PDF ( 7 )
Transkript
PDF ( 7 )
ùQ|QhQLYHUVLWHVL7ÖS)DNOWHVL'HUJLVL 3HWU|]$SHNV.ROHVWHDWRPDVÖ 6HPLKgQFHO7DPHU(UGHP0XUDW&HP0LPDQ'DYXW$NWDû07D\\DU.DOFÖRøOX $WDWUN(øLWLPYH$UDûWÖUPD+DVWDQHVL.%%.OLQLøLù =0ù5 ùQ|QhQLYHUVLWHVL7ÖS)DNO WHVL.%%$'0$/$7<$ )DWLKhQLYHUVLWHVL7ÖS)DNOWHVL.%%$ '$1.$5$ 3HWU|] NHPLN LoLQGHNL NROHVWHDWRP LVWHU NRQMHQLWDO LVWHU HGLQVHO HWL\RORML LOH ROXûVXQ NHQGLVLQL VLQVL YH KÖ]OD LOHUOH\HQ IDVL\DO SDUDOL]L JHOLûLPL LOH J|VWHULU .RNOHD YH ODELUHQWLQ HUR]\RQXQD EDøOÖ RODUDN Q|URVHQVRU\H O LûLWPH ND\EÖ GD VÖNOÖNOD J|UOPHNWHGLU &HUUDKL \DNODûÖP EX LNL |QHPOL IRQNVL\RQXQ GXUXPXQD J|UH VHoLOLU %X ROJX VXQXPXQGD JHFLNPLû WDQÖ LOH .%% NOLQLøLQH EDûYXUDQ \ÖOOÖN IDVL\DO SDUH]LVL RODQ YH WRWDO LûLWPH ND\EÖ RODQ NROHVWHDWRPXQDQWHULRUSHWU|] DSHNVHNDGDUX]DQGÖøÖELUROJXVXQXOPDNWDGÖU $QDKWDUNHOLPHOHU3HWU|]DSHNVNROHVWHDWRPDVÖ.RQMHQLWDONROHVWHDWRPD)DV\DOVLQLUSDUDOL]LVL7UDQVODELUHQWLQ \DNODûÖ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oDOÖûPD(\OOWDULKOHULQGH$QWDO\D7UNL\H·GH7UN2WRULQRODULQJRORMLYH%Dû%R\XQ&HUUDKLVL.RQJUHVLQGHSRVWHURODUDNVXQXOPXûWXU .RQMHQLWDONXODNNROHVWHDWRPODUÖWPWHPSRUDONHPLNNROHVWHDWRPODUÖQÖ QDQFDN VLQLROXûWXUPDNWDGÖU YHGDKDoRN NoN \DûODUGD J|UOU 7HPSRUDO NHPLN NRQMHQLWDO NROHVWHDWRPODUÖQD VRQ \ÖOODUGD VÖNOÖNOD ROJX VXQXPODUÖ ûHNOLQGH UDVWODQPDVÖQÖQ QHGHQL .%% X]PDQOÖN GDOÖQGD DUWDQ LOJL YH ELOJL\H EDøOÖGÖU 7DQÖ YH WHGDYL RODQDNODUÖQÖQ DUWPDVÖ GD EXQGD URO R\QDU .RQMHQLWDO NROHVWHDWRPODU WHPSRUDO NHPLøLQ SHWU|] YH\D WLPSDQLN SDUoDVÖQGD J|UOHELOLU .HPLN HUR]\RQXJFQQID]ODROPDVÖQHGHQL\OHROGXNoDWHKOLNHOLGLUOHU7DQÖNRQGXøXQGDWDPRODUDNoÖNDUWÖOPDVÖJHUHNLU %L]GHSHWU|]DSHNVLWDPDPHQG ROGXUPXûYHIDVL\DOSDUH]L\HQHGHQROPXûELUROJX\XVXQDUDNEXNRQXGDNLNOLQLN \DNODûÖPÖPÖ]ÖRUWD\DNR\PD\ÖDPDoODGÖN 2/*8 \DûÖQGDNÖ]ROJXVDøNXODNWDVRQ VHQHGLUJLGHUHNDUWDQWDU]GD RODQ LûLWPHND\EÖYHDUWÖNKLoGX\ PDPD YHVRQ ELU \ÖOGÖU DUD DUD RUWD\D oÖNDQ DNÖQWÖ VDø SHULIHULN IDVL\DO SDUH]L LOH EDûYXUGX <]QQ VDø WDUDIÖQGD VHQH |QFH X\XûXNOXNEDûOD\DQ YHGDKDVRQUDKDUHNHWNÖVÖWOÖOÖøÖJHOLû HQKDVWD\D ELUQ|URORMLX]PDQÖ WDUDIÖQGDQEX\DNÖQPDODU LoLQ NRUWLNRVWHURLG WHGDYLVL EDûOD QÖOÖS YH IL]LN WHGDYL |QHULOPLû )DNDW EX WHGDYLOHUGHQ ID\GD J|UPH PHVL ]HULQH ùQ|Q hQLYHUVLWHVL .%% $QDELOLP 'DOÖ SROLNOLQLøLQH EDûYXUDQ ROJXQXQ RWRVNRSLVLQGH VDø WLPSDQ ]DU DQWHUR LQIHULRUGD VDQWUDO[PPE\NOøQGHSHUIRUHRODUDNJ|UOG2UWDNXOD NWDSHUIRUDV\RQLoLQGHQNROHVWHDWRPYDUOÖøÖJ|]OHQGL .ROHVWHDWRPXQSHUIRUDV\RQNHQDUODUÖLOHLOLûNLVL\RNWX)DVL\DOSDUH]LVL+RXVH %UDFNPDQQVÖQÖIODPDVÖQDJ|UHJUDGH,, LGL7RQDORG\RPHWULLOHVDøNXODNWDWRWDOND\ÖSVDSWDQGÖ)DVL\DOVLQLUIRQNVL\RQXQX VDSWDPDNLoLQ\DSÖODQ(0* GH VDøGDGHQHUYDV\RQEXOJXODUÖ DNVRQDO GHMHQHUDV\RQ EXOJXODUÖ YHLOJLOL NDVODUGD\HU \HU UHLQQHUYDV\RQ SRWDQVL\HOOHUL gQFHOYHDUN VDSWDQGÖ7HPSRUDONHPLN%7 VLQGHVDøGDRUWDNXODN PDVWRLG DQWUXP YH SHWU|] DSHNVL WDPDPHQ GROGXU DQ NRNOHD YH ODELUHQWWH GHVWUNVL\RQ \DSDQ 5HVLP SRVWHULRU IRVVD NRPûXOXøXQGD NHPLN GHIHNWL \DUDWDQ 5HVLP \XPXûDN GRNX NLWOHVL VDSWDQGÖ 05* LQFHOHPHVLQGH 7 VHNDQVÖQGD KLSRHNRLN 5HVLP 7VHNDQVÖQGDKLSHUHNRLNNUDQL\DOLWPHJ|VWHUHQKH WHURMHQLNG]HQVL]NRQWXUOXNLWOHJ|]OHQGL 5HVLP 05* LQFHOHPHVLQGH 7 VHNDQVÖQGD KLSRHNRLN LQWUDNUDQL\DO LWLOPH\H QHGHQ RODQ KHWHURMHQLN G]HQVL] NRQWXUOXNLWOH \DûÖQGDNÖ]ROJXVDøNXODNWDLûLWPHND\EÖYHDNÖQWÖ VDø SHULIHULN IDVL\DO SDUH]L LOH EDûYXUGX ùûLWPH ND\EÖ VRQVHQHGLUJLGHUHNDUWDQWDU]GDLPLûYHDUWÖNKLo GX\PD] ROPXû .XODN DNÖQWÖVÖ VRQ \ÖOGÖU YDUPÖû YH DUD DUD ROX\RUPXû <]QQ VDø WDUDIÖQGD VHQH |QFHX\XûXNOXNEDûODPÖûYHGDKDVRQUDKDUHNHWNÖVÖW OÖOÖøÖ JHOLûPLû %X \DNÖQPDODUOD ELU Q|URORML X]PDQÖQD EDûYXUPXû.RUWLNRVWHURLGWHGDYLVLEDûODQPÖûYHIL]LN WHGDYL |QHULVLQGH EXOXQXOPXû )DNDW E X WHGDYLOHUGHQ ID\GDJ|UPHPLû6RQRODUDNùQ|QhQLYHUVLWHVL.%% $QDELOLP'DOÖSROLNOLQLøLQHEDûYXUDQROJXQXQRWRVNR SLVLQGH VDø WLPSDQ ]DU DQWHUR LQIHULRUGD VDQWUDO [ PP E\NOøQGH SHUIRUH RODUDN J|UOG 2UWD NX ODNWD SHUIRUDV\RQ LoLQGHQ NROHVWHDWRP YDUOÖøÖ J|]OHQ GL .ROHVWHDWRPXQ SHUIRUDV\RQ NHQDUODUÖ LOH LOLûNLVL \RNWX)DVL\DOSDUH]LVL+RXVH %UDFNPDQQVÖQÖIODPDVÖ QD J|UH JUDGH,, LGL 7RQDO RG\RPHWUL LOH VDø NXODNWD WRWDO ND\ÖS VDSWDQGÖ )DVL\DO VLQLU IRQNVL\RQXQX VDS WDPDNLoLQ\DSÖODQ(0* GHVD øGDGHQHUYDV\RQEXOJX ODUÖ DNVRQDO GHMHQHUDV\RQ EXOJXODUÖ YH LOJLOL NDVODUGD \HU\HUUHLQQHUYDV\RQSRWDQVL\HOOHULVDSWDQGÖ7HPSR UDONHPLN%7 VLQGHVDøGDRUWDNXODNPDVWRLGDQWUXP YH SHWU|] DSHNVL WDPDPHQ GROGXUDQ NRNOHD YH ODEL UHQWWH GHVWUNVL\RQ \DSD Q 5HVLP SRVWHULRU IRVVD NRPûXOXøXQGDNHPLNGHIHNWL\DUDWDQ5HVLP\XPX ûDNGRNXNLWOHVLVDSWDQGÖ05*LQFHOHPHVLQGH7 VH NDQVÖQGDKLSRHNRLN5HVLP7 VHNDQVÖQGDKLSHU HNRLN NUDQL\DO LWPH J|VWHUHQ KHWHURMHQLN G]HQVL] NRQWXUOXNLWOHJ|]OHQG L 5HVLP 7HPSRUDONHPLN%7 VLQGHVDøGDRUWDNXODNPDVWRLG DQWUXP YH SHWU|] DSHNVL WDPDPHQ GROGXUDQ NRNOHD YH ODELUHQWWHGHVWUNVL\RQ\DSDQ\XPXûDNGRNXNLWOHVL 5HVLP .LWOH SRVWHULRU IRVVD NRPûXOXøXQGD NHPLN GHIHNWL \DUDWPÖûWÖU 3HWU|]$SHNV.ROHVWHDWRPDVÖ 3HWU|] DSHNV NROHVWHDWRPDVÖ WDQÖVÖ DODQ ROJX\D EX EXOJXODUODWUDQVNRNOHDU WUDQVODELUHQWLQ\DNODûÖPODRSH UDV\RQX SODQODQGÖ 5HWURDXULNOHU RODUDN JLULOGL .R OHVWHDWRPXQ YH oHYUHVLQGHNL JUDQODV\RQ GRNXODUÖQÖQ GÖû NXODN \ROX DUND GXYDUÖQÖ WHJPHQ WL PSDQL YH DQWULL\LSURPRQWRU\XPXYHODWHUDOVHPLVLUNOHUNDQDOÖ NÖVPHQ HURGH HWWLøL WLPSDQ ERûOXN DQWHUR VXSHULRU E|OJHVLQGHQIDVL\DOVLQLUJHQLNXODWJDQJOLRQVHYL\HVLQ GHGHULQOHûWLøLEXUDGDSRVWHULRUIRVVDGXUDVÖQDNDGDU JHQLû ELU GHIHNW ROXûWXUDUDN LO HUOHGLøL J|]OHQGL 0DV WRLG YH WLPSDQLN VHJPHQWWH NÖVPHQ GHNRPSUHVH HGL OHQNÖVPHQGHVXSUDODELUHQWLQYHODELUHQWLQHUR]\RQD EDøOÖ RODUDN DoÖNWD RODQ IDVL\DO VLQLULQ ELU ILEU|] EDQW ûHNOLQGH X]DQGÖøÖ JHQLNXODW JDQJOLRQ VHYL\HVLQGH LQWHUQDO DNXVWLN PHDWXV D NDGDU GD DoÖNWD YH VHUEHVW NDOGÖøÖ J|UOG .ROHVWHDWRP PHGLDOGH LQWHUQDO NDUR WLG DUWHU SRVWHULRUGD SRVWHULRU IRVVD GXUDVÖQD NDGDU WDPRODUDNWHPL]OHQGL)DVL\DOVLQLULQ1HXURVLJQ PRGHO IDVL\DO VLQLU PRQLWRUL]DV\RQX LOH JHQLNXODW JDQJOLRQ JHULVLQGHQ X\DUÖOPDVÖ LOH IRQNVL\RQ J|UPH GLøL J|]OHQGL )DVL\DO VLQLULQ EHOLUJLQ KDVDUOÖ ROGXøX WLPSDQLN YH PDVWRLG VHJPHQWL NHVNLQ RODUDN UH]HNH HGLOGL *UHDWHU DXULNOHU VLQLUGHQ DOÖQDQ FP OLN ELUVHUEHVWVLQLUNDEORJUHIWLLOHSUROHQLOHoVWU DWÖODUDN XoXFD DQDVWRPR] \DSÖOÖS oHYUHVLQH WHPSRUDO NDVIDV\DVÖVDUÖOGÖILEULQJOXHLOH\DSÖûWÖUÖOGÖ.DYLWHGH LQWHUQDO DNXVWLN PHDWXV FLYDUÖQGD %26 VÖ]ÖQWÖVÖ J| UOG<LQHWHPSRUDONDVIDV\DVÖYHILEULQJOXHLOHGH IHNW NDSDWÖODUDN NDYLWH DEGRPLQDO \Dø LO H GROGXUXOGX 'Öû NXODN \ROX N|U NHVH KDOLQH JHWLULOGL 3RVWRSHUDWLI HUNHQ G|QHPGH NRPSOLNDV\RQ JHOLûPHGL 3RWRSHUDWLI KDIWDODUGD IDVL\DO SDUDOL]LVL EHOLUJLQOHûHQ ROJXQXQ VDø J|] NDSDøÖQD DOWÖQ SODN LPSODQWH HGLOGL 3RVWR SHUDWLID\GDoHNLOHQWHPSR UDONHPLN%7 VLQGHREOL WHUHNDYLWHVDøOÖNOÖYHWHPL]RODUDNEXOXQGX5HVLP 3RVWRSHUDWLID\GDWHNUDUODQDQIDVL\DO(0* GH\DUÖ WDPGHQHUYDV\RQYHUHLQQHUYDV\RQEXOJXODUÖVDSWDQGÖ +DOHQ SRVWRSHUDWLI D\ÖQGD RODQ ROJX L]OHPLPL] DOWÖQGD YH UHNUHQVVL ]GLU )DVL\DO SDUDOL]LVL +RXVH %UDFNPDQQ VÖQÖIODPDVÖQD J|UH JUDGH 9 RODUDN GHøHU OHQGLULOGL 5HVLP 3RVWRSHUDWLI D\GD oHNLOHQ WHPSRUDO NHPLN %7 VLQGHREOLWHUHNDYLWHVDøOÖNOÖYHWHPL]RODUDNL]OHQPHNWHGLU ROJXODUÖQÖQNRQMHQLWDOR ODUDNVÖQÖIODQGÖUÖOPDVÖWDUWÖûPD OÖGÖU 7HPSRUDO NHPLN NROHVWHDWRPODUÖQÖQ NRQMHQLWDO YH\DHGLQVHOROPDVÖQGDNLNULWHUOHU'HUODFNLYH&OHPLV WDUDIÖQGDQ RUWD\D NRQPXûWXU %XQD J|UH NRQMHQLWDO NROHVWHDWRPLQWDNWNXODN]DUÖDUNDVÖQGDROPDOÖNXODN WD HQIHNVL\RQ |\NV ROPDPDOÖ YH HPEUL\RORMLN JHOL ûLPGH NHPLN LoLQGH NDOPÖû DUWÖNODUGDQ ND\QDNODQPD OÖGÖU %L]LP ROJXPX]GD J|UOHQ DQWHURLQIHULRU VDQWUDO SHUIRUDV\RQ NoN YH RUWD N XODN SDWRORMLVLQGHQ X]DN ELU SHUIRUDV\RQ ûHNOLQGHGLU 2ODVÖOÖNOD NROHVWHDWRPXQ VHNRQGHU HQIHNVL\RQXQD EDøOÖ JHOLûPLûWLU =LUD RUWD NXODNWDNL NRQMHQLWDO NROHVWHDWRPD VHNRQGHU SUODQ HQIHNVL\RQXQXQ JHFLNPLû WDQÖ\D EDøOÖ RODUDN NHPLN HUR]\RQX LOH GÖû NXODN \ROXQD ELOH ILVWOOHûWLøL J|VWHULOPLûWLU 2OJXPX]GDNLWLPSDQ]DUSHUIRUDV\RQX GDJHFLNPLûWDQÖQHGHQL\OHROXûPXûWXU<LQHROJXPX] GDRSHUDV\RQEXOJXVXRODUDNWLPSDQERûOXøXQDQWHUR VXSHULRUQGHQSHWU|]DSHNVHXODûPDVÖ\LQHNRQMHQLWDO NROHVWHWDWRP RODUDN N DEXO HGLOPHVL OHKLQH ELU EXOJX GXU=LUDJHVWDV\RQHOKDIWDGDLQYROV\RQDXøUDPD VÖJHUHNHQYHWLPSDQERûOXNDQWHUR VXSHULRUQGH\HU DODQHSLGHUPRLGDUWÖNODUÖQNRQMHQLWDONROHVWHDWRPD\RO DoWÖøÖGDJ|VWHULOPLûWLU <LQHHGLQVHONROHVWHDWRPODUÖQ oRN oRN QDGLU RODUDN WLPSDQRPDVWRLG ERûOXøXQ LOHULVLQH JHoHELOGLøL ELOLQPHNWHGLU )DVL\DO SDUH]L NRQMHQLWDO NROHVWHDWRPODUÖQ LON EXOJXVXGXU (GLQVHO NROHVWHDWRPODUGD LVH DNÖQWÖ GDKD |QFH J|UOU 6XQXODQ ROJXGD IDVL\DO SDUH]LGHQ VHQH VRQUD NXODN DNÖQWÖVÖJHOLûPLûWLU 7$57,ú0$ .ROHVWHDWRP WP SHWU|] SLUDPLG OH]\RQODUÖQÖQ XQX ROXûWXUXU .RQMHQLWDOHGLQVHO D\ÖUÖPÖ WDPDPHQ DNDGHPLN DPDoOÖGÖU =LUD FHUUDKL \DNODûÖP NDUDUÖQ Ö GHøLûWLUPHPHNWHGLU +HU LNLVL GH ORNDO GHVWUNWLI HWNL J|VWHULUNHPLNHUR]\RQX\DSDULQWUDWHPSRUDO\DSÖODUÖ ULVNH VRNDU .RQMHQLWDO YH HGLQVHO NROHVWHDWRPODU EHQ]HUNOLQLNGXUXPROXûWXUDQSDWRORMLOHUGLU g]HOOLNOH WLPSDQ ]DU SHUIRUDV\RQXQD QHGHQ ROPXû DQFDNWLPSDQRPDVWRLGE|OJH\LDûPÖû NROHVWHDWRPRO gQFHOYHDUN 7HPSRUDO NHPLN LoLQGH \HU DODQ LVWHU NRQMHQLWDO LVWHU HGLQVHOROVXQNROHVWHDWRPODUÖQKHPRSHUDV\RQ|QFHVL VDSWDQPDVÖQGD KHP GH RSHUDV\RQ VRQUDVÖ L]OHPLQGH %7 YH 05* QLQ \DUDUÖ oRN ID]ODGÖU 3UHRSHUDWLI RODUDNKDVWDOÖøÖQ\D\JÖQOÖøÖD\ÖUÖFÖWDQ ÖVÖ\DSÖODELOPHN WHWHUFLKHGLOHFHNJLULûLPûHNOLQHNDUDUYHULOHELOPHNWH GLU %7 NROHVWHDWRPXQ WHPSRUDO NHPLN LoLQGHNL \HUOHûLPLQLEHOLUOHUNHQ05*LQWUDNUDQ\DOLQYD]\RQXQ GHUHFHVLQL J|VWHULU $\UÖFD %7 RUWD NXODøD VÖQÖUOÖ NROHVWHDWRPODUGD \DUDUOÖ LNHQ 05* SHWU|] DSHNV YH VHUHEHOORSRQWLQDoÖNROHVWHDWRPODUÖQGDWHUFLKHGLOPHOL GLU 3RVWRSHUDWLI RODUDN NDYLWHQLQ UHNUUHQV \|QQ GHQ REMHNWLI RODUDN EX UDG\RORMLN RODQDNODUOD LQFHOHQ PHVLGHFHUUDKDYHKDVWD\DNROD\OÖNVDøODPDNWDGÖU%X VD\HGH PRUELGLWH ULV NL GDKD D] RODQ NDYLWHQLQ \DøOD REOLWHUDV\RQX YH GÖû NXODN \ROXQXQ N|U NHVH KDOLQH JHWLULOPHVLX\JXODQDELOPHNWHGLU EDNWHUL YH HQ]LPOHULQ GLUHNW WRNVLN HWNLVLQH EDøOÖ JHOLûHELOLU &HUUDKL |QFHVL YDU RODQ IDVL\DO SDUDOL]L G]H\LQLQ DUWPDVÖ VÖNOÖNOD J|UOHQ ELU GXUXPGXU $[RQ YH DUN QÖQ ROJXOXN VHULVLQGH SUHRSHUDWLI RODUDN IDVL\DO IRQNVL\RQX N|W RODQ KHU ROJXGD SRVWRSHUDWLIIRQNVL\RQGDKDGDN|WROPXûWXU%XQGD WUDQVRWLN \DNODûÖPGD IDVL\DO VLQLULQ \HU GHøLûWLULOPHVL WHN QHGHQ GHøLOGLU (VDV QHGHQ 6DQQD YH DUN QÖQ EHOLUWWLøL JLEL JHQLNXODW JDQJOLRQ FLYDUÖQGD HWNLOHQHQ IDVL\DO VLQLULQ LVNHPL\H EDøOÖ RODUDN ILEU|] ELU EDQW ûHNOLQHG|QûPHVLGLU%XGXUXPGDDNVRQUHMHQHUDV\R QX LoLQ L\L NDQODQDQ ELU VLQLU HOGH HWPHN DPDFÖ\OD LVNHPLNVHJPHQWLQUH]HNVL\RQXYHVRQUDVÖQGDD QDVWD PR]XJHUHNLU$QDVWDPR]VHoHQHNOHULQGHQELULIDVL\DO KLSRJORVVDO DQDVWDPR] LNHQ ELU GLøHUL GH VXQXODQ ROJXGD \DSÖOGÖøÖ JLEL JUHDWHU DXULNOHU VLQLULQ Xo XFD DQDVWDPR]XGXU 3HWU|]DSHNVLWXWDQNROHVWHDWRPXQNROHVWHUROJUDQOR PXQGDQ D\ÖUGHGLOPHVL WHGDYL VHoLPL DoÖVÖQGDQ oRN |QHPOLGLU .ROHVWHWDURO JUDQORP X WHPSRUDO NHPLN LoHULVLQGHNDQYGJLELELU\DEDQFÖFLVPHNDUûÖROXûPXû UHDNVL\RQXQKLVWRORMLNWDQÖPÖGÖU3HWU|]DSHNVLQHQVÖN J|UOHQ OH]\RQXGXU YH ÖQÖ ROXûWXUXU %7 GH NROHVWHURO JUDQORPX EH\LQ GRNXVX LOH L]RGHQV LNHQ NROHVWHDWRPKLSRGHQVWLU 05* GHNROHVWHUROJUDQOR PX7YH7VHNDQVODUÖQGD\NVHNLQWHQVLWHOLVLQ\DO YHULUNHQNROHVWHDWRPLVH7 VHNDQVÖQGDGûNVLQ\DO ROXûWXUXU&HUUDKL\DNODûÖPGDNROHVWHUROJUDQORPXQD WRWDOHNVWLUSDV\RQJHUHN WLUPH]NLVWGUHQDMÖ\HWHUOLGLU .ROHVWHWDRPXQ LVH WRWDO RODUDN oÖNDUWÖOPDVÖ YH RODVÖ UHNUUHQVOHUDoÖVÖQGDQKDVWDQÖQL]OHQPHVLJHUHNLU 7UDQVRWLN \DNODûÖP VRQUDVÖ %26 ILVWO WHKOLNHOL YH KDWWD|OPFORODELOLU 'LNNDWOLFHUUDKL\HUDøPHQGXUD HUR]\RQXQD EDøOÖ ILVWO YDUVD EL]LP GH X\JXODGÖøÖPÖ] JLEL IDV\D LOH \DPDQPDVÖ ILEULQ JOXH LOH \DSÖûWÖUÖOPDVÖ YH VRQUDVÖQGD NDYLWHQLQ \DøOD REOLWHUDV\RQX HQ L\L \DNODûÖPGÖU 6218d 3HWU|] DSHNV NROHVWHDWRPODUÖ SRWDQVL\HO WHKOLNHVL QHGHQL\OH NHVLQ FHUUDKL \DNODûÖP JHUHNWLUHQ ELU SDWR ORMLGLU *HUHN RSHUDV\RQ |QFHVL JHUHNVH RSHUDV\RQD EDøOÖHQ|QHPOLNRPSOLNDV\RQN|WOHûHQIDVL\DOIRQN VL\RQODUGÖUùûLWPHND\EÖQDQHGHQROPDVÖGDELUEDûND PRUELGLWH QHGHQLGLU 8\JXQ FHUUDKL \DNODûÖP EX LNL IRQNVL\RQXQXQGXUXPXQDJ|UHEHOLUOHQLU 3HWU|] DSHNV NROHVWHDWRPODUÖQD FHUUDKL \DNODûÖP LQWUDNUDQ\DO YH LQWUDWHPSRUDO \DSÖODUÖ ULVNH VRNDELOH FHN FHUUDKL VHoHQHNOHUL LoHULU %XQXQ \DQÖ VÖUD VXQX ODQ ROJXGD GD J|UOGø JLEL PHYFXW SDWRORMLQLQ NHQGLVL LûLWPH YH IDVL\DO VLQLU IRQNVL\RQXQX |QFHGHQ ]DUDUDXøUDWPÖûRODELOLU ùûLWPHQLQROPDGÖøÖROJXODU GD WUDQVRWLN WUDQVNRNOHDU WUDQVODELUHQWLQ \DNODûÖP WHUFLK HGLOLUNHQ LûLWPH YH IDVL\DO IRQNVL\RQODU ÖQ NRUXQGXøX ROJXODUGD RUWD IRVVD \DNODûÖPÖ JHUHNLU 7UDQVRWLN \ROGD IDVL\DO VLQLULQ \ROXQXQ GHøLûWLULOPHVL YHFHUUDKLDODQGDQHNDUWHHGLOPHVLLOHLQWHUQDONDURWLG DUWHUH NOLYXVD YH VHUHEHOORSRQWLQ N|ûH\H NDGDU JLGLOHELOLU 2UWD IRVVD \DNODûÖPÖQD J|UH D YDQWDMÖ SDWR ORML\H GLUHNW XODûÖPÖ VDøODPDVÖ GLVVHNVL\RQXQ GXUDO UHWUDNVL\RQX JHUHNWLUPHPHVLGLU 1RUPDO DQDWRPL LoLQ oRNL\LELUJ|UûVDøODU .$<1$./$5 )DVL\DOSDUDOL]L SHWUR]DO NROHVWHDWRPODUÖQ HQ |QHPOL X]XQ G|QHP NRPSOLNDV\RQXGXU ùQWUDWHPSRUDO NR OHVWHDWRPODUGD IDVL\DO VLQLU KDVDUÖ ROXûXPX NROHV WHDWRPXQ EDVÖVÖQD LQWUDIXQLNXOHU EDVÖQo DUWÖûÖ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øOX ù 6XQDU 2 3HWU|] NHPLN NROHVWHDWRPODUÖùQIUDWHPSRUDO7LS%YDNDVÖ.%%ùKWLVDV'HUJLVL (QVDUL 6 .D\PDNoÖ 0 dHOLNNDQDW 6 7XUJXW 6 g]GHP & 3HWU|] DSHNV NROHVWHDWRPODUÖQD PRGLIL\H WUDQVNRNOHDU \DNODûÖP .%% YH %Dû %R\XQ &HUUDKLVL 'HUJLVL 5RVHQEHUJ 5$ +DPPHUVFKODJ 3( &RKHQ 1/ HW DO &KROHVWHDWRPD YV FKROHVWHURO JUDQXORPD RI WKH SHWURXV DSH[ 2WRODU\QJRO +HDG 1HFN 6XUJ 0XFNOH53'H OD&UX]$/R:03HWURXVDSH[OHVLRQV$P-2WRO 3URIDQW 0 6WHQR - 3HWURXV DSH[ FKROHVWHDWRPD $FWR 2WRODU\QJRO 6WRFNK 0D\07KH)DFLDO1HUYH7KLHPH,QF1HZ<RUNSS 3HWU|]$SHNV.ROHVWHDWRPDVÖ <D]ÖûPD$GUHVL <UG'Ro'U7DPHU(5'(0 ùQ|Q hQLYHUVLWHVL 7ÖS )DNOWHVL 7XUJXW g]DO 7ÖS 0HUNH]L .XODN %XUXQ%RøD]$'0$/$7<$ 7HO (0DLO WHUGHP#KRWPDLOFRP 6DQQD 0 =LQQL & *DPROHWWL 5 3HWU RXV ERQH FKROHVWHDWRPD 6NXOO %DVH 6XUJ *ODVVRFN 0( :RRGV &, 3RH '6 HW DO 3HWURXV $SH[ FKROHVWHDWRPD 2WRODU\QJRO&OLQ1RUWK$P
Benzer belgeler
Palyatif Bakım Derneği Bülteni, 2016
YHUPHNWHGLU
dRNWUDMLNELUELoLPGHNDQVHUD÷UÕVÕJHQHOGHWHGDYLHGLOPH]WHGDYLHGLOHELOGL÷LQGHLVHJHQHOGH\HWHUVL]GLU
$QFDN:+2WPROPDVDELOHoR÷XNDQVHUD÷UÕVÕQÕQPHYFXWWÕEELELOJLOHU...
2011 Şubat (pdf-522 Kb) - Dünyadan İşbirliği Teklifleri
COMMERCE AND INDUSTRY
FAKS:++373 (22) 83 55 57
138 V. Levski blvd, Sofia 1504, BULGARIA
e-posta: [email protected]
TEL: ++359 (2) 945 39 55
Yetkili Kişi: Andrei Andronic
e-posta: timur.halilov@tbc...
5 KENDİNİZİ GヨSTERİN
3DWWHUVRQ LQûDDW VDKDVÖQD YDUGÖøÖQGD SURMH oRNWDQ EHOLUOHQHQ SURJUDPÖQJHULVLQGHNDOPÖûWÖU
dRN JHoPHGHQ JHFLNPHQLQ QHGHQLQL |øUHQLU ùûoLOHU DQLGHQ \RN
ROPDNWDODU.DUDQOÖNo|NWø...