfifrfgdf tl gbmfs li rms bg` dlmmfrdcbj prlùdts bg` prldfssfs `lfs glt cmpjy tnfcr fg`lrsfmfgt hy B@HC, LFD@,glr CJL, bg` bgy ibcjurf tl mfgtclg b pbrtcdujbr rm, dlmmfrdcbj prlùdt, lr prldfss cs glt b scog li `csbpprlvbj.

B@HC fgdlurbofs prcgtcgo lr dlpycgo cgilrmbtclg fxdjuscvfjy ilr pfrslgbj bg` glgdlmmfrdcbj usf wctn prlpfrbdkglwjfòmfgt li B@HC. Vsfrs brf rfstrcdtf` irlm rfsfjjcgo, rf`cstrchutcgo, lr drfbtcgo frcvbtcvf wlrks ilr dlmmfrdcbjpurplsfs wctnlut tnf fxprfss, wrcttfg dlgsfgt li B@HC.

Bscbg @fvfjlpmfgt Hbgk CgstctutfKbsumcobsfkc Hucj`cgo >I4-8-6, Kbsumcobsfkc, Dncyl`b-kulkyl 255-955>, Abpbgwww.b`hc.lro


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ccc

Ilrfwlr`

Irff trb`f, irff dbpctbj lws, bg` irff jbhlr mlhcjcty brf tnf fvfgtubj lhafdtcvfs li ojlhbjczbtclg.Bmlgo tnfsf, irff jbhlr mlhcjcty cs tnf mlst dnbjjfgocgo lgf, ùf tl dujturf, pljctcds, bg`slvfrfcogty. l prlmltf jbhlr mlhcjcty cg Bscb bg` cmprlvf tnf wfjibrf li mcorbgt jbhlr ojlhbjjy,tnf Bscbg @fvfjlpmfgt Hbgk Cgstctutf (B@HC) bg` tnf Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg

bg` @fvfjlpmfgt (LFD@) nbvf hffg nlj`cgo bg bggubj Xlug`tbhjf lg Jbhlr Mcorbtclg cg Bscbscgdf 8522. Bs b gfw pbrtgfr, tnf Xfoclgbj Lffldf ilr Bscb bg` tnf Ubdcd li tnf CgtfrgbtclgbjJbhlur Lrobgczbtclg (CJL) alcgf` tnf 8524 Xlug`tbhjf Bssfsscgo Jbhlr Mbrkft Xfqucrfmfgtsilr Ilrfcog _lrkfrs bg` @fvfjlpcgo Uljcdcfs ilr Xfoclgbj Tkcjjs Mlhcjcty nfj` cg Hbgoklk lg8486 Abgubry 8524. Pf pbrtcdcpbtclg li tnf CJL Xfoclgbj Lffldf ilr Bscb bg` tnf Ubdcd iurtnfrstrfgotnfgf` tnf cgufgdf bg` vcschcjcty li tnf rlug`tbhjf. Fxpfrts lg jbhlr mcorbtclg irlm vbrcluslrobgczbtclgs bg` olvfrgmfgt lffldcbjs cg dnbrof li jbhlr mcorbtclg irlm hltn Bscbg bg` glg-

Bscbg dlugtrcfs pbrtcdcpbtf`. Hfsc`fs b ofgfrbj bgbjyscs lg jbhlr mcorbtclg trfg`s cg Bscb, tnf 8524rlug`tbhjf ildusf` lg cssufs rfjbtf` tl skcjjf` mcorbgts. Pcs rfplrt summbrczfs mbalr pljcdycssufs rbcsf` ùrcgo tnf rlug`tbhjf bg` iuturf dnbjjfgofs ilr fgnbgdcgo skcjjf` jbhlr mlhcjcty bg`

prltfdtcgo tnf rconts li jlw-skcjjf` mcorbgt wlrkfrs.

Mcorbgts irlm Bscb rfmbcg b mbalr bg` rcscgo dlmplgfgt li mcorbtclg lws tl LFD@ dlugtrcfs.Pfcr gumhfr rfhlug`f` scogcdbgtjy bitfr tnf ml`frbtf ibjj trcoofrf` hy tnf ojlhbj gbgdcbj drcscs.Cg 8522, 2.9 mcjjclg Bscbg gbtclgbjs mcorbtf` tl tnf LFD@ brfb, bddlugtcgo ilr lgf tncr` li bjjmcorbgts tl LFD@ dlugtrcfs. Pf Vgctf` Ttbtfs rfmbcgs tnf mbalr `fstcgbtclg dlugtry li Bscbgmcorbgts, iljjlwf` hy tnf Xfpuhjcd li Klrfb bg` Abpbg. Pf Uflpjfs Xfpuhjcd li Dncgb (UXD),Cg`cb, bg` tnf Uncjcppcgfs brf tnf jfb`cgo lrcocg dlugtrcfs li mcorbgt lws tl LFD@ dlugtrcfs.

Bscbg mcorbgt wlrkfrs glt lgjy bjjfvcbtf` tnf strudturbj jbhlr snlrtbofs cg tnf nlst dlugtrcfs, hutbjsl dlgtrchutf` scogcdbgtjy tl tnf fdlglmy li tnfcr nlmf dlugtrcfs. Xfmcttbgdfs li mcorbgts nbvfhffg b mbalr cgdlmf slurdf ilr mbgy `fvfjlpcgo dlugtrcfs cg Bscb. Pfy bddlugtf` ilr mlrf tnbg

25% li orlss `lmfstcd prlùdt cg Hbgojb`fsn bg` cg tnf Uncjcppcgfs.

Uursucgo nconfr fùdbtclg bhrlb` cs dlgsc`frf` bg fstfdtcvf dnbggfj tl fmcorbtf tl cgùstrcbjczf`dlugtrcfs ilr Bscbg ylutns. Ct cs fstcmbtf` tnbt 26%45% li cgtfrgbtclgbj stu`fgts cg LFD@dlugtrcfs fvfgtubjjy stby lg cg tnf dlugtry wnfrf wnfy orbùbtf`. Ttu`fgts irlm Bscb glw mbkf up68% li bjj cgtfrgbtclgbj stu`fgts cg LFD@ dlugtrcfs. Mlrf tnbg tnrff qubrtfrs li Bscbg stu`fgtsbrf dlgdfgtrbtf` cg lgjy ilur dlugtrcfs1 tnf Vgctf` Ttbtfs, Bustrbjcb, tnf Vgctf` Kcgo`lm, bg`

Abpbg. Fgojcsn-spfbkcgo dlugtrcfs nbvf b gbturbj b`vbgtbof cg bttrbdtcgo cgtfrgbtclgbj stu`fgts.Tlmf Bscbg dlugtrcfs, sudn bs tnf UXD, Abpbg, bg` tnf Xfpuhjcd li Klrfb nbvf hffg dbtdncgo uphy lstfrcgo prlorbms cg Fgojcsn, bs wfjj bs sdnljbrsncps bg` wlrk lpplrtugctcfs tl cgtfrgbtclgbj

stu`fgts urcgo bg` bitfr tnfcr stu`cfs. Ojlhbjjy, tnf UXD nbs fmfrof` bs tnf sfdlg` mlst cmplrtbgt`fstcgbtclg dlugtry li Bscbg stu`fgts bitfr tnf Vgctf` Ttbtfs.


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v

Ilrfwlr`

Nconjy fùdbtf` bg` skcjjf` wlrkfrs pjby b drctcdbj rljf cg fdlglmcd `fvfjlpmfgt bg` tfdngljlocdbjcgglvbtclgs. @fspctf vbrclus cgstctutclgbj rfstrcdtclgs lg drlss-hlr`fr jbhlr mlhcjcty, tnf ojlhbjdlmpftctclg ilr tbjfgt nbs bddfjfrbtf` skcjjf` jbhlr mlhcjcty. Mlrf tnbg nbji li tnf rfdfgt Bscbg mcorbgtscg LFD@ dlugtrcfs brf nconjy fùdbtf` bg` tnfy rfprfsfgt bg cmplrtbgt dlgtrchutclg tl tnf skcjjf`

wlrkilrdf cg LFD@ dlugtrcfs. Ilr cgstbgdf, Bscbg mcorbgts bddlugtf` ilr mlrf tnbg ?5% li skcjjfwlrkfrs ug`fr tnf Vgctf` Ttbtfs N-2H spfdcbjty prlorbm. Cg rfdfgt yfbrs, slmf Bscbg dlugtrcfs nbvfalcgf` tnf dlmpftctclg ilr ojlhbj tbjfgt. l rftbcg ilrfcog tbjfgt, tnf Olvfrgmfgt li Abpbg nbs bddfjfrbtf`bddfss tl pfrmbgfgt rfsc`fgdf ilr qubjcf` bg` skcjjf` ilrfcog wlrkfrs; tnf Olvfrgmfgt li tnf UXDnbs cgtrlùdf` b gumhfr li pljcdy cgctcbtcvfs sudn bs tnf 2,555 bjfgts Ujbg tl bttrbdt lvfrsfbs nconjyfùdbtf` Dncgfsf bs wfjj bs ilrfcog fxpfrts. _ctncg Bscb, tnf mlst cmplrtbgt cgctcbtcvf cg tnf brfb liskcjjs mlhcjcty nbs hffg ug`frtbkfg hy tnf Bssldcbtclg li Tlutnfbst Bscbg Gbtclgs (BTFBG), wncdn`fdc`f` cg 855? tl bdncfvf b rfoclgbj BTFBG Fdlglmcd Dlmmugcty (BFD) hy 8526. Cg tnf BFD

hjufprcgt, tnf itn li vf pcjjbrs cs tnf irff mlhcjcty li skcjjf` wlrkfrs wctncg BTFBG.

Pf fxpfrcfgdfs li Furlpfbg dlugtrcfs suoofst tnbt irff mlhcjcty li skcjjf` wlrkfrs ocvfs rcsf tlplsctcvf fdlglmcd hfgfts. l iurtnfr fgnbgdf tnf mlhcjcty li skcjjf` wlrkfrs cg Bscb, ct cs drudcbjtl fxpbg` tnf dlvfrbof li skcjjf` wlrkfrs, cgdrfbsf mutubj rfdlogctclg li prlifssclgbj qubjcdbtclgs,bg` strfbmjcgf tnf cmmcorbtclg prldfùrfs.

B stbtcstcdbj lvfrvcfw li cgtfrgbtclgbj mcorbtclg wctncg bg` irlm Bscb, wncdn dlmpcjfs up`btf` `btbirlm sfvfrbj slurdfs, cs prlvc`f` bt tnf fg` li tncs rfplrt. Pf stbtcstcds lutjcgf tnf hbscd pcdturf lijbhlr mcorbtclg cg tnf rfoclg bg` prlvc`f usfiuj cgilrmbtclg ilr hltn pljcdy mbkfrs bg` sdnljbrs tlhfttfr ug`frstbg` cgtfrgbtclgbj mcorbtclg cg Bscb.

Suqcgo ^cgo@crfdtlr li Dbpbdcty Hucj`cgo bg` rbcgcgo

Bscbg @fvfjlpmfgt Hbgk Cgstctutf

Afbg-Dnrcstlpnf @umlgtNfb` li Cgtfrgbtclgbj Mcorbtclg @cvcsclg@crfdtlrbtf ilr Fmpjlymfgt, Jbhlur bg` Tldcbj BstbcrsLrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt

Gcjcm HbrubnTfgclr Mcorbtclg TpfdcbjcstXfoclgbj Lffldf ilr Bscb bg` tnf Ubdcd

Cgtfrgbtclgbj Jbhlur Lrobgczbtclg


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v

Dlgtfgts

Ilrfwlr` ccc

C. Prfg`s bg` Lutjllk ilr Jbhlr Mcorbtclg cg Bscb 2

CC. Pnf Cgtfrgbtclgbj Mlhcjcty li Ttu`fgts bg` Cts Jcgks

wctn Jbhlr Mcorbtclg 26

CCC. Tkcjjf` Jbhlr Mlhcjcty cg Bscb 83

CY. Mbgbocgo Jlw-Tkcjjf` Jbhlr Mcorbtclg bg` Ilstfrcgo @fdfgt

_lrk cg Bscb 43

Hchjclorbpny 62

Bggfx 81 Dlmpbrbtcvf Pbhjfs ?4


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2

C. Prfg`s bg` Lutjllk ilrJbhlr Mcorbtclg cg Bscb

Jbhlr mcorbtclg irlm bg` wctncg Bscb cs b kfy bg` orlwcgo dlmplgfgt li cgtfrgbtclgbj mcorbtclglws, bg` tnf alcgt rlug`tbhjf hy tnf Bscbg @fvfjlpmfgt Hbgk Cgstctutf (B@HC), tnf CgtfrgbtclgbjJbhlur Lrobgczbtclg (CJL), bg` tnf Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt(LFD@) lg jbhlr mcorbtclg cg Bscb hfbrs wctgfss tl tncs. Cg rfdfgt yfbrs, Bscb nbs prlvc`f` b jbrofpbrt li tnf mlrf skcjjf` mcorbtclg cglws tl LFD@ dlugtrcfs, fvfg bs tnf ojlhbj dlmpftctclg tlbttrbdt skcjjf` bg` tbjfgtf` wlrkfrs nbs cgtfgscf`. Mlst li tnf lws, nlwfvfr, brf cgtrb-Bscbg, bg`dlgscst mbcgjy li jfssfr skcjjf` jbhlr.

Mcorbtclg Ijlws irlm Bscb tl LFD@ Dlugtrcfs

Mcorbtclg irlm Bscb cs b mbalr bg` orlwcgo dlmplgfgt li mcorbtclg lws tl LFD@ dlugtrcfs.Cg 8522, 2.9 mcjjclg Bscbg gbtclgbjs mcorbtf` tl lgf li tnf LFD@ dlugtrcfs. Pcs rfprfsfgtf` btncr` li bjj mcorbgts tl LFD@ dlugtrcfs. Cgdju`cgo dlugtrcfs cg _fst Bscb, Bscb cs glw bt pbr wctnFurlpf bs tnf prcgdcpbj rfoclg li lrcocg li mcorbtclg tl tnf LFD@ brfb.

Pf Uflpjfs Xfpuhjcd li Dncgb (UXD) cs tnf mbcg dlugtry li lrcocg li mcorbtclg lws tl tnfLFD@ brfb, bddlugtcgo ilr mlrf tnbg 2 cg 25 cmmcorbgts, iljjlwf` hy Xlmbgcb, Uljbg`, Cg`cb,Mfxcdl, bg` tnf Uncjcppcgfs.

Pf ojlhbj `fdrfbsf cg cgtfrgbtclgbj mcorbtclg lhsfrvf` cg 8553, bs b dlgsfqufgdf li tnf gbgdcbj

drcscs, bjsl bstfdtf` Bscb, hut tl b mlrf jcmctf` fxtfgt (Icourf 2.2). Mlrflvfr, scgdf tncs ibjj cgojlhbj mcorbtclg lws tl tnf LFD@ brfb, tnlsf lrcocgbtcgo irlm Bscb strlgojy rfhlug`f` cg 8525,cgdrfbscgo hy bjmlst 25% (dlmpbrf` wctn bg lvfrbjj rcsf li jfss tnbg 8% cg tnf tltbj cglws tl LFD@dlugtrcfs). Cg 8522, mcorbtclg irlm tnf rfoclg rfmbcgf` stbhjf dlmpbrf` wctn 8525. Hftwffg 8525bg` 8522, tnf cgdrfbsf cg cmmcorbtclg irlm dlugtrcfs sudn bs tnf UXD (+85,555) bg` Ycft Gbm(+?,555) wbs dlugtfrhbjbgdf` hy b `fdjcgf irlm dlugtrcfs sudn bs Mybgmbr (24,555) bg` Cg`cb(28,555), sl tnf lvfrbjj lws irlm tnf rfoclg tl tnf LFD@ brfb rfmbcgf` stbhjf.

Cg`ff`, bjrfb`y tnf cgdrfbsf scgdf 8553 wbs mbcgjy `rcvfg hy tnf UXD, wnl sbw tnf gumhfr licts gbtclgbjs mcorbtcgo tl LFD@ dlugtrcfs rcsf irlm 095,555 cg 8553 tl 655,555 cg 8525 bg`

645,555 cg 8522, b ncstlrcdbj ncon.


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Jbhlr Mcorbtclg, Tkcjjs & Ttu`fgt Mlhcjcty cg Bscb

8

Pf sctubtclg cs `cstfrfgt dlgdfrgcgo tnf twl ltnfr mbcg lrcocg dlugtrcfs irlm Bscb, Cg`cb bg` tnfUncjcppcgfs (bhjf 2.2). Bhlut 805,555 Cg`cbg gbtclgbjs mcorbtf` tl LFD@ dlugtrcfs cg 8522.

_ncjf tncs rfprfsfgts b ncon jfvfj, ct wbs 6% hfjlw tnf pfbk rfbdnf` tnf prfvclus yfbr. Pf gumhfr limcorbgts irlm tnf Uncjcppcgfs nbs hffg rfjbtcvfjy stbhjf lvfr tnf rfdfgt yfbrs, fvfg sjcontjy fdjcgcgocg 8522, bg` durrfgtjy stbg`s bt bhlut 295,555.

Hfsc`fs tnf UXD, gcgf ltnfr dlugtrcfs bjsl sbw b rfdlr` gumhfr li tnfcr dctczfgs fmcorbtcgo tl bgLFD@ dlugtry cg 8522. Pfsf dlugtrcfs brf Ubkcstbg (256,555 fmcorbgts), Pbcjbg` (68,555),bg` Hbgojb`fsn (65,555), iljjlwf` hy Gfpbj, Bionbgcstbg, Hnutbg, Dbmhl`cb, Tcgobplrf, bg`backcstbg. Bjtnluon tnf gumhfrs li mcorbgts brf glt li tnf sbmf lr`fr li mbogctu`f bs tnlsf

dlmcgo irlm tnf jbrof dlugtrcfs li tnf rfoclg, tnfy hfbr wctgfss tl bg fmfrocgo `cvfrscdbtclg lilrcocg dlugtrcfs.

@fstcgbtclg Dlugtrcfs

Bpbrt irlm cgtrb-Furlpfbg Vgclg (FV) jbhlr mlhcjcty, mcorbgts irlm Bscb brf tnf mlst cmplrtbgtslurdf li mcorbtclg ilr fmpjlymfgt cg tnf LFD@ brfb. Pcs pbrtcdujbrjy dlgdfrgs tnf UXD, Cg`cb,bg` tnf Uncjcppcgfs, wnfrf mlst mcorbgts tl LFD@ dlugtrcfs brf jbhlr mcorbgts. Bs b rfsujt, tnfsftnrff dlugtrcfs brf bmlgo tnf vf mbcg lrcocg dlugtrcfs cg tnf tnrff LFD@ dlugtrcfs wctn jbrofmbgbof` `csdrftclgbry jbhlr mcorbtclg prlorbms, c.f. Bustrbjcb, Dbgb`b, bg` Gfw Qfbjbg`. Pfsf

tnrff dlugtrcfs glw rfjy nfbvcjy lg jbhlr mcorbtclg irlm Bscb. Cg tltbj, cgdju`cgo bjsl glg-jbhlrmcorbtclg, tnfsf tnrff dlugtrcfs nlstf` 808,555 mcorbgt cglws irlm Bscb cg 8522. Cg tnf Vgctf`

955

>55

2,555

2,855

2,055

2,955

2,>55

tnlusbg`s

8555 8552 8558 8554 8550 8556 8559 855? 855> 8553 8525 8522

Icourf 2.2 Mcorbtclg Ijlws irlm Bscb tl LFD@ Dlugtrcfs

LFD@ = Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt.

Tlurdf1 LFD@ Cgtfrgbtclgbj Mcorbtclg @btbhbsf.


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4

Prfg`s bg` Lutjllk ilr Jbhlr Mcorbtclg cg Bscb

Ttbtfs, wnfrf tnf prf`lmcgbgt dbtfolry ilr pfrmbgfgt mcorbtclg cs gfvfrtnfjfss ibmcjy mcorbtclg,

bjj tnrff dlugtrcfstnf UXD, Cg`cb, bg` tnf Uncjcppcgfsbjsl ourf bmlgo tnf tlp vf. PfVgctf` Ttbtfs bjsl rfmbcgs tnf mbcg `fstcgbtclg cg bhsljutf gumhfrs, wctn 4?4,555 cglws irlm

Bscb cg 8522, bjmlst b qubrtfr li tnf tltbj Bscbg mcorbtclg tl tnf LFD@ (bhjf 2.8). Ci tfmplrbrymcorbtclg wfrf cgdju`f`, tncs ourf wluj` hf fvfg nconfr, scgdf mbgy skcjjf` tfmplrbry jbhlrmcorbgts brf irlm Bscb. Ilr fxbmpjf, cg 8522, ?2% li tnf nconjy-skcjjf` N-2H tfmplrbry jbhlrmcorbtclg vcsbs wfgt tl Bscbg gbtclgbjs. Pf twl Bscbg LFD@ dlugtrcfs, tnf Xfpuhjcd li Klrfbbg` Abpbg, brf tnf sfdlg` bg` tncr` mbcg `fstcgbtclgs, bddlugtcgo ilr bjmlst 29% bg` 24% litnf lws, rfspfdtcvfjy. B jbrof pbrt li mcorbtclg tl tnfsf dlugtrcfs, nlwfvfr, dlgscsts li tfmplrbrymcorbtclg lws. Ci lgjy pfrmbgfgt mcorbtclg lws wfrf dlgsc`frf`, tnfsf dlugtrcfs wluj` rbgkhfncg` Bustrbjcb bg` Dbgb`b. Cg hltn tnf Xfpuhjcd li Klrfb bg` Abpbg, tnf UXD cs tnf mbcg lrcocg

dlugtry li mcorbgts. Ilr hltn dlugtrcfs, mcorbtclg irlm Ycft Gbm, Pbcjbg`, bg` tnf Uncjcppcgfscs bjsl cmplrtbgt.

Pbhjf 2.2 Mbcg Bscbg Lrcocg Dlugtrcfs li Mcorbtclg tl tnf LFD@, 8522

Cmmcorbtclg cgtlLFD@ dlugtrcfs

(tnlusbg`s) Xbgk

% li tltbj LFD@

cglws

Fxpbtrcbtclg rbtf

(pfr mcjjclg plpujbtclg)

Uflpjfs Xfpuhjcd li Dncgb 683 2 25.4 430

Cg`cb 805 0 0.? 239

Uncjcppcgfs 263 9 4.2 2,?58

Ubkcstbg 256 22 8.5 956

Ycft Gbm 30 24 2.> 2,5?8

Bscb 2,63? 46.9 020



Pbhjf 2.8 Mbcg @fstcgbtclg Dlugtrcfs li Bscbg Mcorbtclg tl tnf LFD@

Cmmcorbtclg irlm Bscbg dlugtrcfs % li cglws irlm Bscb tl LFD@

Vgctf` Ttbtfs 4?4 84.0

Xfpuhjcd li Klrfb 860 26.3

Abpbg 855 28.6

Vgctf` Kcgo`lm 239 28.4

Dbgb`b 223 ?.6

Bustrbjcb 256 9.6

Ofrmbgy >> 6.6Ctbjy 9> 0.4

Tpbcg 0> 4.5

Irbgdf 23 2.8

Gfw Qfbjbg` 23 2.8




11/87


0

Bitfr tnf Vgctf` Ttbtfs, tnf Xfpuhjcd li Klrfb, bg` Abpbg, tnf Vgctf` Kcgo`lm cs tnf ilurtn mbcg

`fstcgbtclg. Cg tnf Vgctf` Kcgo`lm, tnrff Bscbg dlugtrcfsCg`cb, tnf UXD, bg` Ubkcstbgbrf tnfmbcg lrcocg dlugtrcfs li gfw cglws, bddlugtcgo ilr bhlut b tncr` li tnf tltbj. Icgbjjy, ilr sfvfrbjltnfr LFD@ dlugtrcfs, cgdju`cgo Icgjbg`, Ctbjy, tnf Gftnfrjbg`s, bg` Tpbcg, tnf UXD cs bmlgo tnftnrff mbcg lrcocg dlugtrcfs.

Jbhlr Mcorbtclg Ijlws irlm Bscb tl Glg-LFD@ Dlugtrcfs

Mcorbtclg irlm Bscb rfprfsfgts b scogcdbgt snbrf li mcorbtclg lws tl tnf LFD@ brfb, cgdju`cgocg tfrms li jbhlr mcorbtclg. Nlwfvfr, mbgy mlrf wlrkfrs irlm Bscbg dlugtrcfs fmcorbtf tl glg-LFD@ dlugtrcfs, mbcgjy wctncg tnf rfoclg. _nfrfbs jbhlr mcorbtclg tl LFD@ dlugtrcfs cs mbcgjy

nconjy skcjjf`, jbhlr mcorbtclg tl glg-LFD@ dlugtrcfs cs ofgfrbjjy li b jfssfr skcjjf` gbturf.

Cg 8528, mlrf tnbg 2 mcjjclg Icjcpcgl gbtclgbjs jfit tnf dlugtry tl wlrk cg b dlugtry li tnf OujiDllpfrbtclg Dlugdcj (ODD), cg Tcgobplrf, lr cg Nlgo Klgo, Dncgb. Jbhlr mcorbtclg irlm Cg`cbtl glg-LFD@ dlugtrcfs bmlugtf` tl ?65,555 wlrkfrs, bg` Hbgojb`fsn, Cg`lgfscb, bg` Ubkcstbgsbw nbji b mcjjclg lr mlrf li tnfcr `lmfstcd wlrkilrdf fmcorbtf tl glg-LFD@ fdlglmcfs. Mlrftnbg 865,555 wlrkfrs irlm Trc Jbgkb bg` 255,555 irlm Pbcjbg` nbvf hffg jfbvcgo tnfcr dlugtryfvfry yfbr scgdf 855>.

Pfrf nbs hffg b strlgo cgdrfbsf cg jbhlr mcorbtclg lws tl glg-LFD@ dlugtrcfs ilr tnf Uncjcppcgfs,wctn lws stfb`cjy bg` rbpc`jy cgdrfbscgo irlm 8559 tl 8528 (Icourf 2.8). Lg tnf ltnfr nbg`, lws

irlm Cg`lgfscb nbvf tfg`f` tl `fdjcgf slmfwnbt tnrluonlut tnf pfrcl`. Cg Hbgojb`fsn, Cg`cb,bg`, tl b jfssfr fxtfgt, Ubkcstbg, pbttfrgs li jbhlr mcorbtclg tl glg-LFD@ dlugtrcfs nbvf hffgjfss stbhjf. B rlhust orlwtn irlm 8559 tl 855> nbs hffg iljjlwf` hy b snbrp `rlp wctn tnf ojlhbjfdlglmcd drcscs. Durrfgtjy, b gfw upwbr` trfg` dbg hf lhsfrvf`.

Pf `rlp `urcgo tnf ojlhbj fdlglmcd drcscs cs bttrchutbhjf tl b dljjbpsf li tnf lws tlwbr` tnfVgctf` Brbh Fmcrbtfs, trb`ctclgbjjy b mbcg `fstcgbtclg ilr jfssfr skcjjf` jbhlr mcorbtclg. Cg`ff`,tnf Vgctf` Brbh Fmcrbtfs, bs wfjj bs Tbu`c Brbhcb bg` ltnfr ODD dlugtrcfs brf mbalr `fstcgbtclgsilr wlrkfrs irlm Tlutn Bscb. Ycrtubjjy bjj jbhlr mcorbgts irlm Cg`cb bg` Ubkcstbg, bs wfjj bs bhlut>5% li tnlsf dlmcgo irlm Trc Jbgkb bg` ?6% li tnlsf irlm Hbgojb`fsn, nfb`f` tlwbr` b Oujidlugtry cg 8528.

Pfsf dlugtrcfs bjsl rfdfcvf b glg-gfojcochjf snbrf li wlrkfrs irlm ltnfr dlugtrcfs li tnfrfoclg86% li Cg`lgfscbs mcorbgt wlrkfrs bg` bhlut 25% li Pbcjbg`s mcorbgt wlrkfrs.@fspctf tnf ibdt tnbt tnf Vgctf` Brbh Fmcrbtfs cs bjsl b tlp fstcgbtclg ilr Icjcpcgl wlrkfrs, gl rlp

wbs lhsfrvf`, dfrtbcgjy hfdbusf tnfy wlrk mbcgjy cg `lmfstcd sfrvcdfs bg` tnus brf glt fmpjlyf`cg tnf sbmf sfdtlrs bs tnlsf irlm tnf ltnfr dlugtrcfs. Jbhlr mcorbtclg irlm Cg`lgfscb tl tnf mbcg`fstcgbtclg dlugtrcfsTbu`c Brbhcb bg` Mbjbyscbwfrf 895,555 bg` 885,555, rfspfdtcvfjy, cg855?, c.f. prclr tl tnf luthrfbk li tnf ojlhbj fdlglmcd drcscs. Hy 8522, tnfsf lws nb` `fdrfbsf`mbrkf`jy, stbg`cgo aust bhlvf 245,555 fbdn. Hy dlgtrbst, bcpfc,Dncgb (?0,555 Cg`lgfscbg mcorbgt

wlrkfrs), Nlgo Klgo, Dncgb (65,555), bg` Tcgobplrf (0>,555) sbw lws irlm Cg`lgfscb cgdrfbsf

tl b gfw pfbk cg 8522.


12/87

6


Ilrfcog _lrkfrs cg BTFBG Mfmhfr Ttbtfs

Bpbrt irlm tnf Ouji dlugtrcfs, tnf mbcg fstcgbtclgs ilr jbhlr mcorbgts irlm Bscb brf tnf fvfjlpcgoBssldcbtclg li Tlutnfbst Bscbg Gbtclgs (BTFBG) mfmhfr stbtfs, c.f. Mbjbyscb lr Pbcjbg`. Pf stldkli ilrfcog wlrkfrs cg Mbjbyscb cs lvfr 2.6 mcjjclg, bddlugtcgo ilr 24% li tltbj fmpjlymfgt. Nbjili tnfsf dlmf irlm Cg`lgfscb, bjtnluon tnfrf brf bjsl scogcdbgt gumhfrs li gbtclgbjs irlm Gfpbj,Mybgmbr, bg` Hbgojb`fsn wlrkcgo cg Mbjbyscb. Pfy brf fmpjlyf` mlstjy cg tnf mbguibdturcgosfdtlr (4?%). Pf sfdlg` mbcg sfdtlr cs borcdujturf (83%), wnfrf tnfy bddlugt ilr b tncr` li tltbjfmpjlymfgt. Cg Tcgobplrf, tnf 2.8 mcjjclg ilrfcog wlrkfrs rfprfsfgt 46% li tnf jbhlr ilrdf, li

wncdn 20% brf skcjjf` wlrkfrs.

Cg Pbcjbg`, tnf ugfmpjlymfgt rbtf stbg`s hftwffg 2% bg` 8% li tnf jbhlr ilrdf, wctn jfss tnbgnbji b mcjjclg wlrkfrs lut li b alh. Pf rfdlursf tl jbhlr mcorbtclg cs sffg drudcbj tl jj jbhlrmbrkft gff`s, fspfdcbjjy ilr jlwfr skcjjf` alhs. B tltbj li 2.4 mcjjclg wlrkfrsglt dlugtcgo tnfug`ldumfgtf`dlmcgo mlstjy irlm Mybgmbr, wfrf fmpjlyf` cg Pbcjbg` cg 8525. Li tnfsf,25%

wfrf `lmfstcd wlrkfrs, rfprfsfgtcgo 46% li fmpjlymfgt cg tnf sfdtlr.

Icourf 2.8 Jbhlr Mcorbtclg Ijlws irlm Tfjfdtf` Bscbg Dlugtrcfs tl Glg-LFD@ Dlugtrcfs


Tlurdf1 Gbtclgbj butnlrctcfs li tnf dlugtrcfs dlgdfrgf`.

855

055

955

>55

2,555

2,855

2,055

8559 855? 855> 8553 8525 8522 8528

tnlusbg`s

Uncjcppcgfs

Cg`cb

Hbgojb`fsn

Cg`lgfscb

Ubkcstbg


13/87


9

Lutsc`f li tnf BTFBG rfoclg, ilrfcog wlrkfrs brf bjsl cmplrtbgt cg bcpfc,Dncgb bg` Nlgo Klgo,Dncgb. Nbji li tnf nfbjtn bg` sldcbj sfrvcdfs alhs cg bcpfc,Dncgb brf lddupcf` hy ilrfcog wlrkfrs.Nlgo Klgo, Dncgb rfdfcvfs mbcgjy ilrfcog `lmfstcd wlrkfrs irlm tnf Uncjcppcgfs bg` Cg`lgfscb.

B jbrof pbrt li jbhlr mcorbtclg cg tnf rfoclg dlgtcgufs tl hf crrfoujbr. Pf bhsfgdf li jfobj stbtuspjbdfs ug`ldumfgtf` mcorbgts bt rcsk li bhusf, cg tfrms li jcvcgo dlg`ctclgs, wlrkcgo dlg`ctclgs,lr wbof. Bttfmpts cg dlmhbtcgo crrfoujbr jbhlr nbvf hffg mb`f, ilr fxbmpjf tnrluon rfoujbrczbtclgprlorbms bg` dllpfrbtclg hftwffg lrcocg bg` `fstcgbtclg dlugtrcfs, bg` mby nbvf rfùdf` tnfmbogctu`f li tnf pnfglmfglg. Nlwfvfr, tnf gumhfr li crrfoujbr mcorbgts rfmbcgs suhstbgtcbj.

Jbhlr Mbrkft Lutdlmfs li Bscbg Mcorbgts

Lvfrbjj ugfmpjlymfgt cg tnf LFD@ cgdrfbsf` irlm 6.9% tl >% hftwffg @fdfmhfr 855? bg`Glvfmhfr 8528, dlrrfsplg`cgo tl b 08% orlwtn. Bjtnluon tnfrf cs wc`f `cspfrsclg cg tnf jbhlrmbrkft sctubtclg bdrlss LFD@ dlugtrcfs, jbhlr mbrkft lutdlmfs li mcorbgts nbvf `ftfrclrbtf`hltn cg bhsljutf tfrms bg` rfjbtcvf tl tnf gbtcvf-hlrg cg bjmlst fvfry dlugtry. Pf ugfmpjlymfgtrbtf li tnf ilrfcog-hlrg cgdrfbsf` lg bvfrbof hy 6 pfrdfgtbof plcgts hftwffg 855> bg` 8528,8 plcgts mlrf tnbg ilr tnf gbtcvf-hlrg.

Mcorbgts irlm Jbtcg Bmfrcdb bg` Glrtn Bircdb sffm tl hf tnf mlst nfbvcjy bstfdtf`. Mfxcdbgs cgtnf Vgctf` Ttbtfs nbvf tnf jlwfst fmpjlymfgt rbtfs tl`by bmlgo tnf ilrfcog-hlrg cg tnf dlugtry,b rfsujt `rcvfg hy tnfcr strlgo prfsfgdf cg tnf twl sfdtlrs nfbvcjy nct hy tnf drcscs (dlgstrudtclg bg`

mbguibdturcgo) bg` tnfcr lvfrrfprfsfgtbtclg bmlgo tnf jlw-skcjjf`. Mcorbgts irlm Glrtn Bircdb cgFurlpf nbvf bjsl fxpfrcfgdf` fglrmlus fmpjlymfgt jlssfs, rfbdncgo b rfdlr` ncon ugfmpjlymfgtli 89.9% cg 8528.

Cg dlmpbrcslg, Bscbg cmmcorbgts cg LFD@ dlugtrcfs `c` rbtnfr wfjj, gltbhjy cg Furlpf bg` cg tnfVgctf` Ttbtfs, wnfrf tnfcr fmpjlymfgt rbtfs `fdrfbsf` jfss tnbg ilr ltnfr ilrfcog-hlrg mcorbgtsbg` bjsl ilr tnf gbtcvf-hlrg (sff bhjf 2.4). Pf sctubtclg cs, nlwfvfr, jfss djfbr-dut cg Bustrbjcbbg` Dbgb`b wnfrf mcorbgts lrcocgbtcgo irlm Bscb bddlugt ilr b jbrof snbrf li tnf tltbj mcorbgtplpujbtclg. Cg tnf dbsf li Bustrbjcb ilr fxbmpjf, tnf fmpjlymfgt rbtf li Bscbg mcorbgts `fdrfbsf`hy bjmlst 2 pfrdfgtbof plcgt, wncjf tnf ugfmpjlymfgt rbtf wbs bjsl `fdrfbscgo. Pcs dluj` hfùf tl b sl-dbjjf` `csdlurbof` wlrkfr fstfdt, c.f. pfrslgs `rlppcgo lut li tnf wlrkilrdf, bs tnf

pbrtcdcpbtclg rbtf nbs bjsl strlgojy `fdjcgf` ilr Bscbg mcorbgts dlmpbrf` wctn ltnfr orlups.

@cstfrfgdfs cg jbhlr mbrkft lutdlmfs hy dlugtry li `fstcgbtclg brf pbrtjy ùf tl `cstfrfgdfs cg tnfdlmplsctclg li mcorbtclg bdrlss `fstcgbtclg dlugtrcfs. @fdlmplscgo tnf rfsujts hy ofg`fr bg`fdlglmy li lrcocg, jbrof `cstfrfgdfs hfdlmf bppbrfgt hltn cg tnf Vgctf` Ttbtfs bg` cg Furlpf(sff Icourfs 2.4 bg` 2.0).

Icrst, tnfrf brf jbrof `cstfrfgdfs bdrlss dlugtrcfs li lrcocg, wctn b ifw mcorbgt orlups hfgfttcgoirlm hfttfr jbhlr mbrkft cgtforbtclg (f.o. Abpbgfsf bg` Alr`bgcbg wlmfg), wncjf ilr ltnfrs, tnfsctubtclg dnbgof` jcttjf (f.o. mcorbgts irlm tnf Xfpuhjcd li Klrfb) lr `ftfrclrbtf` strlgojy (f.o.

Abpbgfsf bg` Alr`bgcbg mfg, Mbjbyscbg bg` Cg`lgfscbg wlmfg, bg` mcorbgts irlm Hbgojb`fsn).Tfdlg`, ilr slmf dlugtrcfs li lrcocg, tnf fvljutclg `cstfrs hftwffg tnf Vgctf` Ttbtfs bg` Furlpf.


14/87

?


Pf fmpjlymfgt rbtf li Cg`cbg mcorbgts `fdrfbsf` cg tnf Vgctf` Ttbtfs hut cgdrfbsf` cg Furlpf.B scmcjbr g`cgo nlj`s, ilr fxbmpjf, ilr Ubkcstbgc bg` Hbgojb`fsnc wlmfg. Icgbjjy, cmplrtbgt`cstfrfgdfs hy ofg`fr ilr spfdcd dlugtrcfs li lrcocg bg` fstcgbtclg brf bjsl gltcdfbhjf. Pcs bppjcfs,

ilr fxbmpjf, tl Abpbgfsf, Alr`bgcbg, lr Ycftgbmfsf mcorbgts. Bjj li tnfsf `cstfrfgdfs dbg hf jbrofjyfxpjbcgf` hy tnf dnbrbdtfrcstcds li `cstfrfgt mcorbtclg dlrrc`lrs cg tfrms li sfgclrcty li mcorbtclg

wbvfs, mcorbgt dbtfolrcfs, skcjj jfvfj, bg` lddupbtclg/sfdtlr spfdcdctcfs.

Xfmcttbgdf Ijlws tl Bscb

Pf rfmcttbgdfs sfgt hy Bscbg mcorbgts tl tnfcr lrcocg dlugtrcfs rfbdnf` VT$805 hcjjclg cg 8528,bddlugtcgo ilr 95% li bjj rfmcttbgdf lws tlwbr` fvfjlpcgo dlugtrcfs, up ?.4% (lr VT$29 hcjjclg)irlm 8522 (Icourf 2.6, jfit). Xfmcttbgdf lws tl Bscb nbvf sffg b dlgstbgt yfbr-lg-yfbr cgdrfbsfscgdf 8555, wnfg tnfy stll` bt VT$05 hcjjclg. Cg tnf pfrcl` prfdf`cgo tnf ojlhbj rfdfssclg li

8553, orlwtn rbtfs fvfg rfbdnf` vfry ncon jfvfjs, fxdff`cgo 86% pfr yfbr cg 855? bg` 855>.Bitfr b pbusf cg 8553, rfmcttbgdfs nbvf rfgfwf` tnfcr upwbr` trfg`, bjhfct bt b sjlwfr pbdf. PfCg`cbg suhdlgtcgfgt dlugtrcfs orfbtjy dlgtrchutf` tl tnf rcsf cg 8528. Bjtloftnfr, tnfy rfdfcvf`VT$28 hcjjclg mlrf tnbg cg 8522. Lg tnf ltnfr nbg`, rfmcttbgdfs tlwbr` tnf UXD `fdjcgf` ilrtnf rst tcmf cg 8528 (-2.>%), wncdn fxpjbcgs wny tnf tltbj orlwtn ilr Bscb cs tnf jlwfst rfdlr`f`scgdf 8555, bsc`f irlm 8553.

Pf tnrff jbrofst rfdcpcfgt dlugtrcfs cg tnf wlrj` brf Bscbg dlugtrcfs. Cg`cb bg` tnf UXD nbvfhffg jfb`cgo scgdf 8559, bg`, wctn mcorbgt rfmcttbgdfs bmlugtcgo tl VT$80 hcjjclg cg 8528, tnfUncjcppcgfs nbs tbkfg lvfr tnf tncr` plsctclg irlm Mfxcdl. loftnfr wctn Hbgojb`fsn bg` Ubkcstbg,tnfsf dlugtrcfs mbkf up tnrff qubrtfrs li tnf tltbj rfmcttbgdf cglws tl tnf rfoclg (Icourf 2.6,rcont). Pcs `cstrchutclg wctncg tnf rfoclg nbs rfmbcgf` rfjbtcvfjy stbhjf scgdf 855?.

Pbhjf 2.4 Jbhlr Mbrkft Cg`cdbtlrs ilr Gbtcvf bg` Ilrfcog-Hlrg cg Tfjfdtf` LFD@ Dlugtrcfs, 855>8528 (pfrdfgtbofs)

Fmpjlymfgt rbtf Vgfmpjlymfgt rbtf Ubrtcdcpbtclg rbtf

855> 8528 Ybrcbtclg 855> 8528 Ybrcbtclg 855> 8528 Ybrcbtclg

Bustrbjcb Gbtcvf-hlrg ?6.5 ?4.? -2.4 0.8 6.4 2.2 ?>.4 ??.> -5.6

Ilrfcog-hlrg 93.> 93.3 5.5 0.9 6.0 5.? ?4.8 ?4.3 5.9

Bscbg-hlrg 9?.9 99.3 -5.? 6.> 6.? -5.2 ?2.? ?5.3 -5.>

Dbgb`b Gbtcvf-hlrg ?0.0 ?8.> -2.9 9.5 ?.5 2.2 ?3.2 ?>.4 -5.>

Ilrfcog-hlrg ?5.? ?5.2 -5.9 ?.8 >.6 2.4 ?9.8 ?9.9 5.0

Bscbg-hlrg 9>.9 9>.5 -5.9 ?.9 3.5 2.0 ?0.8 ?0.> 5.6

LFD@ Furlpf Gbtcvf-hlrg 96.9 94.0 -8.8 9.0 25.> 0.0 ?5.2 ?2.5 5.3

Ilrfcog-hlrg 96.8 95.5 -6.2 25.8 2?.4 ?.2 ?8.9 ?8.9 5.5

Bscbg-hlrg 94.2 92.> -2.4 9.6 25.2 4.6 9?.6 9>.? 2.8

Vgctf` Ttbtfs Gbtcvf-hlrg ?5.4 96.9 -0.? 0.3 >.4 4.0 ?4.3 ?2.6 -8.0

Ilrfcog-hlrg ?2.> 9?.? -0.2 0.0 >.2 4.> ?6.2 ?4.? -2.0

Bscbg-hlrg ?5.3 9?.2 -4.3 4.0 9.4 8.3 ?4.0 ?2.9 -2.3


Tlurdf1 LFD@. 8524. Cgtfrgbtclgbj Mcorbtclg Lutjllk.Ubrcs1 LFD@ Uuhjcsncgo.


15/87


>

Icourf 2.4 Dnbgofs cg Fmpjlymfgt Xbtf li Ilrfcog-Hlrg Mfg irlm Tfjfdtf` Bscbg Fdlglmcfs cg tnf Vgctf` Ttbtfsbg` cg Furlpf hftwffg 855> bg` 8528 (pfrdfgtbof plcgts)

Jbl U@X = Jbl Uflpjfs @fmldrbtcd Xfpuhjcd, UXD = Uflpjfs Xfpuhjcd li Dncgb.

Tlurdfs1 FV Jbhlur Ilrdf Turvfy; Durrfgt Ulpujbtclg Turvfy (Vgctf` Ttbtfs).

-20

Alrb

gAb

pbg

Hbgo

jbfs

n

Dbmh

l`cb

Ubkcs

tbg

Pbcpf

c,Dncg

b

JblU

@X

YcftG

bm

Uncjcp

pcgfs

Cg`cb

UXD

Pnbcj

bg`

Xfpu

hjcdl

iKlrf

b

Mybg

mbr

Cglg

fscb

TrcJ

bgkb

-28-25

->

-9

-0

-8

5

8

0

9

>

Vgctf` Ttbtfs Furlpfbg Vgclg

Icourf 2.0 Dnbgofs cg Fmpjlymfgt Xbtf li Ilrfcog-Hlrg _lmfg irlm Tfjfdtf` Bscbg Fdlglmcfs cg tnf Vgctf` Ttbtfsbg` cg Furlpf hftwffg 855> bg` 8528 (pfrdfgtbof plcgts)

Jbl U@X = Jbl Uflpjfs @fmldrbtcd Xfpuhjcd, UXD = Uflpjfs Xfpuhjcd li Dncgb.

Tlurdfs1 FV Jbhlur Ilrdf Turvfy; Durrfgt Ulpujbtclg Turvfy (Vgctf` Ttbtfs).

Mbjby

scb

Cglg

fscb

UXD

Uncjcp

pcgfs

Hbgo

jbfs

n

Pnbcj

bg`

Cg`cb

Xfpu

hjcdl

iKlrf

b

Pbcpf

c,Dncg

b

Dbmh

l`cb

Ubkcs

tbg

JblU

@X

YcftG

bmAl

rbg

Abpb

g

TrcJ

bgkb

Vgctf` Ttbtfs Furlpfbg Vgclg

-20-28-25->-9

-0-85809>


16/87

3


Ilr b gumhfr li dlugtrcfs, rfmcttbgdfs litfg rfprfsfgt b scogcdbgt snbrf li orlss `lmfstcd prl`udt(O@U). Pcs cs fspfdcbjjy tnf dbsf ilr backcstbg bg` tnf Kyroyz Xfpuhjcd, wncdn rbgkf` rst bg` tncr`

cg tnf wlrj` cg tfrms li rfmcttbgdfs bs b snbrf li O@U cg 8522, wctn 0?% bg` 83%, rfspfdtcvfjy._ctn 88%, Gfpbj rbgks sfvfgtn cg tnf wlrj` hy tncs mfbsurf. Bsc`f irlm tnfsf fxtrfmf lutjcfrs,b ifw ltnfr dlugtrcfs li tnf rfoclg rfjy nfbvcjy lg rfmcttbgdfs. Mcorbgt rfmcttbgdfs fxdff` 6% liO@U cg Hbgojb`fsn (22%), tnf Uncjcppcgfs (25%), Trc Jbgkb (3%), Ycft Gbm (?%), bg` Ubkcstbg (9%).

Pf Vgctf` Ttbtfs cs hy ibr tnf mbcg sfg`fr ilr tnf rfoclg. Bhlut VT$65 hcjjclg cg rfmcttbgdfs jfittnf dlugtry tl hf trbgsifrrf` tl Bscb cg 8522. Nlgo Klgo, Dncgb iljjlws, bg` cg tncr` bg` ilurtnpjbdf brf tnf Vgctf` Brbh Fmcrbtfs bg` Tbu`c Brbhcb, rfspfdtcvfjy.

Pbt tnf Ouji dlugtrcfs dlgstctutf bg cmplrtbgt slurdf li rfmcttbgdf lws tl tnf Cg`cbg suhdlgtcgfgtcs nbr`jy surprcscgo, dlgsc`frcgo tnf ibdt tnbt tnfy brf b mbalr `fstcgbtclg ilr mcorbgt wlrkfrs irlmtnf rfoclg. Cg`ff`, tnf cgdrfbsf cg mcorbtclg lws irlm Cg`cb, Hbgojb`fsn, bg` Ubkcstbg tl tnfrfoclg, dlmhcgf` wctn ibvlrbhjf fdlglmcd dlg`ctclgs cg tnf lcj dlugtrcfs cg 8528 (wctn O@Uorlwcgo bt b rbtf li 0%?% `fpfg`cgo lg tnf dlugtry), nbs pjbyf` b mbalr pbrt cg tnf cgdrfbsf cgrfmcttbgdf lws tl Tlutn Bscb.

Bmlgo tnf ltnfr tlp 25 lrcocg dlugtrcfs, ilur brf Bscbg dlugtrcfs1 Cg`cb, Abpbg, Mbjbyscb, bg`Tcgobplrf. Mbalr cgtrb-Bscb dlrrc`lrs brf Cg`cb tl Hbgojb`fsn, Abpbg tl tnf UXD, Mbjbyscb tlCg`lgfscbrfprfsfgtcgo mlrf tnbg nbji li Cg`lgfscbs rfmcttbgdf cglwsbg` Tcgobplrf tltnf UXD. Pf lgjy ltnfr scogcdbgt sfg`cgo dlugtrcfs tnbt brf gfctnfr wctncg tnf rfoclg glr lcj-prl`udcgo brf Dbgb`b bg` tnf Vgctf` Kcgo`lm.

Icourf 2.6 Xfmcttbgdf Ijlws tl Bscbg Dlugtrcfs (VT$ mcjjclg bg` cstrchutclg hy dlugtry)

UXD = Uflpjfs Xfpuhjcd li Dncgb.

Tlurdf1 _lrj` Hbgk Xfmcttbgdfs @btbhbsf.

5

8555

8552

8558

8554

8550

8556

8559

855?

855>

8553

8525

8522

8528

(f)

65,555

255,555

265,555

855,555

865,555

Cg`cb

83%

UXD

86%Uncjcppcgfs

25%

Hbgojb`fsn

9%

Ubkcstbg

9%

Ltnfr

80%

8528(f)


17/87


5

Urlafdtclgs ilr rfmcttbgdf cglws tl tnf rfoclg suoofst tnbt tnf 8524 orlwtn rbtf wcjj hf scmcjbrtl tnbt lhsfrvf` cg 8528. Gl rfvfrsbj li tncs trfg` cs fxpfdtf` cg 8520 lr 8526, bg` tnf rfoclg csprf`cdtf` tl nbvf sjcontjy nconfr orlwtn rbtfs ilr rfmcttbgdf cglws tnbg tnf rfst li tnf wlrj`.

Tpfdcbj Ildus1 Mcorbtclg li _lmfg cg bg` irlm Bscb

Pf gumhfr li mcorbgt wlmfg cg tnf wlrj` cs stfb`cjy cgdrfbscgo. Pfrf brf glw 222 mcjjclgmcorbgt wlmfg cg tnf wlrj`, 86 mcjjclg mlrf tnbg cg 8555. Nlwfvfr, tnfcr snbrf cg tnf ojlhbjmcorbgt plpujbtclg nbs `fdrfbsf` sjcontjy, irlm 03% tl 0>%, bs tnf wlrj` dlugts 42 mcjjclg mlrfmcorbgt mfg glw tnbg cg 8555. Bjtnluon wlmfg nbvf hffg pbrtcdcpbtcgo cg tnf cgdrfbsf li tnfojlhbj mcorbgt stldk, tnfy nbvf `lgf sl tl b jfssfr fxtfgt tnbg tnfcr mbjf dlugtfrpbrts.

Cgtfrfstcgojy, wnbt nbppfgf` cg Bscb fxpjbcgs mlst li tncs pnfglmfglg. Cg`ff`, hftwffg 8555bg` 8524, tnf snbrf li wlmfg bmlgo mcorbgts cg Bscbg dlugtrcfs nbs `fdrfbsf` hy bjmlst 0pfrdfgtbof plcgts tl 08%, wncjf ltnfr pbrts li tnf wlrj` cspjbyf` lgjy smbjj vbrcbtclgs cg tnf snbrfli wlmfghfjlw 2.6 pfrdfgtbof plcgts lvfr tnf pfrcl`.

Pf gumhfr li mcorbgt wlmfg cg Bscb nbs cgdrfbsf` hy 9 mcjjclg lvfr tnf pfrcl`, irlm 84 mcjjclgtl 83 mcjjclg, wncjf tnf gumhfr li mcorbgt mfg nbs cgdrfbsf` hy bjmlst 65%, irlm 8> mcjjclg tl02 mcjjclg. Pcs snbrp cgdrfbsf cg tnf gumhfr li mcorbgt mfg, fspfdcbjjy tl dlugtrcfs cg _fst Bscb,nbs jf` tl b suhstbgtcbj `fdjcgf cg tnf snbrf li wlmfg cg tnf ilur mbcg rfdfcvcgo dlugtrcfs li tnfrfoclg, c.f. irlm 83% tl 86% cg tnf Vgctf` Brbh Fmcrbtfs, 44% tl 83% cg Tbu`c Brbhcb, 8?% tl

82% cg Rbtbr, bg` 43% tl 45% cg Kuwbct. Ilr _fst Bscb bs b wnljf, tnf snbrf li wlmfg cg tnfmcorbgt plpujbtclg ifjj irlm 02% tl 40%.

Pcs cs pbrtcdujbrjy vcschjf cg tnf dbsf li mcorbgts irlm Trc Jbgkb. Dlugtrcfs cg tnf Mc``jf FbstTbu`c Brbhcb, Kuwbct, tnf Vgctf` Brbh Fmcrbtfs, bg` Rbtbrbrf tnf mbalr jbhlr-rfdfcvcgo dlugtrcfs,bddlugtcgo ilr 63% li tnf Trc Jbgkbg mcorbgt wlrkfrs. Ubrtcdcpbtclg cg tnf `fpbrturfs ilr ilrfcogfmpjlymfgt ifjj irlm 9?% cg tnf hfocggcgo li tnf 8555s tl brlug` 65% cg 855> bg` rfbdnf` bncstlrcdbj jlw cg 8522, bt 0>% (Icourf 2.9). B scmcjbr trfg` cs lhsfrvf` rfobr`cgo mcorbtclg irlmtnf Uncjcppcgfs wnfrf mfg lutgumhfr wlmfg bmlgo tnf tfmplrbry lvfrsfbs wlrkfrs scgdf 8553.

Cg dlgtrbst, b ifmcgczbtclg li mcorbtclg nbs hffg lhsfrvf` cg ltnfr pbrts li Bscb, fspfdcbjjy cg Fbst

Bscb. Pf snbrf li wlmfg bmlgo mcorbgts cg tnbt rfoclg glw rfbdnfs 60%, up 2.8 pfrdfgtbofplcgts irlm 8555 bg` 0.6 plcgts irlm 2335. Cg Abpbg, tnfrf brf glw 065,555 mlrf cmmcorbgt

wlmfg tnbg cg 8555 bg` tnf snbrf li wlmfg bmlgo cmmcorbgts cgdrfbsf` hy 8.9 pfrdfgtbofplcgts irlm 8555, bg` durrfgtjy stbg`s bt 66%. Nlgo Klgo, Dncgb cs bgltnfr `fstcgbtclg tnbt nbsbttrbdtf` b ncon gumhfr li mcorbgt wlmfg lvfr tnf jbst 85 yfbrs. Pf snbrf li wlmfg wfgt up irlm03% cg 2335 tl 60% cg 8555 bg` 63% mlst rfdfgtjy.

Tcogcdbgt cgdrfbsfs cg tnf gumhfr li cmmcorbgt wlmfg nbvf bjsl hffg rfdlr`f` cg Tcgobplrfbg` cg Pbcjbg`, hut tnfcr snbrfs nbvf lgjy rcsfg sjcontjy, irlm 5.4 bg` 5.3 pfrdfgtbof plcgts,rfspfdtcvfjy. Nlwfvfr, tnf gumhfrs li mcorbgts dlgdfrgf` brf glt li tnf sbmf lr`fr li mbogctu`f

bs tnlsf rfdlr`f` cg _fst Bscb bg` dbgglt dlugtfrhbjbgdf tnf lvfrbjj fdjcgf cg tnf snbrf li wlmfgtnbt cs `rcvfg hy tnlsf dlugtrcfs.


18/87

22


Mcorbgt _lmfg cg LFD@ Dlugtrcfs

Pf gumhfr li Bscbg mcorbgt wlmfg bof` 26 bg` bhlvf cg tnf LFD@ nbs rcsfg irlm 2? mcjjclg tl86 mcjjclg lvfr tnf jbst `fdb`f. Cg dlgtrbst tl wnbt cs lhsfrvf` cg Bscb, tnf snbrf li wlmfg bmlgo

Bscbg mcorbgts bof` 26 bg` bhlvf cg tnf glg-Bscbg LFD@ brfb nbs hffg cgdrfbscgo sjcontjy, irlm

62% tl 68% (Icourf 2.?).

Icourf 2.9 @fpbrturfs ilr Ilrfcog Fmpjlymfgt irlm Trc Jbgkb, 85558528

Tlurdf1 Trc Jbgkb Ilrfcog Fmpjlymfgt Bofgdy.

85

45

05

65

95

?5

65,555

255,555

265,555

855,555

865,555

455,555

8555 8552 8558 8554 8550 8556 8559 855? 855> 8553 8525 8522 8528

%

Gumhfr li fpbrturfs (jfit bxcs) Ufrdfgtbof li wlmfg (rcont bxcs)

Icourf 2.? Mcorbgt _lmfg (26+) Jcvcgo cg Bscbg Dlugtrcfs bg` Mcorbgt _lmfg irlm Bscb cg LFD@ Dlugtrcfs


Tlurdfs1 Vgctf` Gbtclgs @fpbrtmfgt li Fdlglmcd bg` Tldcbj Biibcrs, Prfg`s cg Cgtfrgbtclgbj Mcorbgt Ttldk1 Mcorbgts hy Bof bg` Tfx; LFD@,

@btbhbsf lg Cmmcorbgts cg LFD@ Dlugtrcfs (@CLD).

84

8> 83

0608 08

46

05

06

65

66

95

96

5

6

25

26

85

86

45

8555 8525 8524

%mcjjclgs

Mcorbgt wlmfg cg Bscbg dlugtrcfs

Gumhfr li wlmfg (jfit bxcs) Tnbrf li wlmfg (rcont bxcs)

2?88

86

62 68 68

46

05

06

65

66

95

96

5

6

25

26

85

86

45

8555/52 8556/59 8525/22

%mcjjclgs

Gumhfr li wlmfg (jfit bxcs) Tnbrf li wlmfg (rcont bxcs)

Mcorbgt wlmfg cg LFD@ dlugtrcfs


19/87


8

Cg 8522, wlmfg rfprfsfgtf` 0?% li Bscbg mcorbtclg lws tl tnf LFD@ dlugtrcfs ilr wncdn`btb brf bvbcjbhjf hy ofg`fr bg` dlugtry li lrcocg. Mcorbtclg lws lrcocgbtcgo irlm Pbcjbg`, tnfUncjcppcgfs, Abpbg, bg` tnf Xfpuhjcd li Klrfb dlgscst mbcgjy li wlmfg (Icourf 2.>), wncjf lgjy btncr` lr jfss li mcorbgts dlmcgo irlm Ubkcstbg, Hbgojb`fsn, lr Trc Jbgkb brf wlmfg. Ojlhbjjy, bdlgscstfgtjy smbjjfr snbrf li mcorbgt wlmfg irlm Bscb cs lhsfrvf` bmlgo tnf lws tnbg bmlgotnf stldks li mcorbgts, suoofstcgo tnbt tnfy stby jlgofr lg bvfrbof tnbg tnfcr mbjf pffrs. Pcs sffmspbrtjy jcgkf` wctn tnf ibdt tnbt wlmfg brf mlrf litfg ilug` bmlgo ibmcjy mcorbgts wnl tfg` tl

sfttjf cg tnf nlst dlugtry.

Jbhlr Mbrkft Lutdlmfs li Mcorbgt _lmfg irlm Bscb

_ctn b pbrtcdcpbtclg rbtf li 63%, bg fmpjlymfgt rbtf bt 60%, bg` bg ugfmpjlymfgt rbtf hfjlw >%,Bscbg mcorbgt wlmfg jcvcgo cg tnf LFD@ `cspjbyf` rfjbtcvfjy ibvlrbhjf jbhlr mbrkft lutdlmfs cg8556/59. Ilr tnlsf wctn b tfrtcbry f`udbtclg, tnfsf ourfs wfrf ?5%, 99% bg` 9.5%, rfspfdtcvfjy.

Icourf 2.> Plp 25 Lrcocg Dlugtrcfs li Ijlws li Mcorbgt _lmfg irlm Bscb bg` Tnbrf li _lmfg

bmlgo Pltbj Ijlws tl tnf LFD@, 8522

LFD@ = Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt, UXD = Uflpjf's Xfpuhjcd li Dncgb.

Tlurdf1 LFD@, Cgtfrgbtclgbj Mcorbtclg @btbhbsf.

5

25

85

45

05

65

95

?5

5

85,555

UXD

Uncjcp

pcgfs

Cg`cb

YcftG

bm

Pnbcjbg

`Abpb

gCrb

gCrb

q

Ubkcs

tbg

Xfpuhjc

dliK

lrfb

05,555

95,555

>5,555

255,555

285,555

205,555

%

Cglws li Bscbg wlmfg (jfit bxcs) Tnbrf li wlmfg bmlgo cglws (rcont bxcs)


20/87

24


Pf sctubtclg li wlmfg irlm tnf Uncjcppcgfs cg LFD@ dlugtrcfs jbhlr mbrkfts wbs pbrtcdujbrjy

ibvlrbhjf, wctn lgjy 0.9% ugfmpjlyf` bg` b pbrtcdcpbtclg rbtf li >2%. Pf ugfmpjlymfgt rbtf liwlmfg irlm tnf UXD wbs cg jcgf wctn tnf Bscbg bvfrbof, hut fmpjlymfgt bg` pbrtcdcpbtclg rbtfswfrf 6 pfrdfgtbof plcgts bhlvf bvfrbof. Cg dlgtrbst, tnf jbhlr mbrkft cgtforbtclg li wlmfg hlrgcg Ubkcstbg bg` cg Hbgojb`fsn bppfbrs tl hf mlrf `cffldujt wctn ugfmpjlymfgt rbtfs brlug` 26%bg` pbrtcdcpbtclg rbtfs hfjlw 05%. Pcs cs djfbrjy jcgkf` wctn tnf ibdt tnbt ifw wlmfg irlm tnfsfdlugtrcfs brrcvf` ilr fmpjlymfgt, cg dlgtrbst tl wlmfg irlm tnf Uncjcppcgfs.

B rfdurrcgo cssuf dlgdfrgcgo ifmbjf mcorbgts cg Bscb cs tnbt tnfy brf litfg fmpjlyf` cg sfdtlrs tnbtbrf glt bjwbys b`fqubtfjy dlvfrf` hy tnf jfobj irbmfwlrk, lr brf `cffldujt tl cgspfdt. Ilr fxbmpjf,>>% li ifmbjf mcorbgt wlrkfrs irlm Trc Jbgkb brf fmpjlyf` bs nlusfmbc`s. Pcs dbg put tnfm cgb vujgfrbhjf plsctclg wctn rfspfdt tl tnf wlrkcgo dlg`ctclgs lr tnf pbymfgt li tnfcr wbofs.

Dlgdjusclg

Jbhlr mcorbtclg irlm bg` wctncg Bscb cs li orlwcgo cmplrtbgdf tl mfft jbhlr gff`s hltn wctncgtnf rfoclg bg` cg glg-Bscbg LFD@ dlugtrcfs. Bjtnluon cg tfrms li ojlhbj mcorbtclg lws tltnf LFD@, cgtrb-Furlpfbg mcorbtclg cs stcjj slmfwnbt mlrf cmplrtbgt cg gumhfr, Bscb cs djfbrjytnf gumhfr lgf slurdf rfoclg ilr mbgbof` jbhlr mcorbtclg lws, bg` cts cmplrtbgdf nbs stfb`cjyorlwg cg rfdfgt yfbrs. Cg pbrtcdujbr, tnf UXD nbs snlwg scogcdbgt orlwtn cg rfdfgt yfbrs bs bglrcocg dlugtry, bg` 2 cg 25 gfw cmmcorbgts tl tnf LFD@ cs Dncgfsf. Ltnfr kfy lrcocg dlugtrcfsbrf tnf Uncjcppcgfs, Ubkcstbg, bg` Ycft Gbm. Fspfdcbjjy tnf LFD@ sfttjfmfgt dlugtrcfsBustrbjcb,Dbgb`b, Gfw Qfbjbg`, bg` tnf Vgctf` Ttbtfsnlst scogcdbgt gumhfrs li skcjjf` jbhlr mcorbgtsirlm Bscb.

Cgtrb-Bscbg mcorbtclg tl glg-LFD@ dlugtrcfs cs stcjj jbrofjy li b `cstfrfgt gbturf, mbcgjy jlw-f`udbtf` bg` litfg li crrfoujbr gbturf. @fspctf b fdjcgf cg 85538525, tnf dlugtrcfs li tnf Mc``jfFbst brf stcjj tnf mbalr `fstcgbtclg ilr Tlutn Bscbg mcorbgt wlrkfrs, fspfdcbjjy tnf jfss skcjjf`. Bgumhfr li rcscgo fdlglmcfs cg tnf rfoclg, sudn bs Mbjbyscb, Tcgobplrf, bcpfc,Dncgb, Pbcjbg`,bg` Nlgo Klgo, Dncgb, brf bttrbdtcgo b orlwcgo snbrf li wlrkfrs irlm ltnfr pbrts li Bscb. Pfsffdlglmcfs litfg snlw jlw ugfmpjlymfgt bg` jbhlr snlrtbofs bg` tfg` tl iujjj tnfcr jbhlr mbrkft

gff`s wctn mcorbgt wlrkfrs irlm tnf ltnfr fdlglmcfs cg tnf rfoclg wctn wncdn tnf wbof obp csstcjj suhstbgtcbj. Pfsf jcgks cg tfrms li jbhlr mcorbtclg hftwffg Bscbg fdlglmcfs mltcvbtf tnfrfcgilrdfmfgt li mcorbtclg mbgbofmfgt pljcdcfs wncdn dlugtrcfs nbvf hffg puttcgo cg pjbdf lvfrtnf rfdfgt yfbrs, cg lr`fr tl mbxcmczf tnf hfgfts li jbhlr mcorbtclg ilr hltn lrcocg bg` fstcgbtclgfdlglmcfs, bg` ilr tnf cg`cvc`ubjs. Pf pjbggf` `fvfjlpmfgt li b irff mlhcjcty brfb ilr skcjjf`jbhlr mcorbtclg wctncg BTFBG dbg hf fxpfdtf` tl nbvf b scogcdbgt cmpbdt, hltn lg tnf sczf bg`dlmplsctclg li tnf lws wctncg tnf rfoclg bg` bjsl tl LFD@ dlugtrcfs.


21/87

0


Mcorbtclg pbttfrgs li mcorbgt wlmfg irlm bg` wctncg Bscb nbvf snlwg `cvfrocgo trfg`s cg rfdfgtyfbrs. _nfrfbs tnf mcorbgt plpujbtclgs cg Fbst Bscb bg` tl glg-Bscbg LFD@ dlugtrcfs snlwslmf cg`cdbtclgs li ifmcgczbtclg, tnf lpplsctf cs lhsfrvf` cg _fst Bscb, wnfrf b strlgo `fdjcgf cgtnf snbrf li wlmfg bmlgo tnf cmmcorbgt plpujbtclg nbs hffg lhsfrvf`. Fvfg bmlgo tnf ilrmfr,lgf bjsl sffs jcttjf ifmcgczbtclg bmlgo rfdfgt lws cg dlgtrbst tl wnbt cs lhsfrvf` rfobr`cgo tnfmcorbtclg stldks. Pcs cs pbrtjy `uf tl tnf ibdt tnbt mcorbgt wlmfg brf mlrf litfg ibmcjy mcorbgts

wnl stby jlgofr.


22/87

26

CC. Pnf Cgtfrgbtclgbj Mlhcjctyli Ttu`fgts bg` Cts Jcgks

wctn Jbhlr Mcorbtclg

Cgtfrgbtclgbj stu`fgt mcorbtclg cs ncon lg tnf pljcdy bofg`b cg mbgy dlugtrcfs, bg` tnfrf brfsfvfrbj rfbslgs ilr tncs. Icrst, cgtfrgbtclgbj stu`fgts brf bg cgdrfbscgojy cmplrtbgt pbrt li tfmplrbrymcorbtclg mlvfmfgts bg` tnf gumhfr li cgtfrgbtclgbj stu`fgts nbs orlwg scgdf 8556 cg vcrtubjjybjj dlugtrcfs wctnlut fxdfptclg. Bscb nbs hffg b mbcg `rcvfr hfncg` tncs orlwtn, bg` cts cmplrtbgdfbs bg lrcocg bg` bjsl cgdrfbscgojy bs b `fstcgbtclg rfoclg nbs orlwg stfb`cjy. Bs `fstcgbtclgs nbvf`cvfrscf`, dlmpftctclg lg tnf cgtfrgbtclgbj stu`fgt mbrkft nbs bjsl cgdrfbsf`.

Tfdlg`, b orlwcgo gumhfr li dlugtrcfs dlgsc`fr cgtfrgbtclgbj stu`fgts bs b slurdf li jbhlr mcorbtclg.

Pf hbdkorlug` cs tnbt tnfrf cs bmpjf fvc`fgdf tnbt ilrfcog fùdbtclg cs litfg `csdlugtf` lg tnf nlstdlugtrys jbhlr mbrkft, pbrtcdujbrjy ci tnf ilrfcog fùdbtclg nbs hffg lhtbcgf` cg b dlugtry wnfrftnf lvfrbjj fvfjlpmfgt jfvfj cs jlwfr. Mlrf ofgfrbjjy, tnfrf cs litfg ugdfrtbcgty hy fmpjlyfrs bhluttnf vbjuf li ilrfcog `forffs. Cg dlgtrbst, cgtfrgbtclgbj stu`fgts nbvf, uplg orbùbtclg, b `lmfstcdtfrtcbry forff tnbt cs fbscjy rfdlogczf` hy fmpjlyfrs. Pfrf cs tnus gl ugdfrtbcgty rfobr`cgo bdtubjvbjuf lr ltnfr rfdlogctclg cssufs.

Pcr`, ibdcjctbtcgo stu`fgt mlhcjcty cs litfg sffg bs bg cmplrtbgt fjfmfgt cg b hrlb`fr strbtfoy tlprlmltf skcjjs fvfjlpmfgt bg` mlhcjcty. Pcs cs b pbrtcdujbrjy cmplrtbgt cssuf cg irff mlhcjcty brfbs,sudn bs tnf Furlpfbg Vgclg (FV)/Furlpfbg Irff rb`f Bssldcbtclg (FIB) bg` tnf `fvfjlpcgo

Bssldcbtclg li Tlutnfbst Bscbg Gbtclgs (BTFBG) Fdlglmcd Dlmmugcty, wnfrf b irff mlhcjcty

brfb ilr skcjjf` jbhlr cs sdnfùjf` tl hf cgtrlùdf` hy 8526.

Ilurtn, bg` djlsfjy jcgkf` wctn tnf sfdlg` plcgt, tnfrf nbs hffg slmf dlgdfrg bhlut pltfgtcbjbhusf li tnf stu`fgt dnbggfj bs bg fbsy bg` jfss dlgtrljjf` hbdk`llr ilr jbhlr mcorbtclg.

Jbst, tnf cgtfrgbtclgbj stu`fgt mbrkft cs bjsl li orlwcgo cmplrtbgdf bs bg fdlglmcd ibdtlr, wctnfxplrt fùdbtclg hfcgo b kfy slurdf li ilrfcog fxdnbgof, pbrtcdujbrjy cg dlugtrcfs wnfrf hltn tuctclgiffs bg` gumhfrs li cgtfrgbtclgbj stu`fgts brf ncon.


23/87

9


Prfg`s cg Cgtfrgbtclgbj Ttu`fgt Mcorbtclg

Cgtfrgbtclgbj stu`y dlgtcgufs tl `rbw b dlgsc`frbhjf gumhfr li stu`fgts irlm brlug` tnf wlrj` tlltnfr dlugtrcfs. Cg Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt (LFD@) bg` Bscbgglg-LFD@ dlugtrcfs ilr wncdn `btb brf bvbcjbhjf, tnfcr gumhfr cs glw wfjj bhlvf 4 mcjjclg, bgcgdrfbsf li mlrf tnbg b tncr` scgdf 8556 (bhjf 8.2). Gltf tnbt tnfsf ourfs rfifr tl stu`fgts cg iujj-`forff prlorbms, c.f. tnfy l glt cgdju`f tnf mbgy stu`fgts wnl stu`y bhrlb` ilr aust b sfmfstfr lrtwl bg` oft drf`ct ilr tncs cg tnfcr nlmf ugcvfrscty. Nfrf, tll, tnfrf nbvf hffg scogcdbgt cgdrfbsfscg rfdfgt yfbrs. Tudn rbtnfr snlrt-tfrm stu`fgt mlvfmfgts brf ibdcjctbtf` hy sdnljbrsncps, sudn bstnf Frbsmus Urlorbmmf cg Furlpf, bg` ltnfr cgstrumfgts sudn bs tnf BTFBG Vgcvfrscty Gftwlrkcg Bscb, wncdn cgdju`fs b drf`ct trbgsifr mfdnbgcsm.

Gltf bjsl tnbt sudn cgdrfbsfs cg tnf stldks li cgtfrgbtclgbj stu`fgts litfg rffdt mudn strlgofrcgdrfbsfs cg gfw cglws li cgtfrgbtclgbj stu`fgtsilr wncdn `btb, nlwfvfr, brf sdbrdfscgdfcgtfrgbtclgbj stu`fgt `btb rfifr tl stu`fgts stu`ycgo cg iujj-`forff prlorbms wncdn ofgfrbjjy jbstsfvfrbj yfbrs. Cg b``ctclg, slmf dlugtrcfs, sudn bs tnf Xfpuhjcd li Klrfb, Gfw Qfbjbg`, tnf DzfdnXfpuhjcd, bg` tnf Tjlvbk Xfpuhjcd nbvf sffg mudn orfbtfr cgdrfbsfs. Pf strlgofst rfjbtcvf orlwtnnbs hffg lhsfrvf` cg tnf Xfpuhjcd li Klrfb bg` tnf Tjlvbk Xfpuhjcd, wnfrf cgtfrgbtclgbj stu`fgtmcorbtclg orfw mlrf tnbg ilurilj` lvfr tnf pfrcl` 85568522.

Cg bhsljutf gumhfrs, tnf Vgctf` Ttbtfs cs tnf mlst cmplrtbgt `fstcgbtclg dlugtry, nlstcgo 86% libjj cgtfrgbtclgbj stu`fgts cg tnf LFD@, iljjlwf` hy tnf Vgctf` Kcgo`lm (26%), Irbgdf (25%),

bg` Bustrbjcb (3%). Pfrf cs tnus scogcdbgt dlgdfgtrbtclg cg tnf Fgojcsn-spfbkcgo dlugtrcfs. Abpbgbg` tnf Xfpuhjcd li Klrfb nbvf mbrkft snbrfs li 6% bg` 8%, rfspfdtcvfjy. Pf Xfpuhjcd li Klrfbsmbrkft snbrf nbs cgdrfbsf` gcgfilj` scgdf 8555, hy ibr tnf strlgofst li bgy dlugtry. Xfjbtcvf tl tnftltbj tfrtcbry stu`fgt plpujbtclg, nlwfvfr, tnf Xfpuhjcd li Klrfb stcjj nbs rfjbtcvfjy ifw cgtfrgbtclgbjstu`fgts (Icourf 8.2). _ctn bhlut 8% cgtfrgbtclgbj stu`fgts, ct rbgks jlwfst bmlgo tnf tlp 25`fstcgbtclg dlugtrcfs. Pf nconfst prlplrtclgs brf ilug` cg Bustrbjcb bg` Bustrcb, wctn 85%,iljjlwf` hy tnf Vgctf` Kcgo`lm (2?%).

Bmlgo Bscbg glg-LFD@ dlugtrcfs, tnf Uflpjfs Xfpuhjcd li Dncgb (UXD), Mbjbyscb, bg` Tcgobplrfbrf bjsl mbalr rfdfcvcgo dlugtrcfs. _ctn bjmlst 455,555 cgtfrgbtclgbj stu`fgts cg 8522, tnf UXDglw rbgks bs tnf tncr` mbcg `fstcgbtclg dlugtry ilr cgtfrgbtclgbj stu`fgts wlrj`wc`f. Ct nbs mlrf

tnbg `luhjf` cts gumhfr li cgtfrgbtclgbj stu`fgts scgdf 8556. Cg 8525, Tcgobplrf nlstf` 38,555ilrfcog stu`fgts, djlsfjy iljjlwf` hy Mbjbyscb, wctn 35,555 ilrfcog stu`fgts. Mbjbyscb nbs sffg bstrlgo cgdrfbsf cg tnf gumhfr li cts ilrfcog stu`fgts cg rfdfgt yfbrs, wctn b `luhjcgo cg 6 yfbrs.

B iurtnfr fmfrocgo fstcgbtclg dlugtry cs Pbcjbg . Bjtnluon cts cmplrtbgdf stcjj jbos wfjj hfncg` tnbtli tnf UXD, Mbjbyscb, bg` Tcgobplrf, tnf gumhfrs nbvf gfvfrtnfjfss mlrf tnbg trcpjf` scgdf 8556.

Cg tnf LFD@ brfb, cgtfrgbtclgbj stu`fgts irlm Bscb glw bddlugt ilr 68% li bjj cgtfrgbtclgbjstu`fgts, wctn tnfcr tltbj gumhfr bpprlbdncgo bjmlst 2.6 mcjjclg. Bscb bs bg lrcocg rfoclg nbs sffg`csprlplrtclgbtf orlwtn lvfr tnf pbst 625 yfbrs. Cts cmplrtbgdf rfjbtcvf tl ltnfr lrcocg rfoclgs nbscgdrfbsf` cg bjj li tnf tlp 25 `fstcgbtclg dlugtrcfs ilr cgtfrgbtclgbj stu`fgts wctn tnf fxdfptclg li


24/87

Pnf Cgtfrgbtclgbj Mlhcjcty li Ttu`fgts bg` Cts Jcgks wctn Jbhlr Mcorbtclg

2?

Pbhjf 8.2 Cgtfrgbtclgbj Pfrtcbry-Jfvfj Ttu`fgts cg LFD@ bg` Tfjfdtf` Glg-LFD@ Bscbg Dlugtrcfs

@ficgctclg li

cgtfrgbtclgbj

stu`fgt

Gumhfr li

cgtfrgbtclgbj stu`fgts

Fg` li

pfrcl`rfjbtcvf tl

hfocggcgo

li pfrcl`

Bvfrbofbggubj

orlwtn

rbtf

Ybjuf

rfjbtcvf tlplpujbtclg

8580

x 255

% li tltbj

tfrtcbry

fgrljjmfgt

Ufrdfgtbof

rfjbtcvf tl tnfpfrdfgtbof li

ilrfcog-hlrg cg

tnf plpujbtclg

% li cgtfrgbtclgbj

stu`fgts irlm

Bscbg dlugtrcfs

Bdtubj yfbrs 8556 8522 8556 8522

Bustrbjcb 8556 8522 G 2??,555 898,955 2.0> 9.> 29.4 23.> 5.?0 ?>.6 >5.?

Bustrcb 8556 8522 I 40,655 ?5,955 8.56 28.? 24.0 23.6 2.88 20.2 22.3

Hfjocum 8556 8522 G 82,255 4?,355 2.>5 25.4 6.6 >.8 5.66 ?.4 3.9

Dbgb`b 8559 8522 G ?6,655 259,455 2.02 ?.2 0.0 ?.0 5.4? 62.5 60.2

Dncjf 8553 8522 G 8,855 8,355 2.48 20.> 5.8 5.4 .. 2.0 5.>

Dzfdn

Xfpuhjcd 8556 8522 I 2>,655 4>,555 8.56 28.? 6.9 >.6 2.40 >.3 3.>

@fgmbrk 8556 8522 G 25,455 85,455 2.3? 28.5 6.3 ?.> 5.33 24.0 22.9

Fstlgcb 8556 8522 G 355 2,055 2.69 ?.9 2.4 8.5 5.24 3.> 20.6

Icgjbg` 8556 8522 I >,055 26,?55 2.>? 22.5 0.> 6.2 2.54 83.4 4>.2

Irbgdf 8556 8522 I 849,655 89>,855 2.24 8.2 9.3 22.3 2.58 29.3 82.>

Ofrmbgy 855> 8522 G 2??,>55 2?9,?55 5.33 -5.8 4.6 9.0 5.03 44.5 42.0

Orffdf 8556 8522 I 26,?55 48,>55 8.53 24.2 6.6 6.5 5.?6 >4.0 09.2

Nugobry 8553 8522 G 20,655 29,655 2.20 9.? 8.9 0.4 5.32 2>.6 88.4

Cdfjbg` 855> 8522 G ?55 2,255 2.6? 29.4 0.9 6.> 5.60 >.3 24.4

Crfjbg` 855> 8522 G 28,>55 28,?55 5.33 -5.4 0.4 9.6 5.43 8?.6 85.5

Csrbfj 8525 8522 I 8,355 4,355 2.40 40.6 5.? 2.2 5.50 0.9 0.0

Ctbjy 8556 8522 I 00,355 ?4,655 2.90 >.9 8.4 4.? 5.02 25.8 88.>

Abpbg 8556 8522 I 286,355 262,655 2.85 4.2 8.0 4.3 .. 30.8 34.4

Xfpuhjcd li

Klrfb 8556 8522 I 26,655 98,?55 0.56 89.8 2.3 2.3 .. 38.2 30.2

Juxfmhluro 8559 8525 I 2,255 8,>55 8.66 89.4 >.3 .. .. 8.6 6.2

Pnf

Gftnfrjbg`s 8556 8522 G 89,055 4>,055 2.06 9.0 4.? 0.3 5.04 26.4 26.3

Gfw Qfbjbg` 8556 8522 G 05,>55 05,355 2.55 5.5 28.9 26.9 5.99 ?9.9 9?.3Glrwby 8556 8522 I 25,855 29,955 2.94 >.6 6.2 ?.8 5.6> 85.5 85.0

Uljbg` .. 8522 G .. 85,?55 .. .. 5.? 2.5 5.69 .. 2?.3

Ulrtuobj 855> 8522 G >,255 24,055 2.96 2>.4 8.4 4.0 5.02 8.> 0.>

Tjlvbk

Xfpuhjcd 8556 8522 G 2,955 >,?55 6.00 48.9 8.8 4.> .. 82.? 9.>

Tjlvfgcb 8556 8522 G 2,255 8,555 2.>8 25.6 2.9 2.3 5.2? 2.? 4.>

Tpbcg 8556 8522 G 2?,?55 98,955 4.60 84.0 8.6 4.8 5.88 4.5 0.0

Twf`fg 8556 8522 G 2>,355 49,655 2.34 22.9 6.9 ?.3 5.68 4.2 09.5

Twctzfrjbg` 855> 8522 G 42,?55 02,>55 2.48 3.? >.9 29.8 5.63 25.2 25.6

Purkfy 8556 8522 I 2>,855 42,255 2.?2 3.4 5.6 5.> .. 64.? 6?.5

Vgctf`

Kcgo`lm 8556 8522 G 42>,055 023,355 2.48 0.? 3.> 29.> 2.05 09.4 62.3

Vgctf` Ttbtfs 8556 8522 G 635,855 ?53,955 2.85 4.2 4.8 4.0 5.89 94.8 ?2.?

LFD@ 8,5>5,555 8,>55,455 2.46 9.2 4.4 0.> 5.4> 0>.3 68.5

LFD@

bvfrbofs 2.>8 22.6 0.> 9.? 5.98 8>.> 83.>

UXD 8556 8522 I 202,255 838,955 8.5? 28.3 5.8 5.3 2>.93 .. >?.0

Cg`lgfscb .. 8525 I .. 9,055 .. 5.5 5.2 8.43 .. 38.0

Tbu`c Brbhcb .. 8522 I .. 40,355 .. 2.0 4.0 5.28 .. 0?.9

Mbjbyscb 8559 8528 I 00,055 35,555 8.54 28.6 4.8 .. .. .. ..

Tcgobplrf 8556 8525 I 99,555 32,655 2.43 9.> 8?.6 .. .. .. ..

Pnbcjbg` 8556 8525 I 6,055 2?,855 4.23 89.2 5.0 .. .. .. ..

I = ilrfcog stu`fgts, G = glgrfsc`fgt stu`fgts, LFD@ = Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt, UXD = Uflpjfs Xfpuhjcd li Dncgb.

Gltfs1 Ilr ficgctclg li cgtfrgbtclgbj stu`fgts, sff Hlx 8.2. Pnf btb dlvfr cgtfrgbtclgbj stu`fgts fgrljjf` cg iujj-`forff prlorbms. Cgilrmbtclg lg btb ilr Csrbfj1

nttp1//`x.`lc.lro/25.2?>?/>>>348426958.

Tlurdf1 LFD@ F`udbtclg btbhbsf fxdfpt ilr Mbjbyscb, Tcgobplrf, bg` Pnbcjbg` (gbtclgbj slurdfs). Ilr tnf UXD, dbjdujbtclgs brf hbsf` lg Urlafdt Btjbs.


25/87

>


Bustrcb bg` Ofrmbgy. Abpbg cs bjsl bmlgo tnf fxdfptclgs, hut Bscbg mcorbgts stcjj bddlugt ilr mlrftnbg 3 lut li 25 cgtfrgbtclgbj stu`fgts cg tnbt dlugtry.

bhjf 8.2 prlvc`fs b mfbsurf li tnf rfjbtcvf cmplrtbgdf li cgtfrgbtclgbj stu`y, gbmfjy tnf gumhfrli cgtfrgbtclgbj stu`fgts cg rfjbtclg tl tnf rfsc`fgt plpujbtclg li 8580-yfbr-lj`s, tnf slurdfplpujbtclg li mlst tfrtcbry stu`fgts. Pcs mfbsurf cs djlsf tl lr fxdff`s 25% cg lgjy b nbgìuj lidlugtrcfs, gbmfjy tnf Vgctf` Kcgo`lm, Bustrbjcb, Bustrcb, Gfw Qfbjbg`, bg` Tcgobplrf. Ct bvfrbofsbhlut 0.>% li tnf rfsc`fgt plpujbtclg li 8580-yfbr-lj`s bg` prlvc`fs bg cg`cdbtclg li tnf plsschjfcgdrfbsf cg tnf sczf li tncs bof orlup ci bjj cgtfrgbtclgbj stu`fgts wfrf tl stby lg. Cg prbdtcdf, bs wcjjhf sffg cg mlrf `ftbcj cg tnf gfxt sfdtclg, lgjy bhlut lgf ilurtn bppfbr tl `l sl lg bvfrbof, sl tnbttnf cgdrfbsf bdtubjjy lhsfrvf` cs djlsfr tl bhlut 2% li tnf sczf li tncs bof orlup. Cg dlgtrbst, tnfrfnbs hffg b 8.4% cgdrfbsf cg tnf tltbj ilrfcog-hlrg plpujbtclg lg bvfrbof lvfr tnf pbst `fdb`f. Pus,bt durrfgt stby rbtfs, tnf cgdc`fgdf li cgtfrgbtclgbj stu`y wluj` stcjj gff` tl cgdrfbsf suhstbgtcbjjy cglr`fr tl hfdlmf b scogcdbgt slurdf li mcorbtclg cg mbgy dlugtrcfs.

Bg bjtfrgbtcvf mfbsurf cs ocvfg hy tnf snbrf li cgtfrgbtclgbj stu`fgts rfjbtcvf tl tnf lvfrbjj snbrfli tnf ilrfcog-hlrg cg tnf plpujbtclg. Pcs rbtcl cs jbrofr tnbg 2 cg lgjy b ifw LFD@ dlugtrcfs,

gbmfjy Bustrcb, Icgjbg`, Irbgdf, Abpbg, bg` tnf Vgctf` Kcgo`lm. Bscbg dlugtrcfs, bg` tnf UXD cgpbrtcdujbr, nbvf tnf jbrofst rbtcls, cg`cdbtcgo b rbtnfr scogcdbgt cgtfrgbtclgbjczbtclg li tnfcr tfrtcbryfùdbtclg sfdtlr rfjbtcvf tl tnf lvfrbjj plpujbtclg.

@fstcgbtclg Dlugtrcfs li Bscbg Ttu`fgts

Bjtnluon slmf `cvfrscdbtclg rfobr cgo `fstcgbtclg dlugtrcfs cs lg trbdk, mlrf tnbg tnrff qubrtfrsli Bscbg stu`fgts ilug` tnfmsfjvfs cg lgjy ilur nlst LFD@ dlugtrcfs1 tnf Vgctf` Ttbtfs (49%),

Bustrbjcb (29%), tnf Vgctf` Kcgo`lm (26%), bg` Abpbg (25%).

Icourf 8.2 snlws tnf gumhfrs li Bscbg stu`fgts bmlgo tnf mbcg `fstcgbtclg dlugtrcfs licgtfrgbtclgbj stu`fgts cg tnf LFD@ bg` cg tnf UXD. Bs cs bjsl vcschjf cg bhjf 8.2, cg tnf UXD,

Hfdbusf li `btb jcmctbtclgs, tnf prfdcsf mbogctu`f li cgtfrgbtclgbj stu`fgt mcorbtclg cs stcjj slmfwnbt ugdfrtbcg, bjtnluon tnf

lr`frs li mbogctu`f brf wfjj kglwg. @btb lg ilrfcog stu`fgts nbvf hffg dljjfdtf` ilr wfjj lvfr b `fdb`f, hut tnfsf gumhfrs litfg

cgdju`f b dlgsc`frbhjf gumhfr li stu`fgts wnl fctnfr mcorbtf` wctn tnfcr pbrfgts hfilrf tbkcgo up tnfcr stu`cfs lr, cg slmf dbsfs,

nbvf fvfg hffg rfsc`fgt cg tnf nlst dlugtry scgdf hcrtn. Pncs cs gltbhjy tnf dbsf cg dlugtrcfs sudn bs Ofrmbgy wctn jlgo-stbg`cgo

cmmcorbgt plpujbtclgs bg` wncdn `l glt prlvc`f butlmbtcd dctczfgsncp tl gbtcvf-hlrg liisprcgo li cmmcorbgts. Pnf stu`fgts wnl

brf li cgtfrfst cg tnf dlgtfxt li cgtfrgbtclgbj mcorbtclg, nlwfvfr, brf tnlsf wnl nbvf mcorbtf` ilr tnf purplsf li tbkcgo up stu`cfs.

Tudn cgtfrgbtclgbj stu`fgts brf c`fgtcicf` cg gbtclgbj stbtcstcds fctnfr bs glgrfsc`fgt stu`fgts lr bs stu`fgts wnl lhtbcgf` tnfcr prclr

fùdbtclg cg b `ciifrfgt dlugtry. Cg fctnfr dbsf, tnf stbtcstcds lg cgtfrgbtclgbj stu`fgts cgdju`f b smbjj orlup li glgrfsc`fgt gbtclgbjs

wnl nbvf rfturgf` tl tnfcr dlugtry li dctczfgsncp tl stu`y, hut tnf frrlr bs b dlgsfqufgdf li cgdju`cgo tnfsf cs ibr jfss cmplrtbgt tnbg

tnbt mb`f hy b`lptcgo tnf ilrfcog-stu`fgt `ficgctclg. Cg tncs dnbptfr, tnf dlgdfpt li cgtfrgbtclgbj stu`fgt cs tnf lgf rftbcgf` ilr

bgbjyscs, kffpcgo cg mcg` tnbt ilr slmf dlugtrcfs lr lvfr slmf pfrcl`s, tnf stbtcstcds rfifrrf` tl wcjj bdtubjjy hf ilr ilrfcog stu`fgts.

Pncs cs gltbhjy tnf dbsf ilr tnf Xfpuhjcd li Klrfb bg` Abpbg, wnfrf gfvfrtnfjfss tnf vbst mbalrcty li ilrfcog stu`fgts brf cgtfrgbtclgbj

stu`fgts, scgdf mcorbtclg tl tnfsf dlugtrcfs cs b rbtnfr rfdfgt pnfglmfglg.

Hlx 8.2. @fflgctclg li Cgtfrgbtclgbj Ttu`fgts


26/87


23

tnf Xfpuhjcd li Klrfb, bg` Abpbg, tnf lvfrwnfjmcgo mbalrcty li cgtfrgbtclgbj stu`fgts brf irlmltnfr Bscbg dlugtrcfs. Ojlhbjjy, tnf UXD cs glw tnf sfdlg` mlst cmplrtbgt `fstcgbtclg dlugtry li

Bscbg stu`fgts bitfr tnf Vgctf` Ttbtfs, wnfrf stu`fgts irlm Bscb bddlugt ilr bjmlst tnrff qubrtfrsli bjj cgtfrgbtclgbj stu`fgts. Pf snbrfs brf bjsl ncon cg Bustrbjcb, wnfrf Bscbg stu`fgts bddlugt ilrtnf mbalrcty li cgtfrgbtclgbj stu`fgts. Cg dlgtrbst, cg mlst Furlpfbg dlugtrcfs, stu`fgts irlm Bscb

bddlugt ilr lgjy b smbjj pbrt li tnf cgtfrgbtclgbj stu`fgt plpujbtclg.

Lrcocg Dlugtrcfs

Pf prf`lmcgbgdf li Bscb cg tnf cgtfrgbtclgbj stu`fgt mbrkft cs bjsl lhvclus wctn rfspfdt tnf mbcglrcocg dlugtrcfs li stu`fgt mcorbtclg. Pf tlp tnrff brf Bscbg dlugtrcfs. Cg 8522, tnfrf wfrf mlrftnbg nbji b mcjjclg cgtfrgbtclgbj stu`fgts irlm tnf UXD cg tnf LFD@ bjlgf, bddlugtcgo ilr lgf cgvf li tnf tltbj. Cg`cb bg` tnf Xfpuhjcd li Klrfb iljjlwf`, wctn dlgsc`frbhjf cstbgdf, cg sfdlg` bg`tncr` pjbdf, rfspfdtcvfjy. _ctn Ycft Gbm, Mbjbyscb, bg` Tbu`c Brbhcb, tnrff iurtnfr Bscbg dlugtrcfsbrf bmlgo tnf tlp 25 lrcocg fdlglmcfs li cgtfrgbtclgbj stu`fgts (Icourf 8.8).

Icourf 8.2 Plp 25 @fstcgbtclg Dlugtrcfs li Glgrfsc`fgt Ttu`fgts

UXD = Uflpjfs Xfpuhjcd li Dncgb.

Gltf1 Ilr Abpbg, tnf Xfpuhjcd li Klrfb, bg` Ctbjy, `btb rfifr tl glgdctczfg stu`fgts. Ilr tnf UXD, `btb lg

tnf snbrf li stu`fgts irlm Bscb brf hbsf` lg 9?% li tnf ilrfcog stu`fgts.Tlurdf1 LFD@ F`udbtclg @btbhbsf. Ilr tnf UXD, dbjdujbtclgs brf hbsf` lg Urlafdt Btjbs.

4

9

3

28

26

2>

82

80

5

255,555

855,555

455,555

055,555

655,555

955,555

?55,555

>55,555

Vgctf`Ttbtfs

Vgctf`Kcgo`lm

UXD Irbgdf Bustrbjcb Ofrmbgy Abpbg Dbgb`b Ctbjy Xfpuhjcd liKlrfb

Tpbcg

Glgrfsc`fgt stu`fgts Ttu`fgts irlm Bscb Tnbrf li cgtfrgbtclgbj stu`fgts bmlgo stu`fgts fgrljjf` (rcont bxcs)

%


27/87

85


Ttu`fgts irlm tnf UXD rfprfsfgt hy ibr tnf jbrofst orlup, wctn 82% li bjj cgtfrgbtclgbj stu`fgtsfgrljjf` cg tnf LFD@ brfb. Pf sfdlg` jbrofst prlplrtclg li cgtfrgbtclgbj stu`fgts dlmfs irlmCg`cb (9.6%).

_nfrfbs Dncgfsf stu`fgts brf glw scogcdbgtjy prfsfgt cg bjj mbalr `fstcgbtclg dlugtrcfs, tnfrf csb strlgo dlgdfgtrbtclg li Cg`cbg stu`fgts cg aust b ifw dlugtrcfs. B tltbj li 09% li Cg`cbg stu`fgtsbhrlb` brf fgrljjf` cg tnf Vgctf` Ttbtfs bg` b iurtnfr 88% cg tnf Vgctf` Kcgo`lm.

Puctclg Iffs

uctclg iffs ilr cgtfrgbtclgbj stu`fgts vbry wc`fjy. Mbgy dlugtrcfs dnbrof nconfr iffs ilr cgtfrgbtclgbjstu`fgts bg` ct cs glt ugdlmmlg ilr yfbrjy iffs tl rfbdn mlrf tnbg 25,555. Tlmf dlugtrcfs,gbmfjy tnf Dzfdn Xfpuhjcd bg` Icgjbg`, `l glt dnbrof iffs ilr stu`fgts ci tnfy stu`y cg tnf nlstdlugtrys jbgoubof hut l sl ltnfrwcsf. Cg dlugtrcfs sudn bs Bustrbjcb, Gfw Qfbjbg`, bg` tnf Vgctf`

Kcgo`lm, ncon tuctclg iffs dlupjf` wctn scogcdbgt gumhfrs li cgtfrgbtclgbj stu`fgt nbvf mb`ff`udbtclg bg cmplrtbgt fdlglmcd sfdtlr bs wfjj.

Icourf 8.8 Plp 25 bg` Plp 25 Bscbg Lrcocg Fdlglmcfs bmlgo Glgrfsc`fgt Ttu`fgts cg LFD@ Dlugtrcfs, 8522

LFD@ = Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt, UXD = Uflpjfs Xfpuhjcd li Dncgb.

Gltf1 Ilr Bustrcb, tnf Dzfdn Xfpuhjcd, Icgjbg`, Irbgdf, Orffdf, Abpbg, tnf Xfpuhjcd li Klrfb, Csrbfj, Ctbjy, Glrwby, bg` Purkfy, `btb rfifrtl glgdctczfg stu`fgts.

Tlurdf1 LFD@ F`udbtclg @btbhbsf.

6>2,555

2>8,555

280,555

225,555

66,555

09,555

09,555

09,555

04,555

04,555

46,555

48,555

42,555

45,555

5 255,555 855,555 455,555 055,555 655,555 955,555 ?55,555

UXD

Cg`cb

Xfpuhjcd li Klrfb

Ofrmbgy

Irbgdf

Vgctf` Ttbtfs

Ycft Gbm

Mbjbyscb

Dbgb`b

Tbu`c Brbhcb

Abpbg (20)

Purkfy (29)

Nlgo Klgo, Dncgb (2?)

Crbg (23)


28/87


82

@fgmbrk cs bg cgtfrfstcgo dbsf (LFD@ 8524b). Nbvcgo cgtrlùdf` tuctclg iffs ilr cgtfrgbtclgbjstu`fgts cg 855?, ct sbw b strlgo `fdjcgf cg tnf gumhfr li cgtfrgbtclgbj stu`fgts fgrljjf` cg `forffprlorbms cg 855>, irlm 28,?55 tl 9,055, hut bg cmmf`cbtf rfhlug` tl tnf 855? jfvfj tnf vfry gfxtyfbr bg` b iurtnfr cgdrfbsf tl 85,455 cg 8522.2Pf ibjj cg fgrljjmfgts bs b rfsujt li tnf cgtrlùdtclgli tuctclg iffs tnus sffms tl nbvf hffg mfrfjy bg cgtfrju`f. Tlmf mbalr `fstcgbtclg dlugtrcfs

wncdn dnbrof jcttjf tl gl tuctclg iffs, sudn bs Irbgdf bg` Ofrmbgy, nbvf sffg mudn jlwfr orlwtn cgstu`fgt gumhfrs tnbg slmf li tnlsf dlugtrcfs wncdn `l, suoofstcgo tnbt tnf jcgk hftwffg tnf jfvfjli tuctclg iffs bg` b dlugtrys bttrbdtcvfgfss ilr cgtfrgbtclgbj stu`fgts cs smbjj. Gfvfrtnfjfss, tncssffms tl hf bt jfbst cg pbrt jcgkf` wctn jbgoubof cssufs, bs Fgojcsn-spfbkcgo dlugtrcfs nbvf b gbturbjb`vbgtbof.

Icfj`s li Ttu`yCgtfrgbtclgbj stu`fgts brf wfjj rfprfsfgtf` cg bjj mbalr fj`s li stu`y bg` tnf `cstfrfgdfs cg tfrmsli spfdcbjczbtclg dlmpbrf` wctn tnf tltbj stu`fgt plpujbtclg brf ofgfrbjjy glt jbrofbt jfbst glt bttnf boorfobtf` jfvfj (Icourf 8.4).8Dlmpbrf` wctn tnf tltbj stu`fgt plpujbtclg, tnfy brf mlrf litfgilug` cg tnf sldcbj sdcfgdfs bg` huscgfss, bs wfjj bs cg tnf sdcfgdfs bg` cg fgocgffrcgo. Cg dlgtrbst,tnfy brf ug`frrfprfsfgtf` cg tnf numbgctcfs, wnfrf iujj mbstfry li tnf nlst dlugtrys jbgoubof cspbrtcdujbrjy cmplrtbgt. Cgtfrgbtclgbj stu`fgts brf bjsl ug`frrfprfsfgtf` bmlgo tnf stu`fgts cg tnfnfbjtn bg` wfjibrf brfbs.

2 Li tnf `fdjcgf cg 855>, 35% lddurrf` bmlgo stu`fgts irlm LFD@ dlugtrcfs. Pnf mbalrcty li tnf rfhlug` wbs bttrchutbhjf tl tncs sbmf

orlup.

8

stu`fgts `ciifr irlm tnlsf li stu`fgts irlm ltnfr rfoclgs.

Icourf 8.4 Mbcg Icfj`s li Ttu`y li Cgtfrgbtclgbj Ttu`fgts, 8553

Tlurdf1 LFD@ Fùdbtclg @btbhbsf.

5

25

85

45

05

Numbgctcfs, brts,

bg` fùdbtclg

Nfbjtn

bg` wfjibrf

Tldcbj sdcfgdfs,

huscgfss, bg` jbwFgocgffrcgo,

mbguibdturcgo,

bg` dlgstrudtclg

Tdcfgdf Ltnfr

Cgtfrgbtclgbj stu`fgts Bjj stu`fgts


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Bttrbdtcgo Cgtfrgbtclgbj Ttu`fgts

B gumhfr li dlugtrcfs nbvf spfdcd prlorbms cg pjbdf tl bttrbdt cgtfrgbtclgbj stu`fgts. Abpbg,ilr fxbmpjf, cgtrlùdf` b pjbg cg 855> wctn tnf lhafdtcvf tl nbvf 455,555 ilrfcog stu`fgts hy8585. Pf pjbg cgdju`fs vf pcjjbrs1 (c) prlmltclg li stu`ycgo cg Abpbg; (cc) ibdcjctbtclgs rfobr`cgofgtry bg` fgrljjmfgt; (ccc) ojlhbjczbtclg li Abpbgfsf ugcvfrsctcfs; (cv) drfbtcgo b hfttfr stu`ycgofgvcrlgmfgt ilr cgtfrgbtclgbj stu`fgts; bg` (v) plsschcjctcfs ilr stbtus dnbgofs bitfr orbùbtclg.

Bmlgo tnf mfbsurfs tnbt nbvf hffg tbkfg cg tncs dlgtfxt brf cgilrmbtclg dbmpbcogs bhlut stu`ycgocg Abpbg; prlmltclg li stu`fgt fxdnbgof/cgtfrgbtclgbj drf`ct trbgsifrs bg` alcgt `forff prlorbms;sdnljbrsncps bg` nluscgo ilr ilrfcog stu`fgts bg` supplrt ilr alh sfbrdncgo bitfr stu`cfs. Cg tfrmsli jbgoubof, Abpbg nbs tbkfg b ubj bpprlbdn. Lg tnf lgf nbg`, tnf strbtfoy cgdju`fs tnf prlmltclgli Abpbgfsf jbgoubof fùdbtclg bhrlb` bg` trbcgcgo dlursfs cg Abpbgfsf jbgoubof ilr cgtfrgbtclgbjstu`fgts. Bt tnf sbmf tcmf, tnfrf cs bjsl bg fxtfgsclg li iujj-`forff prlorbms cg Fgojcsn bg` bgcgtfrgbtclgbjczbtclg li tnf tfbdncgo stbst.

Pf UXD nbs bjsl tbkfg scogcdbgt fstlrts tl cgtfrgbtclgbjczf cts tfrtcbry fùdbtclg sfdtlr. Ubrtcdujbrfstlrt nbs hffg pjbdf` lg bttrbdtcgo plst-orbùbtfs (Hlx 8.8).

Cg rfdfgt yfbrs, tnf Uflpjfs Xfpuhjcd li Dncgb (UXD) nbs cgtrlùdf` b gumhfr li icgbgdcbj cgdfgtcvf tlljs tl bttrbdt rfsfbrdnfrs irlm

bhrlb`. Pnf 2555 Pbjfgt Ujbg prlvc`fs, ug`fr dfrtbcg dlg`ctclgs, jfb`cgo rfsfbrdnfrs cg tnf `lmbcgs li sdcfgdf bg` tfdngljloy wctn bjump-sum suhsc`y li DGS2 mcjjclg (bhlut 285,555) bg` b rfsfbrdn suhsc`y hftwffg DGS4 mcjjclg bg` DGS6 mcjjclg, cg b``ctclg tl tnf

rfoujbr sbjbry. Tcgdf 855>, tnfrf nbvf hffg mlrf tnbg 8,?55 pbrtcdcpbgts cg tncs cgctcbtcvf. _ncjf tnf 2555 Pbjfgt Ujbg cs glt spfdcicdbjjy

ildusf` lg tnf ugcvfrscty sfdtlr, ltnfr cgstrumfgts, sudn bs tnf Dnbgo Acbgo Tdnljbrs Urlorbm brf mlrf tbroftf`. Pnf prlorbm

prlvc`fs b hlgus li DGS855,555DGS495,555 (80,55500,555) ilr ilrfcog ugcvfrscty prlifsslrs; mlrf tnbg 2,>55 sdnljbrs nb`

tbkfg pbrt cg tncs prlorbm hy 8522. Pnf Dncgfsf Bdb`fmy li Tdcfgdfs prlvc`fs ilr tnf splgslrsncp li ylugo bdb`fmcds wctn ncon

pltfgtcbj tnrluon cts 255 Pbjfgt Ujbg. Pnfsf brf fjcochjf ilr b DGS255,555DGS855,555 cgstbjjmfgt bjjlwbgdf bg` iurtnfr spfdcbj

bjjlwbgdfs. Mlrf tnbg 8,955 sdnljbrs nbvf hfgfictf` irlm tncs cgctcbtcvf scgdf cts stbrt. Icgbjjy, tnf Ttbtf Iug` li Gbturbj Tdcfgdfs nbs

drfbtf` b Gbtclgbj Tdcfgdf Iug` ilr Lutstbg`cgo Slugo Tdnljbrs, prlvc`cgo icgbgdcbj supplrt ilr rfsfbrdn prlafdts. Hy 8522, mlrf tnbg

8,955 pfrslgs nb` rfdfcvf` iug`cgo ug`fr tncs iug`.

Tlurdf1 _bgo Tnc-pcgo bg` Su Ucgo. 8524. Tpffdn lg Jbhlr Cmmcorbtclg cg Bscb. Urfsfgtbtclg ocvfg hy Su Ucgo bt tnf 4r` Xlug`tbhjf lg Jbhlr Mcorbtclg

cg Bscb. Hbgoklk, Pnbcjbg`, 8486 Abgubry 8524. nttp1//www.b`hc.lro/fljfs/8524.52.80.dpp.sfss6.8.pcgo.jbhlr.cmmcorbtclg.bscb.pì

Hlx 8.8 Urlorbms tl Bttrbdt Ilrfcog Pbjfgt cgtl tnf Pfrtcbry Fùdbtclg Tfdtlr cg tnf Uflpjfs Xfpuhjcd li Dncgb

Cgtfrgbtclgbj Ttu`fgts bs b Tlurdf li Jbhlr

Cgtfrgbtclgbj stu`y cs litfg tnf rst stfp tlwbr` fvfgtubj sfttjfmfgt cg tnf nlst dlugtry. Nlwfvfr,mbgy cgtfrgbtclgbj prlorbms brf hfcgo ocvfg cg Fgojcsn, bg` orbùbtcgo stu`fgts `l glt gfdfssbrcjynbvf b hrlb` rbgof li fmpjlymfgt lpplrtugctcfs cg b dlugtry li stu`y wnfrf Fgojcsn cs gltdlmmlgjy splkfg cg tnf wlrkpjbdf. Cg dlugtrcfs wnfrf b jbrof prlplrtclg li tnf plpujbtclg spfbksFgojcsn, tnf jbttfr dbg sfrvf bs b trbgsctclg jbgoubof wncjf tnf cmmcorbgt jfbrgs tnf jbgoubof li tnf

dlugtry, wncdn wcjj mlst jckfjy hf gfdfssbry ilr iujj cgtforbtclg cgtl tnf nlst dlugtry.


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Cg rfdfgt yfbrs, b orlwcgo gumhfr li dlugtrcfs nbvf sluont tl bttrbdt cgtfrgbtclgbj stu`fgts bs slurdfsli jbhlr, hltn hy bjjlwcgo tnfm tl wlrk ùrcgo stu`cfs bg` hy prlvc`cgo tnfm wctn lpplrtugctcfstl dnbgof stbtus bitfr tnfcr stu`cfs bg` tl hfdlmf jbhlr mcorbgts.

_lrk ùrcgo Ttu`cfs

Mlst stu`y `fstcgbtclgs glw bjjlw stu`fgts tl wlrk ùrcgo stu`cfs, ofgfrbjjy hftwffg 85 bg` 80nlurs b wffk ùrcgo fbdn tfrm. Litfg, tnfrf brf spfdcd prlvcsclgs ilr b``ctclgbj wlrk ùrcgo tnfsfmfstfr hrfbk. Cg Abpbg, ilr fxbmpjf, stu`fgts mby wlrk ilr b mbxcmum li 8> nlurs pfr wffk lr> nlurs pfr `by ùrcgo tnf summfr bg` wcgtfr hrfbks. Cg bcpfc,Dncgb, cgtfrgbtclgbj stu`fgts dbg

wlrk 29 nlurs pfr wffk ùrcgo tnfcr stu`cfs. Bjtnluon stu`fgt fmpjlymfgt mby glt gfdfssbrcjynfjp cg g`cgo wlrk jbtfr, ct `lfs prlvc`f tnf stu`fgt wctn slmf ibmcjcbrcty rfobr`cgo tnf jldbjjbhlr mbrkft bg` prbdtcdfs. _lrk wctncg lgfs fj` dbg hf pbrtcdujbrjy cmplrtbgt ilr cgdrfbscgo tnfjckfjcnll` li g`cgo fmpjlymfgt bitfr orbùbtclg.

Ructf litfg, nlwfvfr, stu`fgt wlrk cs cg jlwfr-skcjjf` lddupbtclgs. Lg tnf lgf nbg`, tncs gfvfrtnfjfssprlvc`fs stu`fgts wctn gbgdcgo bg` rst dlgtbdt wctn tnf jbhlr mbrkft, bg` tnfrfilrf fgnbgdfs tnfprlhbhcjcty tl rfmbcg cg tnf dlugtry. Lg tnf ltnfr, tnfsf brf tnf typfs li alhs wnfrf dlmpftctclg

wctn jlw-fùdbtf` gbtcvf-hlrg ylutns cs mlst jckfjy, bg` tnfrf mby hf dlgdfrg bhlut b gfobtcvfcmpbdt lg tnfcr jbhlr mbrkft dnbgdfs. Gfvfrtnfjfss, tnf ifw bvbcjbhjf stu`cfs suoofst tnbt sudn bgfobtcvf cmpbdt tfg`s tl hf smbjj, fvfg cg dlugtrcfs wnfrf tnfrf brf mbgy cgtfrgbtclgbj stu`fgts.4

Ubrtcdujbrjy cg tnf glg-Fgojcsn spfbkcgo Furlpfbg dlugtrcfs, prlvcsclgs ilr tnf jbhlr mbrkft bddfssli cgtfrgbtclgbj stu`fgts nbvf hffg jchfrbjczf` scogcdbgtjy lvfr tnf pbst ifw yfbrs. Bt tnf sbmftcmf, tnfrf nbs bjsl hffg cgdrfbsf` dlgdfrg bhlut dlmpjcbgdf, cg pbrtcdujbr wctn rfspfdt tl stu`fgts

wlrkcgo rbtnfr tnbg stu`ycgo.

Ttbtus Dnbgofs bitfr Orbùbtclg

Ilr tnf stu`fgt, stu`ycgo cg b ilrfcog dlugtry prlvc`fs tnf lpplrtugcty tl bdqucrf dlugtry-spfdcdkglwjfòf bg` tl bàust tl tnf dlugtrys sldcfty hfilrf mbkcgo b jlgofr-tfrm dlmmctmfgt rfobr`cgostbycgo cg tnf nlst dlugtry. Ilr fmpjlyfrs, bitfr stu`y, sudn orbùbtfs nbvf b jldbj `forff rfb`cjy

rfdlogczf` cg tnf nlst dlugtrys jbhlr mbrkft. Tudn rfdlogctclg cssufs brf stcjj b mbalr lhstbdjfilr cgtfrgbtclgbj jbhlr mcorbtclg li pfrslgs wctn ilrfcog `forffs, cg spctf li fstlrts tl ibdcjctbtfrfdlogctclg, sudn bs cg tnf BTFBG rfoclg. Nbvcgo b nlst dlugtry `forff bjsl tfg`s tl hf bssldcbtf`

wctn hfttfr mbstfry li tnf nlst dlugtrys jbgoubof, bjtnluon tncs cs glt gfdfssbrcjy tnf dbsf wnfgtnf stu`y jbgoubof wbs b ilrfcog jbgoubof. Cg b``ctclg, ct mby bjsl scogbj ltnfr qubjctcfs bhlut tnfpltfgtcbj cmmcorbgt, cgdju`cgo pfrsfvfrbgdf, sfji-mbgbofmfgt, bg` wcjjcgogfss tl b`bpt tl tnf nlstdlugtrys fgvcrlgmfgt. Ufrslgs nbvcgo stu`cf` cg tnf dlugtry nbvf bjsl ofgfrbjjy bdqucrf` slmfkglwjfòf li alh sfbrdn tfdngcqufs bg` wlrk prbdtcdfs cg tnf dlugtry li stu`y, ibdcjctbtcgo suddfssiuj

4 Cg Gfw Qfbjbg`, ilr fxbmpjf, wnfrf cgtfrgbtclgbj stu`fgts mbkf up 8.6% li tnf wlrkcgo-bof plpujbtclg, MdJfl` bg` Mbr (8524)


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trbgsctclg cgtl tnf wlrkilrdf. Icgbjjy, stu`fgt mcorbgts brf ylugo, wncdn mfbgs cg prbdtcdf tnbt tnf

sdbj rfturgs tl tnfcr fùdbtclg bddumujbtf lvfr tnfcr fgtcrf wlrkcgo jcif.

LFD@ fstcmbtfs suoofst tnbt bhlut 26%45% li cgtfrgbtclgbj stu`fgts stby lg cg tnfcr dlugtryli stu`y (Icourf 8.0), fctnfr ilr ibmcjy-rfjbtf` rfbslgs, sudn bs mbrrcbof tl b rfsc`fgt, lr ilr wlrkrfbslgs.0Cg Abpbg bg` Irbgdf, bjmlst nbji li bjj gfw pfrmbgfgt jbhlr mcorbtclg dlmfs `crfdtjy irlmtnf stu`y rlutf.

0 Pnfsf fstcmbtfs tfg` tl ocvf b `cstlrtf` bg` cg`ff` dlgsfrvbtcvf pcdturf li tnf pfrdfgtbof li orbùbtfs wnl stby lg, hfdbusf tnfy brf

dbjdujbtf` bs b pfrdfgtbof li stu`fgts wnl `l glt rfgfw tnfcr stu`fgt vcsbs, bg` tncs mby lddur hfdbusf b stu`fgt ibcjs tl dlmpjftf b

li fxctcgo stu`fgts, tfg` tl ocvf vbjufs li hftwffg 2 bg` 8 yfbrs, wncdn sffm snlrt dlmpbrf` tl tnf usubj ùrbtclg li bg ug`frorbùbtf

stu`y prlorbm. Pncs mby cmpjy tnbt tnf prlorbms cg wncdn tnfy brf fgrljjf` brf snlrt lr tnbt mbgy cgtfrgbtclgbj stu`fgts `rlp lut hfilrfdlmpjftclg. Ttu`fgt vcsb btb systfms l glt glrmbjjy dbrry cgilrmbtclg lg wnftnfr lr glt b stu`fgt nbs suddfssiujjy dlmpjftf` b prlorbm

li stu`y.

Icourf 8.0 Tnbrf li Cgtfrgbtclgbj Ttu`fgts _nl Dnbgof Ttbtus bg` Xfmbcg, bg` tnf Ufrdfgtbof li Gfw JbhlrMcorbtclg Dlmcgo irlm tnf Ttu`fgt Dnbggfj, Tfjfdtf` LFD@ Dlugtrcfs, brlug` 855>


Tlurdf1 B`bptf` irlm LFD@. 8524. Xfdructcgo Cmmcorbgt _lrkfrs1 Ofrmbgy.Ubrcs1 LFD@ Uuhjcsncgo.

5

25

85

45

05

65

5

Bustrc

b

Tpbcg

Crfjbg`

Abpbg

GfwQf

bjbg`

(pfrm

bgfgt)

Icgjbg`

Glrwby

Vgctf

`Kcgo`

lm

Bvfrbof

Ofrmbgy

Gftnfrjbg

s

Bustr

bjcb(

pfrmbgf

gt)

DzfdnX

fpuh

jcd

Irbgdf

Dbgb

b(tfmp

lrbry

bg`p

frmbgf

gt)

6

25

26

85

86

45

46

05

Ttby rbtf (jfit bxcs) Xbtcl jbhlr stbtus dnbgofs/Gfw wlrkfrs (rcont bxcs)

% %


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Glt jlgo bol, stbtus dnbgofs li cgtfrgbtclgbj stu`fgts wfrf litfg prlnchctf`. Pcs wbs slmftcmfs

mltcvbtf` hy b `fscrf tl prltfdt tnf `lmfstcd wlrkilrdf bobcgst dlmpftctclg. Mlrf litfg, nlwfvfr,ct wbs `ffmf` tnbt cgtfrgbtclgbj stu`fgts, cg pbrtcdujbr tnlsf irlm `fvfjlpcgo dlugtrcfs, snluj`rfturg tl tnfcr lrcocg dlugtrcfs bitfr tnfcr stu`cfs, tl bvlc` b hrbcg `rbcg.

Pcs pfrspfdtcvf nbs dnbgof` scgdf bg` slmf spfdcd tlljs nbvf hffg `fvfjlpf` tl ibdcjctbtf tnfstu`y-tl-wlrk trbgsctclg li cgtfrgbtclgbj stu`fgts, wncdn wcjj hf `csdussf` cg turg.

Alh Tfbrdn Ycsb ilr Orbùbtfs

Pf alh sfbrdn vcsb ilr orbùbtfs cs tnf mlst dlmmlg pljcdy, bg` litfg fmhf``f` cg ibdcjctbtf`

pbtnwbys tl rfsc`fgdf. Mbgy dlugtrcfs bjjlw cgtfrgbtclgbj stu`fgts tl rfmbcg bitfr orbùbtclg bg`sffk b alh. Pf mbxcmum ùrbtclg vbrcfs irlm 4 yfbrs cg Dbgb`b tl 9 mlgtns cg mlst Furlpfbgdlugtrcfs. Abpbg nbs rfdfgtjy cgdrfbsf` tnf ùrbtclg irlm 9 mlgtns tl 2 yfbr. Tlmf dlugtrcfs,cgdju`cgo tnf Xfpuhjcd li Klrfb, nbvf alh sfbrdn urbtclgs tnbt vbry wctn tnf jfvfj li stu`y, wctn tnfjlgofst alh sfbrdn ùrbtclg ocvfg tl stu`fgts wctn tnf nconfst jfvfj (c.f. `ldtlrbtf) `forffs.

_bcvfr li Jbhlr Mbrkft Pfst

Mbgy dlugtrcfs b`mct ilrfcog wlrkfrs lgjy ci gl `lmfstcd dbg`c`btf cs bvbcjbhjf, bg` b sl-dbjjf`jbhlr mbrkft tfst bppjcfs tl tncs fstfdt. Lgf wby li ibdcjctbtcgo stu`y-tl-wlrk trbgsctclgs ilr

cgtfrgbtclgbj stu`fgts cs tl wbcvf tncs jbhlr mbrkft tfst ilr cgtfrgbtclgbj stu`fgts. Pcs cs, ilrfxbmpjf, tnf bpprlbdn tbkfg cg Ofrmbgy.

Ulcgts Tystfms

Tfvfrbj dlugtrcfs nbvf plcgts-hbsf` systfms, wncdn sfjfdt cmmcorbgts lg tnf hbscs li b rbgof lidnbrbdtfrcstcds (f.o. bof, jbgoubof kglwjfòf, qubjcdbtclgs, wlrk fxpfrcfgdf, alh lstfr, ftd.), fbdnbttrchutf` b dfrtbcg gumhfr li plcgts; cmmcorbgts bhlvf tnf tnrfsnlj` brf ofgfrbjjy b`mcttf`. Mlstdlugtrcfs tnbt nbvf sudn systfms prlvc`f hlgus plcgts ilr pfrslgs wctn nlst dlugtry forffs. Pcs cs

gltbhjy tnf dbsf cg Bustrbjcb, Dbgb`b, bg` Gfw Qfbjbg`, wncdn nbvf jlgo-stbg`cgo systfms cg tncsrfspfdt, hut bjsl cg mlrf rfdfgtjy fstbhjcsnf` plcgts systfms cg Furlpfbg dlugtrcfs sudn bs Bustrcb.

Ibdcjctbtclgs cg Bddfss tl Ufrmbgfgt Xfsc`fgdy lr Dctczfgsncp

Icgbjjy, cg dlugtrcfs wnfrf ùrbtclg li rfsc`fgdf drctfrcb bppjy ilr bddfss tl pfrmbgfgt rfsc`fgdy,yfbrs li stu`y dbg hf ocvfg b nconfr wfcont. Litfg, tncs cs rbtnfr cmpjcdct, ilr fxbmpjf hy dlugtcgotwcdf tnf yfbrs li rfsc`fgdf hfilrf b dfrtbcg bof, bs nbs hffg tnf dbsf cg Twctzfrjbg`. Jckfwcsf, nbvcgob `lmfstcd `forff mby hf dlgsc`frf` ibvlrbhjy cg bppjcdbtclgs ilr dctczfgsncp. Pf UXD prlvc`fsibdcjctbtf` bddfss tl dctczfgsncp ilr mcorbgts wnl hfgftf` irlm tnf 2555 bjfgt Ujbg (sff Hlx 8.8).


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Icgbjjy, tnfrf cs tnf plsschcjcty tl sft bsc`f spfdcd qultbs ilr cgtfrgbtclgbj stu`fgts cg stbg`br` jbhlrmcorbtclg prlorbms. Cg tnf Vgctf` Ttbtfs, ilr fxbmpjf, bpbrt irlm tnf nconjy-skcjjf` N2-H vcsb tnbtnbs b 96,555 dbp, bg b``ctclgbj 85,555 pjbdfs b yfbr brf sft bsc`f ilr cgtfrgbtclgbj stu`fgts wnl nbvforbùbtf` wctn b Mbstfrs lr nconfr jfvfj `forff irlm b VT ugcvfrscty lr dljjfof.

Dlgdjusclg

Cgtfrgbtclgbj stu`fgts brf bg cgdrfbscgojy cmplrtbgt pbrt li cgtfrgbtclgbj mcorbtclg mlvfmfgts,bg` nbvf gltbhjy hffg b `rcvfr li skcjjf` mcorbtclg wctncg bg` irlm Bscb. Mlrf ofgfrbjjy, Bscbsrljf cg cgtfrgbtclgbj fùdbtclg cs orlwcgo, hltn bs bg lrcocg bg` cgdrfbscgojy bjsl bs b `fstcgbtclgrfoclg. Pf Xfpuhjcd li Klrfb cs b prcmf fxbmpjf cg tncs rfspfdt, bs ct nb` tnf strlgofst orlwtn cgtnf gumhfrs li cgtfrgbtclgbj stu`fgts scgdf 8556 li bgy dlugtry. Ltnfr Bscbg dlugtrcfs nbvf bjslfmfrof` bs cmplrtbgt fstcgbtclgs li cgtrb-Bscbg stu`fgt mcorbtclg, cg pbrtcdujbr tnf UXD, hut bjslMbjbyscb, Tcgobplrf, bg` ltnfr BTFBG mfmhfr stbtfs. Cg`ff`, Bscbg dlugtrcfs nbvf ofgfrbjjy sffgmudn jbrofr cgdrfbsfs cg tnfcr cgtfrgbtclgbj stu`fgt gumhfrs tnbg glg-Bscbg `fstcgbtclgs.

Pf orlwcgo cgtfrfst cg cgtfrgbtclgbj stu`fgts cs djlsfjy jcgkf` wctn tnf ibdt tnbt tnfy nbvf hfdlmfb kfy slurdf li ilrfcog jbhlr, hltn ùrcgo bg` bitfr tnfcr stu`cfs. Jbhlr mcorbtclg systfms tfg` tlibvlr cgtfrgbtclgbj stu`fgts hfdbusf tnfy brf prf-cgtforbtf` cg mbgy wbys. Gfvfrtnfjfss, tnfrf nbs

bjsl hffg slmf dlgdfrg bhlut bhusf cg tnf cgtfrgbtclgbj stu`fgt sfdtlr.

Bt tnf sbmf tcmf, tnfrf brf bjsl pltfgtcbj trb`f-lsts cgvljvf` hftwffg bttrbdtcgo cgtfrgbtclgbjstu`fgts bg` ltnfr pljcdy lhafdtcvfs. Ilr fxbmpjf, cgtfrgbtclgbj stu`fgts tfg` tl hf pbrtcdujbrjybttrbdtf` hy Fgojcsn-jbgoubof prlorbms, bjtnluon ct cs dlgdfcvbhjf tnbt stu`fgts cg glg-Fgojcsn-spfbkcgo dlugtrcfs wnl stu`y cg tnf `lmfstcd jbgoubof, rbtnfr tnbg cg Fgojcsn, brf mlrf jckfjy tlstby. Tlmf dlugtrcfs nbvf rfbdtf` tl tncs hy cgtrlùdcgo nconfr iffs ilr stu`cfs cg ilrfcog jbgoubofs.

B iurtnfr dnbjjfgof cs b plsschjf gfobtcvf cmpbdt lg tnf jbhlr mbrkft dnbgdfs li jlwfr-skcjjf` gbtcvf-hlrg ylutns wnfg cgtfrgbtclgbj stu`fgts nbvf wlrk rconts. Lg tnf lgf nbg`, prlvc`cgo cgtfrgbtclgbjstu`fgts wctn wlrk rconts ùrcgo stu`cfs cs bg cmplrtbgt mfbgs li bttrbdtcgo cgtfrgbtclgbj stu`fgts,

bs ct nfjps tnfm tl gbgdf tnfcr stu`cfs lvfrsfbs. Lg tnf ltnfr, tnf sfdtlrs bg` lddupbtclgs cg wncdncgtfrgbtclgbj stu`fgts wlrk litfg tfg` tl hf aust tnlsf typfs li alhs wnfrf dlmpftctclg wctn jlw-skcjjf` gbtcvf-hlrg ylutns cs mlst jckfjy.

B djlsfjy rfjbtf` cssuf cs lgf li dlmpjcbgdf. _ctn tnf orlwtn cg cgtfrgbtclgbj stu`fgt gumhfrs,tnfrf nbs hffg cgdrfbscgo dlgdfrg tnbt slmf stu`fgts brf tbkcgo b`vbgtbof li cgtfrgbtclgbj stu`ylpplrtugctcfs tl pursuf ltnfr lhafdtcvfs, gltbhjy wlrk. Pcs nbs dbusf` mbgy dlugtrcfs tl tcontfgtnfcr dlg`ctclgs lg fgtry bg` stby, bs wfjj bs tl cgdrfbsf lvfrscont lvfr fùdbtclgbj cgstctutclgs, cgpbrtcdujbr prcvbtf prlvc`frs.


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Pf prfssurfs li rfdfssclg lg tnf `lmfstcd wlrkilrdf nbvf bjsl jf` tl slmf rfbssfssmfgt li plst-stu`y fgtry cgtl tnf jbhlr mbrkft hy cgtfrgbtclgbj orb`ubtfs, wctn dlugtrcfs puttcgo slmf fstlrtcgtl bvlc`cgo tnbt cgtfrgbtclgbj stu`y cs usf` bs bg fbsy hbdk`llr ilr jbhlr mcorbtclg. Mbgydlugtrcfs gltbhjy rfqucrf dlrrfsplg`fgdf hftwffg fj` li stu`y bg` tnf alh tbkfg bitfr orb`ubtclg.Cg prbdtcdf, ct cs glt bjwbys fbsy tl fstbhjcsn sudn b dlrrfsplg`fgdf. Tudn b rfqucrfmfgt mby bjsltfg` tl ibvlr hrlb` stu`cfs (f.o. mbgbofmfgt) lvfr mlrf spfdcbjczf` lgfs. Ojlhbjjy, nlwfvfr, mlrfjchfrbj bpprlbdnfs rfobr`cgo wlrk rconts bg` stby lpplrtugctcfs brf stcjj lg tnf bsdfg`fgdy. Bt tnfsbmf tcmf, tnfrf cs bg lgolcgo mlvf tlwbr` stu`cfs cg Fgojcsn, wncdn cs iurtnfr dlgtrchutcgo tl tnf`cvfrscdbtclg li fstcgbtclg dlugtrcfs, bg` mlrf hrlb`jy tl dlmpftctclg ilr cgtfrgbtclgbj stu`fgts.


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83

CCC. Tkcjjf` Jbhlr Mlhcjctycg Bscb

Pf mcsmbtdn hftwffg suppjy bg` `fmbg` ilr jbhlr cs lgf li tnf mbcg `rcvfrs ilr cgtfrgbtclgbj

mcorbtclg, fspfdcbjjy bs ojlhbjczbtclg jfb`s tl orfbtfr fdlglmcd spfdcbjczbtclg bg` bddfjfrbtf`fvljutclg. Pfsf trfg`s brf pbrtcdujbrjy fvc`fgt cg Bscb, wnfrf mbgy dlugtrcfs nbvf sffg rbpc``fvfjlpmfgt bg` rfmbrkbhjf dnbgofs cg tnf fùdbtclgbj dlmplsctclg li ylutn, bs wfjj bs prlilug`sncits cg tnfcr rljf cg tnf ojlhbj fdlglmy. Pf borcdujturf sfdtlrs cg `fvfjlpcgo Bscbg dlugtrcfs nbvfhffg snrcgkcgo bg` tnf prlùdtcvcty cg tnf cgùstry sfdtlr rcscgo, rbcscgo gfw `fmbg` ilr skcjjs. Pfcgtfrgbtclgbj dlmpftctclg ilr skcjjs, bjrfb`y b pljcdy dlgdfrg cg mlst Lrobgcsbtclg ilr FdlglmcdDl-lpfrbtclg bg` @fvfjlpmfgt (LFD@) dlugtrcfs, cgvljvfs Bscbg fdlglmcfs bs wfjj.

_ncjf irff mlvfmfgt li oll`s cg tnf rfoclg bg` wctn ltnfr rfoclgs nbs cgdrfbsf`, tnf irff mlvfmfgtli jbhlr cs glt bs scmpjf tl bdncfvf, bg` mbtdncgo suppjy bg` `fmbg` cs dlmpjcdbtf` glt lgjy

hy `cffldujty cg rfdlogczcgo lpplrtugctcfs bg` g`cgo dlmpbtchcjctcfs, hut bjsl hy tnf fmcorbtclgrfocmfs cg tnf lrcocg dlugtry bg` tnf cmmcorbtclg systfm cg tnf `fstcgbtclg dlugtry.

Cg jcont li tnfsf dlgsc`frbtclgs, tncs dnbptfr rst `csdussfs tnf rljf li Bscb cg skcjjf` mcorbtclg tlLFD@ dlugtrcfs, bg` tnf wfcont li skcjjf` mcorbtclg irlm Bscbg dlugtrcfs. Pfg, ct jllks bt nlwhltn lrcocg bg` `fstcgbtclg dlugtrcfs bssfss jbhlr mbrkft rfqucrfmfgts ilr skcjjf` mcorbgt wlrkfrsbg` gbjjy `csdussfs pljcdy `fvfjlpmfgts cg tncs brfb.

Tkcjjf` Mcorbtclg irlm bg` wctncg Bscb

Bscb, bs gltf` cg tnf rst dnbptfr, nlj`s b jbrof snbrf li mcorbtclg tl LFD@ dlugtrcfs, bddlugtcgoilr lgf tncr` li bjj mcorbgts tl LFD@ dlugtrcfs cg 8522. Bscbg mcorbgts brf rfjbtcvfjy hfttfrfùdbtf` tnbg ltnfr mcorbgts1 cg tnf mc`-8555s, mlrf tnbg 65% li rfdfgt Bscbg mcorbgts cg LFD@dlugtrcfs wfrf nconjy fùdbtf`, dlmpbrf` wctn jfss tnbg 45% li mcorbgts irlm ltnfr rfoclgs(LFD@ 8528b). Pfsf nconjy fùdbtf` Bscbg mcorbgts rfprfsfgtf` bg cmplrtbgt dlgtrchutclg tltnf skcjjf` wlrkilrdf cg LFD@ dlugtrcfs, wctn >5% li nconjy fùdbtf` Bscbg mcorbgt mfg bg`99% li wlmfg fmpjlyf`.


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Cg LFD@ dlugtrcfs, skcjjf` mcorbtclg prlorbms jbrofjy dlmprcsf mcorbgts irlm Bscb, jf` hy Cg`cbbg` tnf Uflpjfs Xfpuhjcd li Dncgb (UXD). Cg ibdt, mlst li tnf dnbggfjs `fvltf` tl nconjy skcjjf`mcorbgts (tnlsf wctn bt jfbst slmf tfrtcbry-jfvfj f`udbtclg) sff Cg`cbg bg` Dncgfsf wlrkfrs rfdfcvcgo

tnf hujk li pfrmcts (Icourf 4.2). Pcs cs pbrtcdujbrjy tnf dbsf ilr cgilrmbtclg tfdngljloy (C)wlrkfrs, wnl brf litfg Cg`cbg, wnftnfr tnfy fgtfr ug`fr b spfdcd dbtfolry, bs cg Ofrmbgy, lr bscgtrb-dlmpbgy trbgsifrs, bs cg @fgmbrk lr Glrwby, lr bs spfdcbjty wlrkfrs, bs ug`fr tnf Vgctf`Ttbtfs N-2H spfdcbjty wlrkfr prlorbm. Cg tnf Vgctf` Ttbtfs, Bscbgs wluj` rfprfsfgt bg fvfg jbrofrsnbrf li tnf fmpjlymfgt-hbsf` orffg dbr`s cssuf` ilr pfrmbgfgt rfsc`fgdf ci b dlugtry dbp wfrf gltcg pjbdf. Pf wbctcgo jcst ilr Cg`cbg bg` Dncgfsf wlrkfrs wnl nbvf bppjcf` bg` mft tnf dlg`ctclgsli b orffg dbr`, cg ibdt, cs mudn jlgofr tnbg ilr ltnfr gbtclgbjctcfs. Cg mbgy dlugtrcfs, sudn bsDbgb`b bg` tnf Vgctf` Ttbtfs, tnf mbcg gbtclgbjcty li Bscbg cmmcorbgts, bjlgo wctn tnf UXD bg`Cg`cb, cs tnf Uncjcppcgfs.

Icourf 4.2 Tnbrf li Tkcjjf` Mcorbgts cg Tfjfdtf` LFD@ Dlugtrcfs hy Ufrmct Urlorbm, 85258528

CP = cgilrmbtclg tfdngljloy, LFD@ = Lrobgcsbtclg ilr Fdlglmcd Dl-lpfrbtclg bg` @fvfjlpmfgt, UXD = Uflpjfs Xfpuhjcd li Dncgb.

Gltf1 Ilr @fgmbrk, Bscb cgdju`fs lgjy Hbgojb`fsn bg` Ubkcstbg. Ilr tnf Gftnfrjbg`s, Bscb cs Abpbg lgjy (NR) bg` Cg`lgfscb lgjy(LS, 85538525). @btb ilr Twf`fg brf hbsf` lg CTDL djbsscfldbtclg 28. Ilr Glrwby, Bscb cs oflorbpncdbj Bscb; ltnfr dlugtrcfs fxdju`fTlutnwfst bg` Dfgtrbj Bscb.

Tlurdf1 LFD@. 8528. Pnf Dnbgocgo Xljf li Bscb cg Cgtfrgbtclgbj Mcorbtclg. Cg Cgtfrgbtclgbj Mcorbtclg Lutjllk 8528. Ubrcs1 LFD@Uuhjcsncgo, fxdfpt Ofrmbgy (8522) bg` @fgmbrk bg` Glrwby (plljf` 85228528).

5

65

255

CPwlrkfrs

Ltnfrskcjjf`wlrkfrs

Cgtrb-dlmpbgy

trbgsifrs

Ofrmbg`forffs

Tkcjjf`

Cgtrb-dlmpbgy

trbgsifrs

Pcfr2nco

njyskcjjf`

Pcfr8splgslrf`

_l

rkpfrmcts

O

rffgDbr`

T

bjbry/Tkcjj

Cgtrb-dlmpbgy

trbgsifrs

_lrkpfrmcts,

skcjjf`

Kglwjf`o

fmcorbgt

Lrcfgtbtclgyfbr

Nconjyqubjcflf`

Icrst

prclrctyFH

Tfdlg`

prclrctyFH

Pncr`prclrctyFH

N-2Hspfdcbjtyldd.

Fdlglmcddjbss

Ofgf

rbjskcjjf`

Jlgo-tfrm

huscgfss

Xfsc`fg

df,

skcjjf`

_lrkpfrmct,

skcjjf`

Xfsfb

rdn/Urli.

OFX GLX VKO CXJ @FG T_F GFP HFJ VTB DBG BVT GQJ KLX

UXD Cg`cb Ltnfr Bscb


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Tkcjjf` Jbhlr Mlhcjcty cg Bscb

42

Irlm tnf pfrspfdtcvf li Bscbg dlugtrcfs li lrcocg, skcjjf` mcorbgts stcjj bppfbr tl rfprfsfgt lgjyb smbjj snbrf li tltbj jbhlr mcorbtclg lutlws. Pcs cs rfjbtf` tl jbrof-sdbjf tfmplrbry mcorbtclgli ugskcjjf` bg` sfmc-skcjjf` wlrkfrs tl tnf Mc``jf Fbst (prcmbrcjy tnf Ouji), tl Tlutnfbst Bscb,bg`, tl b smbjj fxtfgt, tl dfrtbcg Fbst Bscbg fdlglmcfs. Tkcjjf` mcorbtclg tfg`s tl hf tlwbr`LFD@ dlugtrcfs, fspfdcbjjy cg Glrtn Bmfrcdb, _fstfrg Furlpf, bg` Ldfbgcb. Pf snbrf li skcjjf`

wlrkfrs bmlgo tnlsf olcgo bhrlb` ilr fmpjlymfgt vbrcfs irlm lgf Bscbg dlugtry tl bgltnfr. Cgtnf Uncjcppcgfs, mlrf tnbg 25% li lvfrsfbs wlrkfrs brf prlifssclgbjs. Hy dlgtrbst, cg Ubkcstbg, tnflutlws li jbhlr mcorbgts cg 8528 sbw jcttjf mlrf tnbg 8% cg prlifssclgs, wctn mlrf tnbg nbji cgvfry jlw-skcjjf` lddupbtclgs bg` tnf rfmbcg`fr cg vbrclus trb`fs. Cg`lgfscb, wncdn sfg`s mlrf tnbgnbji b mcjjclg wlrkfrs bggubjjy, sffs vfry ifw pjbdfmfgts li skcjjf` wlrkfrs.

_ctncg `fvfjlpcgo Bscbg fdlglmcfs, tnf gff` ilr cgtfrgbtclgbj skcjjs nbs cgdrfbsf . Pbcjbg` cs lgf

fxbmpjf, bs tnfrf nbs hffg b snlrtbof li skcjjf` jbhlr cg slmf sfdtlrs, bg` tnf skcjjf` jbhlr bvbcjbhjftnrluon tnf `lmfstcd Pbc mbrkft cs cgsuffldcfgt hltn cg tfrms li qubgtcty bg` qubjcty (GFT@H8524). Cgdrfbsf` fpfg`fgdy lg ilrfcog tfdngljlocfs bg` jcmctf` prlmltclg li sdcfgdf bg` tfdngljloy`fvfjlpmfgt nbvf jf` Pbc prl`udtclg sfdtlrs tl rfjy lg ilrfcog tfdngljlocfs bg` tl cmplrt fxpfrtcsfbg` prlifssclgbjs irlm lvfrsfbs. Iurtnfrmlrf, tnf cgdrfbscgo gumhfr li ilrfcog dlmpbgcfs cg Pbcjbg`nbs jf` tl tnf mcorbtclg li skcjjf` jbhlr, fspfdcbjjy cg tnf mbgbofrcbj bg` tfdngcdbj plsctclgs.

Ycft Gbm fgdlurbofs tnf `cspbtdn li ncon-skcjjf` wlrkfrs ilr lvfrsfbs fmpjlymfgt cg slmf ilrfcogjbhlr mbrkfts. Mfbsurfs tl fgdlurbof tnf `cspbtdn li wlrkfrs wctn prlifssclgbj bg` tfdngcdbj skcjjsilr lvfrsfbs fmpjlymfgt nbvf ildusf` lg b gumhfr li sfdtlrs bg` rfoclgs. Ycft Gbm sfg`s skcjjf`dlgstrudtclg wlrkfrs bg` fgocgffrs tl tnf Mc``jf Fbst; tnf Mcgcstry li Jbhlur, Cgvbjc`s bg` Tldcbj

Bstbcrs li Ycft Gbm nbs sfgt fgocgffrs bg` ltnfr ncon-skcjjf` wlrkfrs tl Abpbg bg` tnf Xfpuhjcd liKlrfb. _ctn Bircdb, hcjbtfrbj borffmfgts brf cg pjbdf tl suppjy mf`cdbj `ldtlrs; bjsl cg Bircdb, wctntnf cgvljvfmfgt li tnf Ill` bg` Borcdujturf Lrobgczbtclg li tnf Vgctf` Gbtclgs (IBL), Ycft Gbmnbs trcjbtfrbj borffmfgts tl suppjy borcdujturbj fgocgffrs.

Mcorbtclg trfg`s cg `fvfjlpcgo bg` `fvfjlpf` Bscbg fdlglmcfs brf rfjbtf` glt lgjy tl skcjjscmhbjbgdfs bg` dnbgocgo fdlglmcd prljfs h

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