Akib Aktüel Sayı 42 - Akdeniz İhracatçı Birlikleri

.DV×PVD\×
$5*(å/(
.å0<$0,=
'(ãåæå<25
VWUDWHMLVLQGH
.D\VHUL·\H
E\NPLV\RQ
7HüYLNG]HQOHPHVL
$GDQD·\D\DUDUP×
]DUDUP×"
5XV\D·\D\DüPH\YH
VHE]HLKUDFDW×QGD
KD\DON×U×NO×ù×
akdeniz iKUDFDWo×birlikleri resmi yD\×QoUJDQ×
VAR ETTİNİZ,
VAR OLUN...
Darüşşafaka varsa sayenizde var.
151 yıldır iyi ki varsınız.
Bu bayram Darüşşafaka’ya bağış yapın, annesi veya babası hayatta
olmayan binlerce çocuğumuzun eğitimine katkıda bulunun.
www.darussafaka.org | 444 1863
<$æ0(<9(6(%=(
<DçPH\YHVHE]H
LKUDFDWoÐODUÐ
7DUÐP%DNDQÐLOHELU
DUD\DJHOGL
3
SAH‹B‹
$.'(1æ=æ+5$&$7d,%æ5/æ./(5æ$',1$
+$<5æ8ä85
YAYIN KURULU
$'1$1(562<8/8%$ç
$/æ&$1<$0$1<,/0$=
$/æ.$9$.
$/æ8ä85$7(ç
0%h/(17$<0(1
+$<5æ8ä85
0$+087$56/$1
=(.æ.,9$1d
%å5/å.´7(1
*h1'(0
<HQL7UNL\HPDUNDVÐ
62580/8<$=,åæ/(5å0h'h5h
æ60$æ/d(7æ1
<g1(7¹0<(5¹
$.æ%/æ021/8.0$+
&$'12
<(1æç(+æ50(56æ1
7(/
)$.6
(3267$DNLE#DNLERUJWU
:(%ZZZDNLERUJWU
å+5$&$7
VWUDWHMLVLQGH
.D\VHUL´\H
E\NPLV\RQ
YAPIM
.å0<(9å0$''(/(5
9(0$08//(5å
´hQF.LP\D
$U*H3URMH3D]DUÐ
WDPDPODQGÐ
*h1&(/
$GDQD´GDWHçYLN
\DUDUPÐ]DUDUPÐ"
*h1&(/
.hdh.08&æ=(/(5<$<,1&,/,.9(
¹/(7æçæ0+æ=0(7/(5æ/7'ç7æ
12
24
*g56(/<g1(70(1
*$<(h=*(5
JD\H#NXFXNPXFL]HOHUFRP
.$7.,'$%8/81$1/$5
(&(g1*(d6$0æ6h<*h1
%$6.,&¹/7
0$76æ60$7%$$+æ=0(7/(5æ/7'ç7æ
7(9)æ.%(<0$+'2.725$/æ'(0æ5&$'
126()$.g<æ67$1%8/
7(/
'(0å59('(0å5',æ,
0(7$//(5
'HPLUoHOLNVHNW|U
KHGHILWXWWXUX\RU
'$·,7,0
.5<1(7
$.æ%$.7h(/'(5*æ6æ$.æ%$',1$
.hdh.08&æ=(/(5<$<,1&,/,.9(
¹/(7æçæ0+æ=0(7/(5æ/7'ç7æ7$5$),1'$1
<$<,1$+$=,5/$10$.7$',5
¹/(7¹æ¹0
.$37$13$ç$0$+$//(6æ'$58/$&(=(&$''(6æ
%æ/$çæç0(5.(=æ$%/2.12.$7'
çæç/æ¹67$1%8/
)8$5
$PHULND´QÐQWDP
]DPDQÐ0DJÐF6KRZ¯
/DV9HJDV
*g67(5*(/(5
('å7g5
72/*$d$7$/
WROJDFDWDO#NXFXNPXFL]HOHUFRP
)272ã5$)
)$7æ+<$/d,1
5XV\D8NUD\QD
NUL]L7UNL\H´\HPL
\DUD\DFDN"
/2-å67å.
.UHVHOOHçPHQLQUXKX
ORMLVWLNWHQJHoL\RU
<$<,1'å5(.7g5h
(5.$1(56g=
HUNDQHUVR]#NXFXNPXFL]HOHUFRP
$.æ%$.7h(/$.'(1æ=æ+5$&$7d,%æ5/æ./(5æ
*(1(/6(.5(7(5/æäæ7$5$),1'$1$<'$%æ5
<$<,0/$1,59(h&5(76æ='$ä,7,/,5
34
$.æ%$.7h(/´'(<(5$/$1æ0=$/,<$=,/$5
<$=$5/$5,1.æçæ6(/*g5hç/(5æ'æ5
$.'(1æ=æ+5$&$7d,%æ5/æ./(5æ´1æ%$ä/$0$=
$.æ%$.7h(/´'(<(5$/$1<$=,/$59(
)272ä5$)/$5,1+(57h5/h7(/æ)+$..,$.'(1æ=
æ+5$&$7d,%æ5/æ./(5æ´1($æ77æ5
æ=æ1$/,10$'$1.$<1$.*g67(5æ/(5(.'$+æ
æ.7æ%$6('æ/(0(=
%$æ.$1´'$1
5XV\DSD]DUÐQGDE\N
KD\DONÐUÐNOÐäÐ
<DN×QNRPüXODU×P×]GD|QHPOLVL\DVLoDONDQW×ODU\DüDQ×\RUgQFHOLNOH2UWDGRÿX·GDoDW×üPDODU×Q
VRQDHUPHVLYHKD\DW×QQRUPDOOHüPHVLHQE\NWHPHQQLPL]GLU,UDNYH6XUL\H·GH\DüDQDQ
LQVDQO×NGUDP×Q×QLYHGLOLNOHVRQEXOPDV×Q×GLOL\RUX]
5XV\DYH2UWDGRÿXJLELHQ|QHPOLLNLSD]DU×P×]GDK×]ODDUWDQMHRSROLWLNULVNOHUWPGQ\D
JLELEL]LGHHQGLüHOHQGLUL\RU<DüPH\YHVHE]HVHNW|UP]GH\DN×QGDQLOJLOHQGLUHQ
5XV\D·Q×QJHQHOLWKDODWUDNDP×\]GH8NUD\QD·Q×QLWKDODW×LVH\]GHD]DOG×
'LÿHU\DQGDQ5XV\D·Q×Q$YUXSD%LUOLÿL·QGHQJ×GDLWKDODW×Q×\DVDNODPDV×\ODVHNW|UP]HXPXW
SRPSDODQP×üW×)DNDWJHOLQHQQRNWDGDoRNFLGGLELUKD\DON×U×NO×ÿ×\DüDQG×ÿ×RUWDGDG×U
%XGXUXPDJHOLQHFHÿLQLVRQD\ODUGDoHüLWOLYHVLOHOHUOHLIDGHHWPLüWLN5XV\D·Q×Q$%ONHOHULQGHQ
PH\YHVHE]HLWKDODW×Q×GXUGXUXS7UNL\H·GHQDO×PODU×QDUW×U×ODFDÿ×\|QQGHNLEH\DQODU
VHNW|UQ\NVHNEHNOHQWLOHUHJLUPHVLQHQHGHQROGX.RQXQXQDEDUW×ODUDNYHVSHNODWLI
V|\OHQWLOHUOHDNWDU×OPDV×Q×QDU]WDOHSGHQJHVLQLQER]XOPDV×QDYH\XUWLoLQGHUQIL\DWODU×Q×Q
\NVHOPHVLQHVHEHEL\HWYHUHFHÿLQLVUHNOLEHOLUWPLüWLNhUHWLFLYHLKUDFDWo×ODU×P×]×Q\NVHN
EHNOHQWLOHUHNDS×OPDPDV×NRQXVXQGDX\DUP×üW×N
$QFDNPDDOHVHI|QJ|UOHULPL]FLGGL\HDO×QPDG×hUHWLFLGHPH\YHVHE]HUQIL\DWODU×oRN
\NVHNGHÿHUND]DQG×þKUDFDWo×ODU×P×]EXIL\DWODUGDQDOG×ÿׁUQOHUL5XV\D·\DJ|QGHUGL
8\DU×ODU×P×]GDGDEHOLUWWLÿLPL]JLELEXQXQVHNW|UHIDWXUDV×oRNDÿ×UROGXhVWQHVWON5XV
SDUDELULPLUXEOHQLQ\]GH·\HYDUDQGHÿHUND\E×GDLKUDFDWo×\DGDUEHYXUGX
$/þ.$9$.
$.'(1þ=<$ý0(<9(6(%=(
þ+5$&$7d,/$5,
%þ5/þĀþ%$ý.$1,
<NVHNEHNOHQWLYHDU]WDOHSGHQJHVLQLQER]XOPDV×Q×QHWNLOHULQLLOHUOH\HQJQOHUGHGDKDGD
J|UHFHÿL]*|UüOHULPL]LLKUDFDWUDNDPODU×GDNDQ×WODPDNWDG×U1DUHQFL\HVH]RQXQDEDüODUNHQ
\]GHDUW×üRODFDÿ×Q×]DWHQEHNOL\RUGXN1DUHQFL\HGH(\OO·GHEDüOD\DQLKUDFDW
HNLPD\×VRQXLWLEDUL\OHJHoHQVH]RQDJ|UHPLNWDUGD\]GHGHÿHUGH\]GHDUWW×
1DUHQFL\HLKUDoHGLOHQONHOHUGHLONV×UD\×5XV\DDO×\RU5XV\D·\DLKUDFDWJHoHQVH]RQDJ|UH
PLNWDUGD\]GHDUWVDGDGHÿHUGHNLDUW×ü\]GHJHUoHNOHüWL0LNWDUYHGHÿHUDUDV×QGDNL
RUDQW×V×]O×NLKUDFDWo×P×]×QQHWND\E×ROPXüWXU
6×N×QW×ODU×P×]×KNPHWHLOHWPHNLoLQ\RÿXQELoLPGHoDO×ü×\RUX]%DüNDQO×ÿ×Q×GD
\UWWÿP]$NGHQL](JH%DW×$NGHQL]þVWDQEXO'RÿX.DUDGHQL]YH8OXGDÿROPDN]HUH
7UNL\HJHQHOLQGHNLWP<Dü0H\YH6HE]HþKUDFDWo×%LUOLNOHUL·QLNDSVD\DQ6HNW|U.XUXOXPX]
RODUDN|QFHELU2UWDN$N×O7RSODQW×V×G]HQOHGLN%XWRSODQW×ODU×QDUG×QGDQ(NRQRPL
%DNDQ×P×]6D\×Q1LKDW=H\EHNFLYH*×GD7DU×PYH+D\YDQF×O×N%DNDQ×6D\×Q0HKGL(NHU·OH
WRSODQW×ODU\DSW×N
6D\×Q%DNDQODU×P×]ODJ|UüPHOHULPL]VRQGHUHFHROXPOXJHoWL<DQV×PDODU×Q×\DN×QGDJ|UPH\L
XPGXÿXPX]EXJLULüLPOHULPL]OHLKUDFDWo×ODU×P×]×G×üSD]DUODUGDJoOHQGLUHFHN\ROODU
DUDPDNWD\×]
%XYHVLOH\OHWPLKUDFDWFDPLDP×]DEDU×üVDÿO×NYHEDüDU×GLOHNOHULPLLOHWLULP
2
<$æ0(<9(6(%=(
<$æ0(<9(6(%=(å+5$&$7d,/$5,
7$5,0%$.$1,å/(%8/8æ78
<Dç0H\YH6HE]HåKUDFDWoÐ%LUOLNOHUL%DçNDQODUÐLKUDFDWWD\DçDQDQVÐNÐQWÐODUÐ\]\]HJ|UçPHN
YHo|]P|QHULOHULQHLOLçNLQGHäHUOHQGLUPHOHUGHEXOXQPDN]HUH*ÐGD7DUÐPYH+D\YDQFÐOÐN
%DNDQÐ00HKGL(NHULOHELUDUD\DJHOGL
$NGHQL]<Dü0H\YH6HE]HþKUDFDWo×ODU×%LUOLÿL
<|QHWLP.XUXOX%DüNDQ×YH7UNL\H<Dü0H\YH6HE]H6HNW|U.XUXOX%DüNDQ×$OL.DYDNLOH
(JH%DW×$NGHQL]þVWDQEXO'RÿX.DUDGHQL]
YH8OXGDÿROPDN]HUH7UNL\HJHQHOLQGHNL
\DüPH\YHVHE]HLKUDFDWo×ELUOLNOHULQLQ\|QHWLP
NXUXOXEDüNDQODU×Q×QKD]×UEXOXQGXÿXWRSODQW×GD\DüPH\YHVHE]HVHNW|UQQVRUXQODU×
PDVD\D\DW×U×OG×
7RSODQW×\DLOLüNLELUDo×NODPD\DSDQ$NGHQL]
<Dü0H\YH6HE]HþKUDFDWo×ODU×%LUOLÿL<|QHWLP
.XUXOX%DüNDQ×YH7UNL\H<Dü0H\YH6HE]H
6HNW|U.XUXOX%DüNDQ×$OL.DYDN´0DOXPODU×
ROGXÿX]HUHLKUDFDW×P×]GD|QHPLJ|]DUG×
HGLOHPH\HFHNELUSD\DVDKLSRODQ\DüPH\YH
VHE]HYH|]HOOLNOHQDUHQFL\HVHNW|UQQ
\DUDWW×ÿ×LVWLKGDPLOHELUOLNWHONHHNRQRPLVLQH
VDÿODG×ÿ×ID\GDODU×oRNE\NWU6HNW|UQ
LoLQGHEXOXQGXÿXDü×U×UHNDEHWoLXOXVODUDUDV×
RUWDPJ|]|QQHDO×QDUDN\DüPH\YHVHE]HYH
QDUHQFL\HVHNW|UQGHNLLKUDFDWo×ILUPDODU×P×]×QGLÿHUUDNLSONHOHUOHUHNDEHWHGHELOPHOHUL
PHYFXWSD]DUODU×Q×NRUX\XS\HQLSD]DUODUD
JLUHELOPHOHULYHEXGRÿUXOWXGDONHHNRQRPLVLQHID\GDVDÿOD\DELOPHOHULE\N|QHP
DU]HWPHNWHGLU%XoHUoHYHGHJHUoHNOHüWLULOHQ
WRSODQW×oRNROXPOXJHoWLµüHNOLQGHNRQXüWX
7RSODQW×VRQXQGDWP\DüPH\YHVHE]H
LKUDFDWo×ELUOLNOHUL\|QHWLPNXUXOXEDüNDQODU×*×GD7DU×PYH+D\YDQF×O×N%DNDQ×0
0HKGL(NHU·HLKUDFDWo×ODULOHLoLQGHROGXÿX
V×N×LüELUOLÿLYHGD\DQ×üPDLoLQPLQQHWWDUO×NODU×Q×LOHWWL
%LOLQGLÿL]HUH(NLPD\×LKUDFDWUDNDPODU×QD
J|UHGüüVHUJLOH\HQLNLLKUDFDWo×VHNW|UGHQ
ELUL\DüVHE]HPH\YHVHNW|U\G<DüPH\YH
VHE]HLKUDFDW×QGDLOND\SHUIRUPDQV×\]GH
·ONDUW×üDLüDUHWHWVHGH7UNL\HJHQHOLQGH
JHoHQ\×O×QD\Q×G|QHPLQHJ|UH\]GH·OLNELU
GüüJHUoHNOHüWL
3
%å5/å.´7(1
$.å%LKUDFDWÐHNLPGH\]GHDUWWÐ
(NLPD\ÐLKUDFDWUDNDPODUÐQÐGHäHUOHQGLUHQ$.å%.RRUGLQDW|U%DçNDQÐ$8äXU$WHç±(NLP
D\ÐQGDJHoHQ\ÐOÐQD\QÐG|QHPLQHJ|UHONHRODUDN\]GHRUDQÐQGD$.å%RODUDNGD\]GH
RUDQÐQGDGDKDoRNLKUDFDW\DSWÐN²GHGL
7UNL\H·QLQ\×O×LKUDFDWSHUIRUPDQV×ROXPOXVH\UHWPH\HGHYDPHGL\RU(NLPD\×QDLOLüNLQ
Do×NODQDQVRQUDNDPODUDJ|UHLKUDFDWJHoHQ
\×O×QD\Q×G|QHPLQHJ|UH\]GHDUW×üND\GHGHUHNPLO\DUPLO\RQGRODURODUDN
JHUoHNOHüWL(QID]ODLKUDFDW\DS×ODQONHOHU$OPDQ\D,UDNþQJLOWHUHþWDO\DYH)UDQVDROXUNHQ
HQID]ODLKUDFDW\DSDQVHNW|UOHULVHRWRPRWLY
NLP\HYLPDGGHOHUYHPDPXOOHULKD]×UJL\LP
YHNRQIHNVL\RQHOHNWULNHOHNWURQLNKL]PHWYH
oHOLNVHNW|UOHULROGX
(NLPD\×LKUDFDWUDNDPODU×Q×GHÿHUOHQGLUHQ
$.þ%.RRUGLQDW|U%DüNDQ×$8ÿXU$WHüLKUDFDW×P×]×QPLO\DUPLO\RQGRODUGDQ
PLO\DUPLO\RQGRODUDWDü×QG×ÿ×QDGLNNDW
oHNWLYHLOND\O×NLKUDFDWSHUIRUPDQV×Q×Q
PLO\DUPLO\RQGRODUDRODUDNJHUoHNOHüWLÿL
ELOJLVLQLDNWDUG×%XUDNDPJHoWLÿLPL]\×O×QLON
D\×LOHNDUü×ODüW×U×OG×ÿ×QGD\]GH·O×NELU
\NVHOLüHLüDUHWHGL\RU
$.þ%·þ13(5)250$16,
<8.$5,'2Ā58
$.þ%·LQLKUDFDWUDNDPODU×Q×GDGHÿHUOHQGLUHQ
$WHü´.RRUGLQDW|U%DüNDQ×ROGXÿXP$NGHQL]
þKUDFDWo×%LUOLNOHUL·QLQ(NLPD\×UDNDPODU×QD
EDNW×ÿ×P×]GDLVHPLO\RQELQGRODUGDQ
PLO\DUPLO\RQGRODUDXODüW×ÿ×P×]×\DQL
JHoHQ\×O(NLPD\×QDRUDQOD\]GHRUDQ×QGDELUDUW×ü\DNDODG×ÿ×P×]×J|U\RUX]YH
·LOND\RODUDNGHÿHUOHQGLUGLÿLPL]GH
LVH\×O×QGDPLO\DUPLO\RQGRODURODQ
LKUDFDW×P×]×Q\×O×LOND\×QGDPLO\DU
PLO\RQGRODUD\NVHOGLÿL\DQL\]GH
RUDQ×QGDDUW×üVDÿODQG×ÿ×J|]HoDUS×\RUµGHGL
7UNL\H·QLQWRSODPLKUDFDW×Q×$.þ%·LQVRUXPOXOXNVDKDV×QGDEXOXQDQLOOHUDo×V×QGDQGDGHÿHUOHQGLUHQ$WHü(NLPD\×QGDHQID]ODLKUDFDW
\DSDQLOOHUV×UDODPDV×QGD0HUVLQ·LQ·XQFX
$GDQD·Q×Q·LQFL+DWD\·×Q·QFL.D\VHUL·QLQ
·QFYH.DUDPDQ·×Q·QF×V×UDGD\HUDOG×ÿ×Q×
EHOLUWWL
$/76(.7g5/(5þ1(.þ0
$<,þ+5$&$73(5)250$16,
$ôDo0DPXOOHULYH2UPDQhUQOHUL Türkiye
DÿDoPDPXOOHULYHRUPDQUQOHULLKUDFDW×
JHoHQ\×O×QD\Q×G|QHPLQHN×\DVOD\]GH
4
RUDQ×QGDELUGüüND\GHGHUHNPLO\RQ
ELQGRODURODUDNJHUoHNOHüWL$\Q×üHNLOGH$.þ%
LKUDFDWUDNDPODU×GDEHQ]HUELUWDEORVHUJLOL\RU
%XQDJ|UHVHNW|UJHoHQ\×O×QD\Q×G|QHPLQH
J|UH\]GHRUDQ×QGDGüü\DüDP×ü
'HPLUYH'HPLU'×ò×0HWDOOHU(NLPD\×$.þ%
LKUDFDWUDNDPODU×GHPLUYHGHPLUG×ü×PHWDOOHU
LKUDFDW×Q×QPLO\RQoHOLNLKUDFDW×Q×QLVH
PLO\RQGRODURODUDNJHUoHNOHüWLÿLQLRUWD\D
NR\X\RU*HoHQ\×O×QD\Q×G|QHPL\OHN×\DVODQG×ÿ×QGDGHPLUYHGHPLUG×ü×PHWDOOHUGH\]GH
DUW×üL]OHQLUNHQoHOLNWHLVHDUW×ü(\OOD\×QD
N×\DVOD\]GHVHYL\HVLQHXODüP×ü
+D]×U*L\LPYH.RQIHNVL\RQ7UNL\HKD]×U
JL\LPYHNRQIHNVL\RQVHNW|U(NLPD\×QGD
7UNL\HJHQHOLQGH\]GHRUDQ×QGDDUW×ü
VHUJLOHUNHQ$.þ%·LQVRUXPOXROGXÿXE|OJHOHUGHNLVHNW|U\]GHJLELUHNRUELUVHYL\HGH
LKUDFDWJHUoHNOHüWLUPLü
+XEXEDW%DNOL\DW<DôO×7RKXPODU Türkiye
+XEXEDW%DNOL\DW<DÿO×7RKXPODUYH0DPXOOHULLKUDFDW×GD\NVHOLüHÿULVLQHGHYDPHGL\RU
*HoHQ\×O×QD\Q×G|QHPLQHJ|UH\]GH\NVHOLüVHUJLOH\HQVHNW|UQ$.þ%LKUDFDW×LVH\LQH
JHoHQ\×O×QD\Q×G|QHPLQHN×\DVOD\]GH
DUW×üDLüDUHWHGL\RU
.LP\HYL0DGGHOHUYH0DPXOOHUL6HNW|UQLKUDFDWSHUIRUPDQV×JHoHQ\×O×QD\Q×G|QHPLQH
N×\DVOD\]GHDUW×üDLüDUHWHGL\RU$.þ%
E|OJHVLQGHNLUDNDPLVHGDKDVHYLQGLULFL<]GH
6XhUQOHULYH+D\YDQVDO0DPXOOHU(NLPD\×
7UNL\HLKUDFDWUDNDPODU×JHoHQ\×O×QD\Q×G|QHPLQHJ|UHVHNW|UQ\]GHE\GÿQ
V|\O\RU$.þ%·LQUDNDPODU×QGDLVHNoNGH
ROVDELUND\×SV|]NRQXVX6HNW|U(NLPD\×QGD
ELU|QFHNL\×O×QD\Q×G|QHPLQHJ|UH\]GH
RUDQ×QGDELUGüü\DüDP×ü%XQXQODELUOLNWH
VHNW|UQLOND\SHUIRUPDQV×ROGXNoDROXPOX*HoHQ\×O×QLOND\YHULOHULQHJ|UHVHNW|U
\]GHRUDQ×QGDGDKDID]ODLKUDFDWJHUoHNOHüWLUPLü
7HNVWLOYH+DPPDGGHOHUL7HNVWLOYHKDPPDGGHOHULVHNW|U(NLPD\×QGDJHoHQ\×O×QD\Q×
G|QHPLQHJ|UH\]GHRUDQ×QGDDUW×üVDÿODP×ü
þONRQD\UDNDPODU×QGDNLDUW×üLVH\]GH
$.þ%·LQLKUDFDW×QDEDNW×ÿ×P×]GDLVHJHoHQ\×O×Q
D\Q×G|QHPLQHJ|UH\]GHLOND\SHUIRUPDQV×QGDLVH\]GHDUW×üJHUoHNOHüWLULOGLÿL
J|UO\RU
<Dò0H\YH6HE]H6HNW|UGH7UNL\HJHQHOLQGH
\]GH·OLNELUGüü\DüDQP×ü$QFDNþOND\
SHUIRUPDQV×\]GH·ONLKUDFDWDUW×ü×QDLüDUHW
HGL\RU%HQ]HUELUGüü$.þ%LoLQGHJHoHUOL
%XQXQODELUOLNWH\]GH·OLNGüüHUDÿPHQ
$.þ%·LQGLÿHUELUOLNOHUNDUü×V×QGDNLSHUIRUPDQV×Q×QGDKDL\LROGXÿXQXYHJHQHOWRSODPGDQ
\]GHSD\DOG×ÿ×Q×V|\OHPHOL\L]
Bakliyat Kümelenmesi
6,$/)XDUдQGD\GÐ
)DUNOׁONHOHUGHQELQNLüLQLQL]OHGLÿL
ONHGHQELQILUPDQ×QVWDQWDoW×ÿ×6,$/
8OXVODUDUDV×*×GD)XDU×·Q×]L\DUHWHGHQKH\HWWH
%/&%DNOL\DW0HPLüRÿOX7DU×P0HUVLQýHNHU0XUDW7DU×P1DWXUDO*×GD2WDW7DU×P
6D\VDQ6HUWWDüODU7HNLQOHU7XUNSXOVHYH<9.
%DNOL\DW·WDQWHPVLOFL\HUDOG×
6,$/·LGQ\DQ×QG|UWELUWDUDI×QGDQ]L\DUHWHGHQ
YHEDNOL\DWWLFDUHWL\DSDQoRNVD\×GDILUPD\OD
LNLOLJ|UüPHOHUJHUoHNOHüWLUHUHNLKUDFDWODU×Q×
DUW×UPDI×UVDW×\DNDOD\DQILUPDODU×P×]$NGHQL]
+XEXEDW%DNOL\DW<DÿO×7RKXPODUYH0DPXOOHULþKUDFDWo×ODU×%LUOLÿL·QLQHYVDKLSOLÿLYH3DULV
7LFDUHW%Dü0üDYLUL6D\×Q0JH9DURO,O×FDN
EDüNDQO×ÿ×QGD6,$/·L]L\DUHWHGHQoRNVD\×GD
GHUQHNYHRGDWHPVLOFLVLQHGH)UDQVD·Q×QJ×GD
WLFDUHWLQH\|QHOLNVXQXPJHUoHNOHüWLUGL
*HUoHNOHüWLULOHQIXDU]L\DUHWLG]HQOHQHQELOJLOHQGLUPHWRSODQW×V×YHLNLOLLüJ|UüPHOHULLOH
LON\XUWG×ü×IDDOL\HWLQLJHUoHNOHüWLUHQ%DNOL\DW
.PHOHQPHVL6,$/·LQUHVPLþQWHUQHWVLWHVLQGHGH
\HUDODUDN6,$/·GHDG×QGDQV|]HWWLUGL
gQP]GHNLG|QHPGHG]HQOHQHFHNHÿLWLPYH\XUWG×ü×SD]DUODPDJLELIDDOL\HWOHUOH
%DNOL\DW.PHOHQPHVL·QLQ\HQLLüEDÿODQW×ODU×Q×NXUPDV×YHELOLQLUOLOLÿLQLDUW×UDUDN
VHNW|ULKUDFDW×QDROXPOXüHNLOGHNDWN×GD
EXOXQPDV×EHNOHQL\RU
9DOLdDNDFDN´D
KD\ÐUOÐROVXQ]L\DUHWL
$NGHQL]'HPLUYH'HPLU'×ü×0HWDOOHU
þKUDFDWo×ODU×%LUOLÿL<|QHWLP.XUXOX%DüNDQ×$GQDQ(UVR\8OXEDü0HUVLQ9DOLOLÿL
J|UHYLQHN×VDVUH|QFHDWDQDQg]GHPLU
dDNDFDN·×PDNDP×QGD]L\DUHWHWWL
<HQLJ|UHYLQGHEDüDU×GLOHPHNDPDF×\OD
JHUoHNOHüHQ]L\DUHWWH$NGHQL]'HPLUYH
'HPLU'×ü×0HWDOOHUþKUDFDWo×ODU×%LUOLÿL
<|QHWLP.XUXOX%DüNDQ×$GQDQ(UVR\
8OXEDüWDUDI×QGDQ9DOLdDNDFDN·D$.þ%
YH0HUVLQ·LQLKUDFDWSHUIRUPDQV×LOHLOJLOL
ELOJLOHUDNWDU×OG×=L\DUHWWHQGX\GXÿX
PHPQXQL\HWLLIDGHHGHQ9DOLdDNDFDN
LVH0HUVLQ9DOLOLÿLRODUDNLKUDFDWo×VHNW|UOHUOHLOJLOLKHUWUOIDDOL\HWHYH$NGHQL]þKUDFDWo×%LUOLNOHUL·QLQoDO×üPDODU×QD
GHVWHNYHUPH\HKD]×UROGXNODU×Q×EHOLUWWL
<DçPH\YHVHE]HLKUDFDWoÐODUÐ=H\EHNFL´\L]L\DUHWHWWL
$NGHQL]<Dü0H\YH6HE]HþKUDFDWo×ODU×%LUOLÿL
<|QHWLP.XUXOX%DüNDQ×YH7UNL\H<Dü0H\YH
6HE]H6HNW|U.XUXOX%DüNDQ×$OL.DYDNEDüNDQO×ÿ×QGD(JH%DW×$NGHQL]þVWDQEXO'RÿX
.DUDGHQL]YH8OXGDÿROPDN]HUH7UNL\HJHQHOLQGHNL<Dü0H\YH6HE]HþKUDFDWo×%LUOLÿLQLQ
<|QHWLP.XUXOX%DüNDQODU×\DüPH\YHVHE]HVHNW|UQQVRUXQODU×Q×\]\]HJ|UüPHN
]HUH(NRQRPL%DNDQ×1LKDW=H\EHNoLLOHELU
DUD\DJHOGL
%LOLQGLÿL]HUH5XV\DLOHDUWPDV×EHNOHQHQ\Dü
PH\YHVHE]HLKUDFDW×EHNOHQWLOHULQDNVLQH(NLP
D\×QGD\]GH·\HYDUDQELUGüü\DüDP×üW×
g]HOOLNOHEXNRQXYHNRPüXONHOHUGHNLVL\DVL
EHOLUVL]OLNOHULQLKUDFDWDHWNLOHULQLQHOHDO×QG×ÿ×
WRSODQW×Q×QDUG×QGDQELUDo×NODPDGDEXOXQDQ
$OL.DYDNWRSODQW×Q×QoRNROXPOXJHoWLÿLQLYH
LKUDFDWo×ODULOHV×N×LüELUOLÿLYHGD\DQ×üPDLoLQGH
ROGXÿXQGDQ%DNDQ1LKDW=H\EHNoL·\HPLQQHWWDUO×NODU×Q×LOHWWLNOHULQLV|\OHGL
5
%å5/å.´7(1
7HNVWLOLQNDOEL.DKUDPDQPDUDç´WDDWWÐ
.DKUDPDQPDUDçJHoWLäLPL]D\VRQXQGD´QFL8OXVODUDUDVÐ7HNVWLO=LUYHVLLOH7HNVWLO0DNLQHOHUL
)XDUдQDHYVDKLSOLäL\DSDUNHQ$NGHQL]7HNVWLOYH+DPPDGGHOHULåKUDFDWoÐODU%LUOLäL$7+å%
<|QHWLP.XUXOXWP\HOHUL\OH]LUYH\HNDWÐOÐPJ|VWHUGL
<HUOLYH\DEDQF×ELUoRNILUPDQ×QNDW×OG×ÿ×
.DKUDPDQPDUDü7LFDUHWYH6DQD\L2GDV×
.0762.DKUDPDQPDUDü6WoþPDP
hQLYHUVLWHVL .6h 7h%þ7$. .oN
YH2UWDgOoHNOLþüOHWPHOHUL*HOLüWLUPHYH
'HVWHNOHPHþGDUHVL%DüNDQO×ÿ×.26*(%
YH'RÿX$NGHQL].DON×QPD$MDQV×'2Ā$.$WDUDI×QGDQG]HQOHQHQ´7HNVWLO
WRSUDÿ×QDG|Q\RUµWHPDO×·QFL8OXVODUDUDV×7HNVWLO=LUYHVL·QLQDo×O×üNRQXüPDV×Q×
\DSDQ.0762%DüNDQ×.HPDO.DUDNoN
JHUoHNOHüWLULUNHQ.DUDNoN·QFL8OXVODUDUDV×7HNVWLO=LUYHVL·QLQ\HUOLYH\DEDQF×ILU-
PDODU×ELUDUD\DJHWLUGLÿLQLVHNW|UQGQ\D
WHPVLOFLOHULQLDÿ×UODPDODU×Q×QNHQGLOHULQLFHVDUHWOHQGLUGLÿLQLYHWHNVWLOVHNW|UQGHGDKD
EDüDU×O×\DW×U×PODUDLP]DDW×OPDV×NRQXVXQGD
NHQGLOHULQLWHüYLNHWWLÿLQLLIDGHHWWL
$7+þ%<|QHWLP.XUXOX·QXQWDPDP×Q×Q
NDW×O×PJ|VWHUGLÿL]LUYHQLQLONJQQGH
JHUoHNOHüWLULOHQ´7HNVWLO6HNW|UQH<|Q
9HUHQOHU7UNL\H7HNVWLO3ROLWLNDV×µNRQXOXSDQHOGHLVH$7+þ%<|QHWLP.XUXOX
%DüNDQ×=HNL.×YDQoYH%DüNDQ<DUG×PF×V×
)DWLK'RÿDQGDNRQXüPDF×RODUDN\HUDOG×
.×YDQo\×O×QGD\UUOÿHNRQDQ
HNYHUJLOHUVD\HVLQGHWHNVWLOYHNRQIHNVL\RQVHNW|UQQLWKDODWDRODQEDÿ×PO×ÿ×Q×QD]DOG×ÿ×VHNW|UGHUHWHQLVWLKGDP
YHNDWPDGHÿHU\DUDWDQ7UNL\HKHGHILQH
XODü×OG×ÿ×Q×QDOW×Q×oL]GL.RQXüPDV×QGD
HNYHUJLOHUHUWHVLQGHWHNVWLOYHNRQIHNVL\RQVHNW|UQGHPLO\DU7/·GHQID]OD
\DW×U×PWHüYLNEHOJHVLG]HQOHQGLÿLQHGH
LüDUHWHGHQ.×YDQoWHNVWLOYHNRQIHNVL\RQ
VHNW|UQQ\×O×QGDPLO\DUGRODU
QHWG|YL]JLUGLVLVDÿOD\DUDNFDULDo×ÿ×QD]DOW×OPDV×QD|QHPOLNDW×NODUVDÿODG×ÿ×Q×HN
YHUJLOHU|QFHVLPLO\DUGRODUPHUWHEHVLQH
XODüDQWHNVWLOLWKDODW×Q×QK×]ODJHULOHGLÿLQL
YHDQFDN\×O×QVRQXQGDEXPLNWDUDXODüPDV×Q×QEHNOHQGLÿLQLV|\OHQHQOHULQDNVLQH
WHNVWLOYHNRQIHNVL\RQVHNW|UQGHLKUDFDW
DUW×ü×Q×QGHYDPHWWLÿLQLVHNW|UGHDUWDQ
UHWLPYH\HQL\DW×U×PODUODo\×OO×NG|QHPGHWHNVWLOYHNRQIHNVL\RQVHNW|UQGH
ELQH\DN×Q\HQLLVWLKGDPVDÿODQG×ÿ×Q×
7UNL\H·GHVDQD\LYHUHWLPLJHOLüWLUPHGHQ
KHGHIOHULQHXODüPDQ×Q]RUROGXÿXQX
NUHVHOSD]DUODUGDNLKDNV×]UHNDEHWüDUWODU×QDNDUü×\HUOLUHWLPLQNRUXPDV×Q×Q]DUXUL
ROGXÿXQXYXUJXODG×
)DWLK'RÿDQLVHNRQXüPDV×QGD$%'·GHQ
LWKDOHGLOHQSDPXNUQOHULQH\|QHOLNEDüODW×ODQDQWLGDPSLQJVRUXüWXUPDV×Q×QWHNVWLOVHNW|UQHRODV×HWNLOHULQLGHÿHUOHQGLUGL
2UWD$QDGROXYH$NGHQL]GHPLUVHNW|U0HUVLQ´GHEXOXçWX
$QNDUD'HPLUYH'HPLUG×ü×0HWDOOHUþKUDFDWo×ODU×%LUOLÿLLOH$NGHQL]'HPLUYH'HPLUG×ü×0HWDOOHUþKUDFDWo×ODU×%LUOLÿL·QLQRUWDNODüD
G]HQOHGLÿLVHNW|UGHÿHUOHQGLUPHWRSODQW×V×
(NLP·GH$.þ%0HUNH]%LQDV×·QGDJHUoHNOHüWLULOGL
7RSODQW×GDHÿLWLPKH\HWOHUYHVHNW|UDUDüW×UPDUDSRUODU×JLELNRQXODUGDLüELUOLÿLLoLQGH
oDO×ü×OPDV×NRQXVXQGDILNLUELUOLÿLQHYDU×O×UNHQ
YHULPOLJHoHQWRSODQW×Q×Q$QNDUD·GDWHNUDUODQPDV×NDUDUODüW×U×OG×YHWRSODQW×Q×QVHNW|UGHNL
VLQHUML\LDUW×UG×ÿ×GDLIDGHHGLOGL
6
dRNGDUEHDOGÐNDPD\ÐNÐOPÐ\RUX]
$NGHQL]$äDoYH2UPDQhUQOHULåKUDFDWoÐ%LUOLäL$.$0å%%DçNDQÐYH7å0'HQHWLP.XUXOXh\HVL
%OHQW$\PHQ(NLPD\ÐLKUDFDWUDNDPODUÐQDLOLçNLQoDUSÐFÐDoÐNODPDODUGDEXOXQGX
7UNL\H·QLQLKUDFDWSHUIRUPDQV×QGD(NLPD\×
\NVHOLüLQGHYDPHWWLÿLELUD\ROGX6RQDo×NODQDQUDNDPODUDJ|UH7UNL\HLKUDFDW×JHoHQ\×O×Q
D\Q×G|QHPLQHJ|UH\]GHDUW×üND\GHGHUHN
PLO\DUPLO\RQGRODUDXODüW×
$NGHQL]þKUDFDWo×%LUOLNOHUL|]HOLQGHUDNDPODU
GHÿHUOHQGLULOGLÿLQGHLVHWRSODPLKUDFDWHÿULVLQH
SDUDOHORODUDN$.þ%·LQGHLKUDFDW×Q×JHQLüOHWWLÿL
J|UO\RU(NLPD\×QGDPLO\DUPLO\RQ
GRODULKUDFDWJHUoHNOHüWLUHQ$.þ%LKUDFDWo×ODU×
JHoHQ\×O×QD\Q×G|QHPLQHJ|UH\]GH
RUDQ×QGDGDKDL\LELUSHUIRUPDQVVHUJLOHPLü
%XQXQODELUOLNWHDÿDoPDPXOOHULYHRUPDQ
UQOHULVHNW|ULOH\DüPH\YHYHVHE]HVHNW|UQGHNLGüüGLNNDWoHNL\RU7UNL\HDÿDo
PDPXOOHULYHRUPDQUQOHULLKUDFDW×JHoHQ
\×O×QD\Q×G|QHPLQHN×\DVOD\]GHRUDQ×QGD
ELUGüüVHUJLOHUNHQ$.þ%|]HOLQGHEXGüü
\]GH·HXODüP×ü
$.$0þ%%DüNDQ×YH7þ0'HQHWLP.XUXOXh\HVL
%OHQW$\PHQDÿDoPDPXOOHULYHRUPDQUQOHULLKUDFDW×QGDNLGüüHLOLüNLQ\DSW×ÿ×Do×NODPDGD´þKUDFDWo×P×]GQ\DQ×QEWQSD]DUODU×QGDXQYDQPDoODU×QDo×N×\RU,UDN·WDoRNGDUEH
DOG×NDPDKHQ]\×N×OPDG×N|]HOOLNOH.X]H\
,UDN·WD\DüDQDQLVWLNUDUV×]O×NYHEHOLUVL]OLNKDOL
7UNL\H·QLQHQoRNGDEDüNDQ×ROGXÿXPDÿDo
YHRUPDQUQOHULVHNW|UQGHULQGHQHWNLOHGLµ
GHGL´6RQG|QHPGHNLLVWDWLVWLNOHUHEDNDFDN
ROXUVDN,UDNHQoRNLKUDFDW\DSW×ÿ×P×]ONH
V×UDODPDV×QGDEXD\oQFOÿHJHULOHPLü%XQD
UDÿPHQJHQHODQODPGDDUWDQLKUDFDWUDNDPODU×
\UHÿLPL]HELUQHE]HROVXQVXVHUSL\RUµGL\HUHN
GHYDPHGHQ$\PHQ7UNL\HWRSODPLKUDFDW×QGD
ELUDUW×üROPDV×QDUDÿPHQLNLVHNW|UQGDUEH
DOG×ÿ×Q×YHLüLQWHPHOLQGHEXGDUEHQLQDQD
QHGHQLQLQND\×S,UDNSD]DU×ROGXÿXQXV|\OHGL
.$<%,11('(1þ<80857$/$5,
7(.6(3(77(6$./$0$.
$\PHQDo×NODPDV×QDü|\OHGHYDPHWWL´$.þ%
EQ\HVLQGHNLVHNW|UOHULoLQGHHQVHUWGüü
EDüNDQ×EXOXQGXÿXP$.$0þ%\DüDG×dHüLWOL
SODWIRUPODUGDGLOHJHWLUGLÿLPL]o|]P\ROODU×
DUDG×ÿ×P×]QDYOXQPDOL\HWOHULQLQ\NVHNOLÿL
,UDN·WD\DüDQDQROD\ODUQHGHQL\OHGüHQLKUDFDW
JLUGLPDOL\HWOHULQLQ\NVHNOLÿLKDPPDGGH
WHPLQLQGH\DüDQDQV×N×QW×YHIL\DWODU×Q\NVHNOLÿLHQoRNE|OJHPL]LYHDÿDoRUPDQVHNW|UQ
YXUGX,UDNX]XQ]DPDQG×ULKUDFDW×P×]GDHQ
|QHPOLONHOHUGHQELULROVDGD7UNL\HJHQHOLQGHHQID]ODLKUDFDW\DS×ODQLNLQFLONH\NHQ(NLP
D\×QGDoQFONHNRQXPXQDGüWYH,UDN·D
\DS×ODQLKUDFDW\]GHRUDQ×QGDJHULOHGL7LFDUHWWHELUGH\LPYDUG×U¶%WQ\XPXUWDODU×WHN
VHSHWWHVDNODPDN·%XGH\LP,UDN·WDEDü×P×]D
JHOHQLQDüDÿ×\XNDU×ELU|]HWLJLELGLU%XUDGDQ
o×NDUDFDÿ×P×]GHUVLVHLKUDFDWSD]DUODU×P×]×ULVNL
PLQLPL]HHGHFHNüHNLOGHUQONHHüOHüWLUPHVL
\DSDUDNoHüLWOHQGLUPHNYH\D\PDNROPDO×G×U%X
üHNLOGHKHUKDQJLELUSD]DUGD\DüDQDFDNGDUDOPDGLÿHUSD]DUODUWDUDI×QGDQGDKDUDKDWWHODIL
HGLOHELOLUþKUDFDWo×P×]\DQ×EDü×QGD\DüDQDQ
ROD\ODUQHGHQL\OHND\EHWPHNWHROGXÿXLKUDo
SD]DUODU×Q×\HULQH\HQLOHULQLNR\DUDNUHYL]H
HWPH\LEDüDU×\RUDQFDN.2%þ·OHULPL]LQQDYOXQ
PDOL\HWOHUL\NVHNRODQED]ׁUQOHULoLQV×N×QW×GDROGXÿXQXQHQ|QHPOLJ|VWHUJHVL$.$0þ%·LQ
\DüDG×ÿ×LKUDFDWGüüGU$ÿ×UO×NO×SD]DUODU×
,UDN6XUL\HYHþUDQRODQVHNW|UDUD\×üODU×Q×
VUGUPHNWH5XV\D)HGHUDV\RQX·QGDNHQGLQH
o×N×ü\ROODU×DUDPDNWDG×Uµ
$&þ/0h'$+$/(*(5(.þ<25
´,UDN·D·GHPLO\RQ·GHPLO\RQ·GHPLO\RQGRODUDÿDoYHRUPDQ
UQOHULLKUDFDW×JHUoHNOHüWLUGLN%X\×O×QLON
D\×QGDXODüDELOGLÿLPL]UDNDPLVHPLO\RQ
GRODU3D]DUGDNLND\×SDo×NoDRUWDGDµGL\HUHN
GHYDPHGHQ$\PHQND\E×QGDKDGDE\PHPHVLLoLQDFLOHQHOHDO×QPDV×JHUHNHQ|QOHPOHUL
LVHü|\OHV×UDODG×´*YHQOLNVRUXQODU×QDYOXQ
IL\DWODU×Q×DUW×U×\RU*LUGLPDOL\HWOHULQLQ\NVHN
ROPDV×LVHLKUDFDWo×\×IL\DWUHNDEHWLQGH]RUOD\DQELUEDüNDHWNHQ+DPPDGGHQLQSDKDO×YH
WHPLQLQ]RUOXÿXQRNWDV×QGDGDGHYOHWYH|]HO
VHNW|ULüELUOLÿLQLQGDKDLOHULQRNWDODUDWDü×QPDV×
JHUHNL\RU$\U×FDPDUNDODüPDDÿDoYHRUPDQ
UQOHULVHNW|UP]QPXWODNDJHoLUPHVLJHUHNHQELUVUHodQNUQP]QNDOLWHVLQL
NDQ×WODG×ÿ×P×]GDEL]SD]DU×GHÿLOSD]DUGDNL
DO×F×ODUEL]OHULDUD\DFDNg]HWOHVHNW|UP]H
DFLOPGDKDOHJHUHNWLÿLRUWDGD7PSD\GDüODU×Q
ELUDUD\DJHOHUHN\ROKDULWDV×EHOLUOHPHVLJHUHNPHNL\RU*HoNDOG×ÿ×P×]KHUJQ7UNL\H·QLQ
E|OJHPL]LQYHVHNW|UP]QND\E×G×Uµ
7
*h1'(0
åæ7(<(1å
7h5.å<(0$5.$6,
7UNVDQD\LVLQL\XUWGÐçÐQGDVWG]H\GHWHPVLOHWPHNYH±7UN0DOвDOJÐVÐQÐ\NVHOWPHNDPDFÐ\OD
(NRQRPL%DNDQOÐäÐYH7UNL\HåKUDFDWoÐODU0HFOLVL´QLQ7å0NRRUGLQDV\RQXQGDEDçODWÐODQ±7UNL\H
0DUNDVвoDOÐçPDODUÐWDPDPODQDUDNJHoWLäLPL]D\NDPXR\XLOHSD\ODçÐOGÐ
þ
üLQVDQODU×QGDQUHNODPF×ODUDWDVDU×PF×ODUGDQVDQDWo×ODUYHDNDGHPLV\HQOHUHNDGDU
\DNODü×NNLüLOLNHNLELQRUWDNJ|UüOHUL\OHüHNLOOHQHQYHNUHDWLI\]Q6DIIURQ%UDQG
&RQVXOWDQWGDQ×üPDQO×NILUPDV×Q×QWDVDUODG×ÿ×
\HQL7UNL\HVORJDQ×YHORJRVX&XPKXUEDüNDQ×5HFHS7D\\LS(UGRÿDQ·×Q\DQ×V×UD(NRQRPL
%DNDQ×1LKDW=H\EHNFLYH.OWUYH7XUL]P
%DNDQ×gPHUdHOLN·LQGHNDW×OG×ÿ×ELUODQVPDQ
LOH(\OOWDULKLQGHd×UDÿDQ6DUD\×·QGDWDQ×W×OG×´7XUNH\'LVFRYHUWKHSRWHQWLDOµVORJDQ×
YH\HQLORJRWDULKWH7UNOHULQNLOLPPLPDUL
HOVDQDWODU×JLELDODQODUGDNXOODQG×ÿ×VHNL]D\U×
PRWLIWHQHVLQOHQHUHNJHOLüWLULOGL
*hd/h%þ5h/.(<þ=9(
*h&h0h=h1)$5.,1'$<,=
þVWDQEXO·GDJHUoHNOHüWLULOHQ7UNL\HþKUD8
FDWo×ODU0HFOLVL´7UNL\H0DUNDV×µWDQ×W×P
WRSODQW×V×QDNDW×ODQ&XPKXUEDüNDQ×5HFHS7D\\LS(UGRÿDQ\HQL7UNL\HORJRVX
YHVORJDQ×Q×QKD\×UO×YHXÿXUOXROPDV×Q×
WHPHQQLHGHUNHQ7UNL\HHNRQRPLVLYH
G×üSROLWLNDV×Q×QEXJQHNDGDUROPDG×ÿ×
NDGDUJoOVDÿODPYHLVWLNUDUO×üHNLOGH
LOHUOHGLÿLQLEHOLUWWLYH´%L]JoOELUONH\L]
YHJFP]QIDUN×QGD\×](VDVHQ\HQL
7UNL\HJFQYHSRWDQVL\HOLQL\HQLGHQ
NHüIHGHQ7UNL\HþQüDOODKEXJFKHQ]
NHüIHWPHPLüRODQODUGDNHüIHGHFHNµGHGL
(NRQRPL %DNDQO×ÿ× YH 7þ0 WDUDI×QGDQ
KD]×UODQDQORJR\X7UNL\HYHGQ\D\D
WDQ×WW×NODU×Q×ND\GHGHQ&XPKXUEDüNDQ×
5HFHS7D\\LS(UGRÿDQNRQXüPDV×QDüX
V|]OHUOHGHYDPHWWL´%XJQGHQLWLEDUHQ
7UNL\H·GHUHWLOHQUQOHULQDUW×N]HULQ-
GH¶0DGHLQ7XUNH\·GDPJDV×\HULQHEXORJR
RODFDN'Q\DQ×QQHUHVLQGHROXUVDROVXQ
EXORJR\XJ|UHQOHURUQQ7UNL\H·GH
UHWLOGLÿLQL7UNL\H·GHQLKUDoHGLOGLÿLQL
DQOD\DFDN/RJR\ODELUOLNWH¶'LVFRYHUWKH
SRWHQWLDO·VORJDQ×NXOODQ×ODFDN7PGQ\D
7UNL\H·\LYH7UNL\HUQOHULQLEXORJRYH
¶*FNHüIHW·VORJDQ×\ODWDQ×W×\RURODFDN
7UNL\HGQ\DFDWDQ×QDQPDUNDODU×QLWLEDUYHJYHQHVDKLS%XORJRYHVORJDQOD
LQDQ×\RUXPNLUQOHULPL]LQJFQHJo
NDW×OP×üLWLEDU×QDLWLEDUNDW×OP×üJYHQLQH
GHJYHQNDW×OP×üRODFDNµ
0$5.$/$5$%h<h.
*g5(9'hýh<25
.RQXüPDV×QGD.2%þ·OHULQVDQD\LFLOHULQYH
LKUDFDWo×ODU×QGHÿLüLPNRQXVXQGDGQ\DGD
&XPKXUEDèNDQÑ5HFHS7D\\LS(UGRåDQNRQXèPDVÑQÑQDUGÑQGDQ7UNL\H´QLQLKUDoHWWLåLUQOHUGHNXOODQDFDåÑORJR\XWDQÑWWÑYHNDWÑOÑPFÑODUODWRSOXIRWRåUDIoHNWLUGL
IDUNO×ELU\HUHVDKLSROGXÿXQXGDYXUJXOD\DQ5HFHS7D\\LS(UGRÿDQWPEXNHVLPOHULQ\HQLORJR\XUQOHULQHDPEDODMODU×QD
SDNHWOHULQHEDV×SORJRQXQ\D\J×QODüPDV×QD
NDWN×VXQDFDNODU×Q×WDKPLQHWWLÿLQLV|\OHGL/RJRYHVORJDQ×Q\D\J×QODüPDV×QGD
XOXVODUDUDV×PDUNDODUDGDE\NJ|UHYOHU
GüWÿQLIDGHHGHQ(UGRÿDQ´.OWUYH
7XUL]P%DNDQO×ÿ×P×]×QXOXVODUDUDV×ELUWXUL]PPDUNDV×RODQ7UNL\H·\LEXORJR\ODWDQ×üW×UPDODU×Q×EHNOL\RUX]µGHGL(UGRÿDQ
7UN+DYD<ROODU×·Q×QGDEHQ]HULüHNLOGH
ORJRYHVORJDQDVDKLSo×NPDV×Q×ORJRYH
VORJDQ×RQODUFDGQ\DONHVLQHWDü×PDV×Q×
EHNOHGLÿLQLV|]OHULQHHNOHGL
<HQLORJRYHVORJDQ×NUHVHOLGGLDODU×YH
KHGHIOHULRODQ7UNL\H·QLQ|]JYHQVLPJHVL
RODUDNJ|UGÿQGLOHJHWLUHQ&XPKXUEDüNDQ×5HFHS7D\\LS(UGRÿDQ´*FNHüIHWµ
VORJDQ×Q×Q\HQL7UNL\H·QLQ|]JYHQLQLQ
VLPJHVLROGXÿXQXQDOW×Q×oL]HUHN´%L]VDGHFHEXORJR\XPDUNDODU×P×]×Q]HULQH
EDVPDNOD\HWLQPH\HFHÿL]%X|]JYHQORJRVXQXEDVDELOHFHÿLPL]DUW×NoRNGDKD
ID]ODPDUNDUHWPHQLQPFDGHOHVLQLGH
NDUDUO×O×NOD\UWHFHÿL]0HYFXWPDUNDODU×P×]DUW×NEL]H\HWPL\RU'Q\DPD-
ÿD]DODU×QGDSL\DVDODU×QGDSD]DUODU×QGD
NHQGLVLQH\HUEXODQPDUNDODU×P×]ODJXUXU
GX\X\RUX]DPDEXQODU×DUW×NVD\×FD\HWHUVL]
J|U\RUX]7UNL\HHNRQRPLVLJHOGLPDUNDPHVHOHVLQHPDUNDLKWL\DF×QDGD\DQG×
%L]LPLVWLNUDUO×üHNLOGHE\UNHQLKUDFDW×P×]×VRQGHUHFHK×]O×üHNLOGHDUW×U×UNHQ
DUW×NHQHUMLPL]LQ|QHPOLELUN×VP×Q×EX
PDUNDNRQXVXQDD\×UPDP×]JHUHNL\RU
$UNDGDüODU\HQLPDUNDODUUHWHFHNJFH
\DQLSRWDQVL\HOH]L\DGHVL\OHVDKLSOHU3DUODNILNLUOHUH\HQLOLNoLILNLUOHUHVDKLSELU
QHVOLPL]YDU'Q\DQ×QKHU\HULQHXODüDELOHQYHKHU\HULQGHLüNRYDOD\DQGLQDPLN
HQHUMLNJLULüLPFLOHULPL]YDU\×O×QGDPLOOLJHOLULPL]PLO\DUGRODULNHQ
·WHEXQXQPLO\DUGRODUDo×NDFDÿ×
V|\OHQVH\GLEXQDNLPLQDQ×UG×".LüLEDü×
PLOOLJHOLU\×O×QGDELQGRODUG×
VRQXQGDoNDWWDQID]ODDUWDUDN
ELQGRODURODFDÿ×V|\OHQVH\GLEXQDGD
LQDQPD\DFDNODUG×<LQH\×O×QGD
PLO\DUGRODU×Q]HULQGHLKUDFDW×P×]RODFDNGHQLOVH\GLEXQODUKD\DOGL\HFHNOHUGL
$PDEXQODUJHUoHNOHüWL%XE\NEDüDU×
UHNRUODULoLQGHVL]OHULNXWOX\RUXPWHEULN
HGL\RUXPµGHGL
/RJRQHOHULoHUL\RU"
6DIIURQ%UDQG&RQVXOWDQWWDUDIÑQGDQ
tasarlanan logoda, Türklerin tarihte
NLOLPKDOÑHOVDQDWODUÑPLPDULJLEL
DODQODUGDNXOODQGÑNODUÑNOWUHO
motiflerden esinlenildi ve onlara
oDåGDèDQODPODU\NOHQGL%XQDJ|UH
ORJR\XROXèWXUDQPRWLI\NVHOLèL
VLQHUML\LGQ\D\ÑEXOXèPD\ÑGRåX
YHEDWÑ\ÑLQRYDV\RQXELUOLNWHOLåLYH
KDUPRQL\LVLPJHOL\RU
'LVFRYHUWKH3RWHQWLDO
WHNOLILQHOHULoHUL\RU"
*HOEXSRWDQVL\HOLNHèIHW
.HèIHWYHNHQGLQHGHåHUNDW
.HèIHWYHNHQGLQLWDPDPOD
.HèIHWNLNHQGLQLNHèIHWPLèRO
.HèIHWYH]HQJLQOHè
.HèIHWNLKHSLPL]ND]DQDOÑP
.HèIHWNLLQVDQPHGHQL\HWL
]HQJLQOHèVLQ
.HèIHWNLELUOLNWHPXWOXRODOÑP
9
*h1'(0
&XPKXUEDèNDQÑ(UGRåDQHWNLQOLNVDORQXQXQJLULèLQGHKD]ÑUODQDQ]HULQGH7UNL\HKDULWDVÑLOH±7UNL\H0DUNDVѲQÑQWDQÑWÑPÑQÑQ\DSÑOGÑåÑGHYWDEORQXQ
&XPKXUEDèNDQOÑåÑIRUVOX$QNDUDNÑVPÑQÑLP]DODGÑ
.RQXüPDV×Q×QVRQXQGD\HQLWDVDU×P×QYH
´*FNHüIHWµVORJDQ×Q×QKD\×UODUDYHVLOHROPDV×Q×GLOHGLÿLQLDNWDUDQ&XPKXUEDüNDQ×
5HFHS7D\\LS(UGRÿDQ7UNL\HþKUDFDWo×ODU
0HFOLVL·QLEXKH\HFDQYHULFLoDO×üPDODU×QGDQGROD\×WHEULNHWWLÿLQLEHOLUWWLYH´%X
ORJRYHVORJDQ×GQ\DQ×QHQJ]HON|üHOHULQGHNLUDIODUDXODüW×UDFDNLKUDFDWo×NDUGHüOHULPL]HGHüLPGLGHQWHüHNNUHGL\RU
EDüDU×ODUGLOL\RUXPµGHGL
þ+5$&$72'$./,
%h<h0(02'(/þ6h5(&(.
/DQVPDQ W|UHQLQGH ELU NRQXüPD \DSDQ(NRQRPL%DNDQ×1LKDW=H\EHNFLLVH
7UNL\H·QLQLKUDFDWRGDNO×E\PHPRGHOLQLVUGUHFHÿLQLEHOLUWHUHN7UNL\H·QLQ
NOWUFRÿUDI\DV×QGDNLONHOHUOHWLFDULYH
HNRQRPLNLOLüNLOHULHVDVDODUDNND]DQND]DQLONHVLWHPHOLQGH\DN×QJoOYHNDO×F×EDÿODUNXUPD\×DPDoODG×NODU×Q×GLOH
JHWLUGL=H\EHNFL´·OHULQEDü×QGDG×ü
WLFDUHWKDFPLEHüPLO\DUGRODUELOHGHÿLOGL
%XJQPLO\DUGRODU×DüDUDN\×OGD
WDPNDWD\DN×QDUWW×þKUDFDW×P×]
PLO\DUKL]PHWJHOLUOHULPL]PLO\DUKL]PHWJLGHUOHULPL]PLO\DULWKDODW×P×]
PLO\DUGRODUROGXµGL\HUHNEDüODG×ÿ×
NRQXüPDV×QGD7UNL\H·\HJHOHQ\DEDQF×
\DW×U×PODU×Q\×OODU×DUDV×QGD
PLO\DUVHYL\HVLQGHQDUDV×QGD
PLO\DUGRODUDXODüW×ÿ×Q×QDOW×Q×oL]GL
10
YHEXJQ7UNL\H·QLQGQ\DQ×Q·QFL
$YUXSD·Q×Q·QF×E\NHNRQRPLVLROGXÿXQXLIDGHHWWL
7UNL\H·QLQNUHVHOHNRQRPLGHNL\DYDüODPD\DYHE|OJHGHNLVRUXQODUDUDÿPHQ
HNRQRPLNE\PHDQODP×QGDEDüDU×O×ELU
SHUIRUPDQVVHUJLOHGLÿLQLDNWDUDQ1LKDW
=H\EHNFL´7UNL\HHNRQRPLVLVRQoH\UHNWLURUWDODPD\]GHK×]ODNHVLQWLVL]
E\\RU%XJQLKUDFDWODE\\HQELU
7UNL\HHNRQRPLVLYDU7UNL\HHNRQRPLVL
|QP]GHNLELUNDo\×OGDELQGRODU×
DüDUDN\NVHNJHOLUOLONHJUXEXQDJLUHFHN6DW×QDOPDJFSDULWHVLQHJ|UH
\×O×QGD7UNL\H·GHNLüLEDü×QDGüHQJHOLU
$%RUWDODPDV×Q×Q\]GH·V×LNHQ·GH
\]GH·LQH\NVHOGLµLIDGHOHULQLNXOODQG×
.RQXüPDV×QGD´NUHVHOPDUNDµNRQXVXQXQ7UNL\HLoLQJHUHNOLOLÿLQHGHYXUJX
\DSDQ=H\EHNFL´$QDGROX·QXQNDGLPNOWUQWDULKLQLPHGHQL\HWOHULQLLQVDQ×Q×
GHÿHUOHULQLELUOLNWHOLÿLPL]LJFP]YH
|]HOOLNOHGHVRQG|QHPGH\×OODU×QDWDOHWLQL
]HULPL]GHQDWDUDNIDUN×QDYDUPD\DEDüODG×ÿ×P×]SRWDQVL\HOLPL]L\DQV×WDFDNELUORJR
]HULQGHoDO×üW×N$UW×NJQVDQD\LPL]LQ
JFQKL]PHWVHNW|UP]QNDOLWHVLQL
LQVDQND\QDÿ×P×]×NOWUP]VDQDW×P×]×IDUNHWWLUPHQLQJQGUµGHGL
7h5.þ<(0$5.$6,1'$1
1($1/$0$/,<,="
7UNL\HþKUDFDWo×ODU0HFOLVL·QLQ´7UNL\H
0DUNDV×µWDQ×W×PWRSODQW×V×QGDNRQXüDQ
.OWUYH7XUL]P%DNDQ×gPHUdHOLNGH
FRÿUDI\DQ×QNDGHUROGXÿXQDGHÿLQHUHN
´%D]×GHYOHWOHUYL]\RQHOPLV\RQODUDVDKLS
ROGXNODU×QGDQFRÿUDI\DODU×Q×GDKDoRN
JHOLüPHNYHLOHUL\HJLWPHNLoLQNXOODQ×U
%XUDGDHQ|QHPOLPHVHOH7UNL\HPDUNDV×QGDQQHDQODPDP×]JHUHNWLÿLGLU7UNL\H
EXJQoRNER\XWOXHQWHJUHYHEWQVHO
<(1ĉ7h5.ĉ<(0$5.$6,9(¶*h&h.(Ċ)(7·
6/2*$1,7h5.ĉ<(·1ĉ1g=*h9(1ĉ1ĉ16ĉ0*(6ĉ
%8/2*2<86$'(&(0$5.$/$5,0,=,1
h=(5ĉ1(%$60$./$<(7ĉ10(<(&(Ĉĉ=
ELUüHNLOGHWDQ×W×ODFDNLPNDQODUDVDKLSWLU
7UNL\HELUG×üSROLWLNDYHGHPRNUDVLPDUNDV×G×U7UNL\HELUWXUL]PHNRQRPLYH
NUHVHOELUPDUNDG×U7PEXELOHüHQOHUOH
ELUOLNWH7UNL\H·QLQWDQ×W×OPDV×EXPDUND
KLNk\HVLQLQGDKDGRÿUXDQODW×OPDV×Q×VDÿOD\DFDN%L]NOWUGHGLÿLPL]GHVDGHFHVDQDW
PHVHOHVLQLDQODPDPDO×\×]'HYOHWKD\DW×
GDJQGHOLNKD\DWGDHNRQRPLKD\DW×GD
NOWUGU.OWUELUPLOOHWLQKLNk\HVLQLQ
DQODW×OPDV×G×UµGHGL
+þ.Ç<(0þ=þ'h1<$<$
$1/$70$.þdþ1<(1þ
%þ5$7$Ā$2'$./$1,<258=
7UNL\H0DUNDV×ODQVPDQWRSODQW×V×Q×QDo×O×üNRQXüPDV×Q×\DSDQ7UNL\HþKUDFDWo×ODU
0HFOLVL7þ0%DüNDQ×0HKPHW%\NHNüL
LVH7UNL\H·QLQ\HQLWLFDULVHPEROQGH
HPHÿLJHoHQKHUNHVHWHüHNNUOHULQLVXQDUDNV|]OHULQHEDüODG×7UNL\H·QLQ
\×O×PLO\DUGRODUO×NLKUDFDWKHGHILQLKDW×UODWDQ%\NHNüL´+HGHIOHULPL]L
JHUoHNOHüWLUPHPL]LoLQoRNoDO×üPDP×]
JHUHNL\RUdRNoDO×üPDNGD\HWPL\RU]LUD
EXJQGQ\DGDNLUDNLSOHULPL]GHoRNoDO×ü×\RUdRNoDO×ü×UNHQGRÿUXKDPOHOHUL
]DPDQ×QGD\DSPDP×]JHUHNL\RU%XJQ
GRÿUXELUKDPOHQLQEDüODQJ×F×Q×\DS×\RUX]
%LUGDÿ×Q×NO×NWDQELUNDUPDüDGDQNXUWXOX\RUX]7PSD\GDüODU×\OD7UNL\HNHQGLQLGQ\D\DWDQ×WPDNQRNWDV×QGD\HQLELU
GHÿHUND]DQ×\RU%LUNH]GDKDKLNk\HPL]L
GQ\D\DDQODWPDNLoLQ\HQLELUDWDÿDRGDNODQ×\RUX]%XJQ7UNL\HLKUDoPDOODU×
YHWDQ×W×PPDWHU\DOOHULQGHNXOODQDFDÿ×RUWDNNLPOLNLüDUHWLDOkPHWLIDULNDV×Q×ODQVH
HGL\RU´7XUNH\'LVFRYHUWKH3RWHQWLDOµ
ELUPDUNDGHÿLOPDUNDRODQ7UNL\H·QLQ
NHQGLVLGLUµGHGLYHEXVORJDQ×QELUWHNOLI
ROGXÿXQXYXUJXODG×
´<HQL7UNL\HPDUNDV×LOHWPGQ\D\D
ELUWHNOLI\DS×\RUX]*HOEXSRWDQVL\HOL
NHüIHW.HüIHWYHNHQGLQHGHÿHUNDW.HüIHWYHNHQGLQLWDPDPOD.HüIHWNLNHQGLQL
NHüIHWPLüRO.HüIHWYH]HQJLQOHü.HüIHWNL
KHSLPL]ND]DQDO×P.HüIHWNLLQVDQPHGHQL\HWL]HQJLQOHüVLQ.HüIHWNLKHSELUOLNWHPXWOXRODO×PµGL\HUHNGHYDPHGHQ
%\NHNüL´%XWHNOLIV×UDGDQELUUHNODP
VORJDQ×YH\DWDQ×POD\×F×ELULüDUHWWHQLEDUHW
GHÿLO%XSRWDQVL\HONHüIHGLOPHGHQLQVDQO×NNHQGLVLQLJHUoHNDQODPGDNHüIHGHPH]
þQVDQO×ÿ×QPRGHUQoDÿODUODEHUDEHUK×UVOD
DUDPD\DNR\XOGXÿX]HQJLQOLNPXWOXOXN
YHVUGUOHELOLUEDU×üKD]LQHVLQLX]DNODUGD
DUDPD\DJHUHN\RN2KD]LQHQLQ|WHNL\DU×V×Q×QJLULüNDS×V×7UNL\H%L]WPGQ\D
LOH|Q\DUJ×ODUGDQDU×QP×üELUYXVODW×Q
E\NELUVLQHUMLQLQSHüLQGH\L]%XYL]\RQOD7XUNH\NHOLPHVLQLROXüWXUDQLüDUHW
GLOLLOKDP×Q×EXWRSUDNODU]HULQGHNLPHGHQL\HWKD]LQHVLQLQWHPHOVHPEROOHULQGHQ
DOG×%X\]GHQORJRPX]VDGHFH7UNL\H
&XPKXUL\HWL·QLGHÿLORQXEHVOH\HQWP
NDGLPPHGHQL\HWOHULQHVLQWLOHULQLWDü×\DQ
ELUVHQWH]QLWHOLÿLQGH%XORJRDo×NoDüXQX
V|\O\RU<HQL7UNL\HDUW×NNHQGLVLQL
EHVOH\HQWPHYUHQVHOYHNDGLPGHÿHUOHUOH
EDU×ü×NELUVHQWH]µGHGL
<(1å0$5.$/$5
h5(70(0å=/$=,0
<HQLORJRYHVORJDQÑ\HQLYHJoO
7UNL\H´QLQNUHVHOLGGLDODUÑYH
KHGHIOHULRODQ7UNL\H´QLQ|]JYHQ
VLPJHVLRODUDNJ|U\RUXP
³*F.HèIHW´VORJDQÑ\HQL7UNL\H´QLQ
|]JYHQLQLQVLPJHVLGLU|]JYHQLQ
VORJDQÑGÑU
%XoDOÑèPDDUWÑNWP7UNL\H´\HPDO
RODFDN7UNL\H´GHUHWLOHQUQOHULQ
]HULQGH³0DGHLQ7XUNH\´\HULQHDUWÑN
\HQLORJRRODFDN
<HQLORJRYHVORJDQODLOHLQDQÑ\RUXP
NLUQOHULPL]LQJFQHJoNDWÑOPÑè
LWLEDUÑQDLWLEDUNDWÑOPÑèJYHQLQHGH
JYHQNDWÑOPÑèRODFDN
%D]ÑNHVLPOHU³7/´VLPJHVLQGHROGXåX
JLELEX\HQLVORJDQYHORJRLoLQGH
ROXPVX]HOHèWLULOHU\DSDFDNODU%X
HOHèWLULOHUHDOGÑUPD\ÑQ
<HQLORJRYHVORJDQÑQKÑ]OD
EHQLPVHQHFHåLQHKÑ]ODNXOODQÑPD
JLULS\D\JÑQODèDFDåÑQDEHQ\UHNWHQ
LQDQÑ\RUXP
.2%æ´OHULPL]VDQD\LFLOHULPL]
LKUDFDWoÑODUÑPÑ]GHåLèLPNRQXVXQGD
GQ\DGDJHUoHNWHQIDUNOÑELU\HUH
VDKLSOHUhUQOHULQGH\HQLORJR\X
NXOODQDFDNODUÑQDLQDQÑ\RUXP
7+<´QLQGH\HQLORJRYHVORJDQD
VDKLSoÑNPDVÑQÑORJRYHVORJDQÑ
RQODUFDGQ\DONHOHULQHWDèÑPDVÑQÑ
EHNOL\RUXP
0HKPHW%\NHNèL±+HGHIOHULPL]LJHUoHNOHèWLUPHPL]LoLQoRNoDOÑèPDPÑ]JHUHNL\RU³7XUNH\'LVFRYHUWKH
3RWHQWLDO´ELUPDUNDGHåLOPDUNDRODQ7UNL\H´QLQNHQGLVLGLU²
æVWLNUDUOÑèHNLOGHE\UNHQLKUDFDWÑPÑ]Ñ
KÑ]ODDUWÑUÑUNHQDUWÑNXIXNODUÑ]RUOD\DQ
SRWDQVL\HOLPL]HGHQNGèHFHN\HQL
PDUNDODUUHWPHPL]OD]ÑP
11
%g/*(
675$7(-å6å1'(
.$<6(5å´<(%h<h.0å6<21
åKUDFDWoÐILUPDODUÐQKHGHILQHXODçPDODUÐQGDIDUNÐQGDOÐN\DUDWPDNNDSDVLWHOHULQL
JHOLçWLUPHNYHXOXVODUDUDVÐWLFDUHWWHNLUHNDEHWJoOHULQLDUWÐUPD\ÐDPDoOD\DQ7å0
$NDGHPL3URJUDPÐQÐQVRQD\DäÐ.D\VHUL´GHG]HQOHQGL(WNLQOLNWH±åKUDFDW
6WUDWHMLVLQGH.D\VHUL'HäHUOHQGLUPHVL²HOHDOÐQGÐ
12
K
ayseri Organize Sanayi Bölgesi
Konferans Salonu’nda düzenleQHQWRSODQW×\D(NRQRPL%DNDQO×ÿ×
0VWHüDU×þEUDKLPýHQHO7þ0%DüNDQ×
0HKPHW%\NHNüL7UN0HG\D<|QHWLP
.XUXOX%DüNDQ×(WKHP6DQFDN$NGHQL]
'HPLUYH'HPLU'×ü×0HWDOOHUþKUDFDWo×ODU×%LUOLÿL$'0þ%%DüNDQ×$GQDQ(UVR\
8OXEDü2UJDQL]H6DQD\L%|OJHVL<|QHWLP
.XUXOX%DüNDQ×$KPHW+DV\QF.D\VHUL
7LFDUHW2GDV×%DüNDQYHNLOL)HUKDW$NPHUPHUYHoRNVD\×GDVDQD\LFLNDW×OG×
.$<6(5þ·'(1d2.%h<h.
$7,/,0/$5%(./þ<258=
þKUDFDW6WUDWHMLVLQGH.D\VHUL'HÿHUOHQGLUPHVLEDüO×NO×WRSODQW×Q×QDo×O×ü
NRQXüPDV×Q×\DSDQ7þ0%DüNDQ×0HKPHW%\NHNüL´7þ0$NDGHPLRODUDN
JHoHQ\×OVHNW|UP]WHNWHNPDVD\D\DW×UG×NYHWRSODQW×G]HQOHGLN%X
\×O7þ0$NDGHPL·\L$QDGROX·GD\DSPD
NDUDU×DOG×NþONWRSODQW×\×*D]LDQWHS·WH
\DSW×NþNLQFLVLQL.RFDHOL·GHoQFVQ .RQ\D·GD YH EXJQ GH .D\VHUL·GH\L]µGHGLYH´$VO×QGD.D\VHULGH\LQFH .D\VHUL·GHQ oRN DNOD .D\VHULOL
JHOL\RU.D\VHULGH\LQFHDNODWLFDUHWL
oRNL\LELOHQoRN|QHPOLJLULüLPFLOHU
JHOL\RU%XQXGDLVSDWHGHQELUJHoPLü
YDU5ROPRGHORODFDNJ]HOELUJHoPLüLYDU.D\VHULQLQLKUDFDW×PLO\DU
GRODU%XEL]LPEHNOHQWLPL]LQDOW×QGD
DPD7UNL\HRUWDODPDV×Q×Q]HULQGH
%L] .D\VHUL·GHQ oRN E\N DW×O×PODU
EHNOL\RUX]þKUDFDWWDHQoRNoHüLWOLOLÿH
VDKLSLNLQFLLOLPL]3DWHQWEDüYXUXVX
DO×QDQSDWHQWVD\×V×GDµüHNOLQGH
NRQXüWX
WHMLVLGHÿLOGLU%XELUoDO×üPDEWQGU
%XUDGD\DS×ODFDNKHUüH\EHOLUOHQPLü\RO
KDULWDV×oL]LOPLüWLU%XQDWPWRSOXPRODUDN
LQDQPDO×\×]þQüDOODK|QP]GHNLG|QHPGH
WRSOXPRODUDNGDKDID]ODoDO×üDUDNEXKHGHIOHUL\DNDOD\DELOLUL]µLIDGHOHULQLNXOODQG×
ýHQHOD\U×FD´7UNL\H·QLQPHQIDDWOHULQL
NRUXPDNDPDF×\ODoDO×üPDODU\UW\RUX]
3HNoRNONH\OHWLFDUHWDQODüPDODU×\DSPDN
LoLQoDO×üPDODU\UW\RUX]%L]EXVUHoOHUL\DSDUNHQGLÿHU\DQGDQWRSOXPRODUDN
LKUDFDWKHGHILQHKHSELUOLNWHLQDQPDO×\×]
7UNL\H·QLQoHYUHVLQGH\DüDQDQROXPVX]
ROD\ODUHNRQRPL\LROXPVX]\|QGHHWNLOHGL
$QFDNKHUüH\HUDÿPHQLKUDFDW×P×]DUWPD\D
GHYDPHGL\RU%XQXQ|QHPOLELUJHOLüPH
ROGXÿXQXGüQ\RUXP.D\VHULRODUDN
QHNDGDUV|]V|\OHQVHD]G×U.D\VHUL·GHLKUDFDWo×VD\×V×QGDE\NELUDUW×üYDU%HQ
LQDQ×\RUXPNL.D\VHULYL]\RQXLOH
IDUN\DUDWDFDNµGHGL
VLQLQ·OL\×OODUGDEDüODG×ÿ×Q×YXUJXOD\DUDN´%XJQLWLEDU×\ODELQNDW×O×PF×P×]
YDUELQ]HULQGHoDO×üDQYDUPLO\DU
NLORYDW×Q]HULQGHHQHUMLUHWLPLYDU$UW×N
.D\VHUL·GHLüVL]OLN\RN(VNLGHQJHQoOHULPL]
LüDUDPDNLoLQNDS×NDS×GRODü×UG×$UW×NEL]
KHU\×OHOHPDQDOPDNLoLQIXDUODUDo×\RUX]
(QE\NLKWL\DoODU×P×]GDQELULHOHPDQLKWL\DF×%XQXQODLOJLOL0HVOHN/LVHVL\DSW×UG×N
<LQH7UNL\H·GHLONGHIDHQGVWUL\HOWDVDU×P
PHUNH]L\DSDUDNQLYHUVLWHPL]HKHGL\HHWWLNµ
GHGL.D\VHUL7LFDUHW2GDV×%DüNDQ9HNLOL
)HUKDW$NPHUPHUGH´&XPKXUL\HWLPL]LQ
·QFNXUXOXü\×OG|QPRODQ
KHGHIOHULQGHQELUWDQHVLGHLKUDFDW×P×]GD
NLPLO\DUGRODUO×NVHYL\H\HXODüPDN%X
QRNWDGD7þ0$NDGHPL·QLQoDO×üPDODU×Q×.D\VHUL7LFDUHW2GDV×RODUDNWDNGLUOHL]OL\RUX]%X
NRQXGDELUo|]PRUWDÿ×RODUDNoDO×ü×\RUX]µ
Do×NODPDV×QGDEXOXQGX
+þ=0(77(6,1,5
7$1,0$<$&$Ā,=3$=$5,1
.D\VHUL2UJDQL]H6DQD\L%|OJHVL<|QHWLP +(5<(5þ1'(2/$&$Ā,=
.$<6(5þ·'(þý6þ=/þ.<2.
.XUXOX%DüNDQ×$KPHW+DV\QFLVHNRQXüPDV×QGD2UJDQL]H6DQD\L%|OJHVL·QLQ·LQFL
\×O×Q×NXWODG×ÿ×Q×YH.D\VHUL·QLQVDQD\LOHüPH-
$o×O×üNRQXüPDODU×Q×QDUG×QGDQGHQH\LPOHULQL.D\VHULOLVDQD\LFLOHUOHSD\ODüPDNLoLQELU
NRQXüPD\DSDQ7UN0HG\D<|QHWLP.X-
(NRQRPL%DNDQOÑåÑ0VWHèDU<DUGÑPFÑVÑ
æEUDKLPçHQHO
0þ/<$5'2/$5087/$.$
%$ý$5,/$&$.%þ5+('()7þ5
7RSODQW×\D NDW×ODQ (NRQRPL %DNDQO×ÿ×
0VWHüDU×<DUG×PF×V×þEUDKLPýHQHOLVH
´7UNL\HþKUDFDWo×ODU0HFOLVLLOHEXQGDQ
ELUNDo\×O|QFHWPVHNW|UOHULQNDW×O×P×\OD
oDO×üPDODUROXüWXUGXN%XWRSODQW×\×oRN
|QHPOLRODUDNJ|U\RUXPþKUDFDWONHPL]Do×V×QGDQDQDKWDUELUV|]FN.LPLOHUL
LoLQPLO\DUGRODUKHGHIL]RU%D]×ODU×
LoLQLPNkQV×]J|UOHELOLU$QFDNJHoWLÿLPL]
G|QHPHEDNW×ÿ×P×]GDEXQXQ]RUROPDG×ÿ×
GDJ|UOHELOLUPLO\DUGRODUKHGHIL
PXWODNDEDüDU×ODFDNELUKHGHIWLU7DELLEX
EL]LPoDO×üPDYHJD\UHWLPL]ROPDGDQEDüDU×ODPD]%XVWUDWHMLVDGHFHWHPHQQLOHUVWUD13
%g/*(
.$<6(5å´'(0å/<$5'2/$5+('()å1å<$.$/$<$&$ã,=
æKUDFDW6WUDWHMLVLQGH.D\VHUL'HåHUOHQGLUPHVLWRSODQWÑVÑQGDELU
NRQXèPD\DSDQ$'0æ%%DèNDQÑ$GQDQ(UVR\8OXEDè\ÑOÑQGD
PLO\DUGRODULKUDFDWKHGHILQL7æ0´LQNR\GXåXQXDQÑPVDWWÑYH±%XGHYOHW
KHGHILKDOLQHJHOGLæQèDOODKEXKHGHIWXWDFDN%XKHGHIOHUNROD\ROPX\RU
*HoWLåLPL]\ÑOGDLKUDFDWoÑVD\ÑVÑQÑ´GDQ´DLKUDFDWPLNWDUÑQÑ
PLO\RQGRODUGDQPLO\DUGRODUDoÑNDUDQ.D\VHULOLLKUDFDWoÑODUÑPÑ]
\ÑOÑKHGHIOHULQHXODèPDNLoLQ]HULQHGèHQNDWNÑ\ÑVDåOD\DFDNWÑUæKUDFDW
UXOX%DüNDQ×(WKHP6DQFDN´dRNKH\HFDQO×
ELUJ|UHYLoLQEXUDGD\×P6HYJLOLEDüNDQ×P
WDUDI×QGDQWHKOLNHOLELUJ|UHYHDW×OP×üGXUXPGD\×P+DFFDJLGHFHÿLP2QXQFRüNXVX\ODYHVHYJLVLLOHEDüNDQEHQL\DNDODG×%HQ
EXUDGDWHUHFL\HWHUHVDWDFDÿ×P.D\VHUL·\H
KHUGDYHWHGLOGLÿLPGHVHYHUHNJHOGLPþON
JHOLüLP\×O×\G×.D\VHULOLVDQD\LFLOHULPL]LOHWDQ×üPDI×UVDW×PROGX%LOL\RUVXQX]
6LLUWOL\LP.D\VHUL·\HJLULüLPFLOLNNRQXVXQGD
6LLUWOLRODUDNüDSNDo×NDUWW×P7DULKLPL]OH
|YQHFHÿL]DPD\HWLQPH\HFHÿL]%XEDN×ü
Do×V×\ODJHOHFHÿLPL]LLQüDHGHFHÿL]'ROD\×V×\ODEHQ.D\VHUL·\HKHUJHOGLÿLPGHELUüH\OHU
|ÿUHQPH\HJHOL\RUXP7þ0$NDGHPL%DüNDQ×
EHQLQL\HNDUü×Q×]DGLNWL"%XJQEHQLPJHoPLüN×VDKD\DW×PGDEDüDU×|UQHÿLJ|UGNL
EHQLNDUü×Q×]DGLNWLµGL\HNRQXüWX6DQFDN
14
6WUDWHMLPL]GH.D\VHULLoLQ\ÑOÑQGDPLO\DUGRODUOÑNLKUDFDWKHGHIL
EHOLUOHVHNGHEHQEXUDNDPÑQPLO\DUGRODUDGD\DQDFDåÑQDLQDQÑ\RUXP²
GHGL.D\VHUL´QLQPDUNDYHSDWHQWEDèYXUXODUÑQÑHQID]ODDUWÑUDQLOOHU
DUDVÑQGDROGXåXQXND\GHGHQ8OXEDè±+kOLKD]ÑUGDoRN|QHPOLPDUNDODUD
HYVDKLSOLåL\DSDQ.D\VHUL%DNDQOÑåÑPÑ]ÑQYH7æ0´LQGHVWHNOHUL\OHGDKD
ID]ODVD\ÑGDYHE\NPDUNDODUoÑNDUDFDNYHPLO\DUGRODUKHGHILQH
XODèPD\ROXQGD|QHPOLNDWNÑVDåOD\DFDNWÑU²èHNOLQGHNRQXèWX
D\U×FD´%HQLPJLULüLPFLOLNKD\DW×P·GH
EDüODG×6LLUWOL\LPGRÿXPOX\XP6DÿGD
VROGD.D\VHUL·\H%XUVD·\D.DUV·D7XQFHOL·\H
JLWWLP*LWPHGLÿLP\HUNDOPDG×'DUEHFLOHULQ
ONH\HE\N]DUDUODU×ROGX$OODK\DSDQODUGDQUD]×ROPDV×Q7UNL\H·QLQHQVD\J×Q
JHQoOHULNDUDWRSUDÿDJLUGL+DODRQODU×Q
FHUHPHVLQLoHNL\RUX]$PDE|\OHELUGLNWDW|UONEDQD\DUDG×6D\HVLQGHDGDPROGXP
DPDONH\LPDKYHWWLþüHJLUPHN]RUXQGD
NDOG×PþüHJLULQFHGHHOLPHNPHNWXWPD\D
EDüODG×*LULüLPFLOLÿHG|QQFHG]JQüH\OHU
WHVSLWHWWLN.×VD]DPDQGDLNLGQ\DPDUNDV×
RUWD\Do×NDUWW×N'Q\DPDUNDODU×QGDQELULQL
LNL\×O|QFHVDWW×ÿ×PGDELQH\DN×QoDO×üDQ×
LOHPLO\DUGRODUFLUR\DS×\RUGX%XQX
\DSDUNHQELUJHUoHNWHQKDUHNHWHWWLPþODo
SD]DU×QDJLUGLÿLPGHoRNGDÿ×Q×NELU\HUHOSD-
]DUYDUG×+L]PHWLPüWHULQLQD\Dÿ×QDJ|WUPH]OHUGL7UNL\H·QLQJHOHFHNWHNLVWUDWHMLVLQH
NDWN×VDÿOD\DFDNELUüH\\DSPD]ODUG×%L]
¶KL]PHWWHV×Q×UWDQ×PD\DFDÿ×]SD]DU×QKHU
\HULQGHRODFDÿ×]·GHGLN(F]DF×ODU×QD\Dÿ×QD
JLGL\RUGXN%XKHGHIOHULNR\DUDNELUVWUDWHML
L]OHGLN%L]LDOW×\×OGDHQE\NLODoILUPDV×
ROPD\DJ|WUG%XUDGDNLDQD\DNODü×P×P×]
|OoHÿLE\WPHN%XPLOOLHNRQRPL\HPLO\DUGRODUNDWPDGHÿHUVDÿODP×üW×µüHNOLQGH
NRQXüWX
)(/6()(0(8<*81
2/0$<$1þý7('850$0
´%XVUHFL\UWUNHQWHGDYLKL]PHWOHULQH
JLUHOLPGL\HGüQGNµV|]OHUL\OHGHYDP
HGHQ6DQFDN´dRNüNU·OL\×OODUD
JHOGLÿLPL]GHW×SVHNW|UQGHKHNLPOLN
Do×V×QGDQGQ\DQ×QHQL\LOHULDUDV×QDJLUPLüWLN%XJHUoHNOHUGHQKDUHNHWOHWHGDYL
KL]PHWOHULPDO]HPHVLUHWPH\HNDUDUYHUGLN%XQX|ÿUHQHOLPGL\HRUWDNDUDG×N
.D\VHULOLELURUWDNODNRQXüWXNDPDDQODüDPDG×N6RQUD.DUDGHQL]OLELURUWDNEXOGXN%XOPD]ROD\G×N%HQIHOVHIHPHX\JXQ
ROPD\DQLüWHGXUPDP%XLüWH]XOPGU
%HQLPIHOVHIHPHX\JXQROPDNWDQo×N×QFD
RUWDNODU×PDVDWW×NµLIDGHOHULQLNXOODQG×
dþ)7dþ0þ=þ'$0$/7,
þ1(.dþ/þĀ(7(ý9þ.
('þ<258=
.RQXüPDV×QGDELUEDüNDPDUNDQ×QGRÿXüXQDGDYHVLOHROGXÿXQXEHOLUWHQ6DQFDN
´%XWDU×PVHNW|U\G%LUWUO.D\VHULOLOHUOHRUWDNROPD\×EHFHUHPHGLP7DU×PLüL
oRNKD\DWLELULü7UNL\H·QLQPRGHUQOHüPHVLPLO\DUGRODUKHGHILQL\DNDODPDV×
LoLQWDU×P×N|\OOHULQHOLQGHQDOPDV×OD]×P
<DQLN|\OOHUNHQWL\DSDO×P%XQXELUD]
ELOLQoOL\DSPDP×]OD]×P%L]KDODoLIWoLPL]L
GDPDOW×LQHNoLOLÿHWHüYLNHGL\RUX]7DEL
EXQODUEHQLPLGGLDODU×PPLO\DUGRODUO×NJ×GDUHWL\RUX]7UNL\H·GHoRNUDKDW
PLO\DUGRODUO×NJ×GDUHWHELOLUL]µGHGL
´%XEDüDU×|UQHNOHULPROPDVD\G×EDüNDQ×P
EHQLEXUD\Do×NDUPD]G×µGL\HQ6DQFDN
´$PHULND·GD7UNL\H·GHNLNDGDUSDWURQ
\RN$PHULND·GDNLüLEDü×QDDUDEDGü\RU7UNL\H·GHLVHELUNLüL\HoDUDED
Gü\RU$PHULND·GDEXDUDoODU×WDPLU
HGHQOHULQVD\×V×NLüLEDü×QDþVWDQEXO·XQ
dDÿOD\DQ·×QGDLVHELQDUDEDWDPLUFLVL
YDU$VO×QGDEDW×NW×U3DWURQJLEL\Dü×\RU
(F]DF×O×NPHVOHÿLQHEDNDFDNROXUVDN
ELQHF]DQHYDUELQGHHF]DF×SDWURQX
YDU$PHULND·GDELQHF]DQHYDUDPD
HF]DQHSDWURQXVD\×V×2UDGD]LQFLUOHU
YDU%XUDGDELQOLUDQ×Q]HULQHSDUD
ND]DQDQHF]DF×VD\×V×·GU(QD]ELQ
HF]DF×Q×QELQLGHEDW×NW×U$PHULND·GD
LVHELUHF]DF×Q×QD\GDELQGRODUJHOLUL
YDU$PHULNDEX|OoHÿLJHQLüOHWWL%L]LPGH
|QP]GHNLLKUDFDWKHGHIOHULQL\DNDODPDN
LoLQ|OoHÿLE\WPHPL]OD]×P%XQXE\WPHNLoLQRUWDNROPDP×]OD]×P%|\OHFH
RUWDNO×NVHUPD\H\LE\WHFHNPLO\DU
GRODULKUDFDWKHGHILQLJHUoHNOHüWLUPHNLoLQ
|QP]GHNL\×OGDLGGLDVDKLELROPDP×]LoLQJLULüLPFLOHULQND\×WDOW×QDJLUPHVL
OD]×P0DUND\DUDWDUDNGQ\DSD]DU×QD
JLUPHPL]OD]×P'ROD\×V×\ODEXRUWDNODüPD\×GHYOHWLQGHGHVWHNOHPHVLOD]×P$\Q×
LüL\DSDQODU×QPXWODNDRUWDNROPDV×OD]×P
2UWDÿ×ROPD\DQWHNJo$OODK·W×U%HQFH
(WKHP6DQFDN7UNL\H´QLQPLO\DUGRODUOÑNJÑGDUHWHELOHFHNNDSDVLWH\HVDKLSROGXåXQXEHOLUWWL
DNO×P×]×EDü×P×]DWRSOD\×SNHQGLPL]HRUWDN
DUD\DO×PµüHNOLQGHNRQXüWX
.$<6(5þ/þþýþ16$1/$5,
%þ/*þ/(1'þ5þ/'þ
$o×O×üNRQXüPDODU×Q×QDUG×QGDQ(NRQRPL
%DNDQO×ÿ×(NRQRPLN$UDüW×UPDODU*HQHO
0GU'U+DOLO%DGHU$UVODQ´þKUDFDW6WUDWHMLVL*HQHO9L]\RQXµ(NRQRPL%DNDQO×ÿ×0DUPDUD%|OJHVL0GU<DUG×PF×V×
'U<DVHPLQ*|UPLVH´þKUDFDW6WUDWHMLVL.DSVDP×QGD'HYOHW'HVWHNOHULµEDüO×NO×
VXQXPODU×\OD.D\VHULOLLüLQVDQODU×Q×ELOJLOHQGLUGL7þ0$NDGHPL·Q.D\VHUL·GH
G]HQOHQHQSURJUDP×QGDVRQRWXUXPGDLVH
'Q\D*D]HWHVL*HQHO<D\×Q<|QHWPHQL+DNDQ*OGDÿ·×QPRGHUDW|UOÿQGH´<×O×
0LO\DU'RODUþKUDFDW+HGHILQGHþKUDFDW×
'HVWHNOH\HQ$OW6HNW|UOHULQgQHPL)LQDQV
7HOHNRPLQLNDV\RQ/RMLVWLNYH)DNWRULQJµ
EDüO×NO×ELUSDQHOG]HQOHQGL3DQHOLQNRQXüPDF×ODU×LVH+6%&7UNL\H7LFDUL%DQNDF×O×N*UXS%DüNDQ×%XUDN=H\ODQ9RGDIRQH
.XUXPVDO3D]DUODPD'LUHNW|U(EUXg]Jo
)LQDQVDO.XUXPODU%LUOLÿL<|QHWLP.XUXOX
h\HVL2QXUþ]FLYH8367UNL\H3D]DUODPD
YH.XUXPVDOþOHWLüLP'LUHNW|U7HRPDQ
hQDOROGX3URJUDP.D\VHUL2UJDQL]H6DQD\L%|OJHVL%DüNDQ×$KPHW+DV\QF·QQ
NDSDQ×üNRQXüPDV×LOHVRQDHUGL
7æ0$NDGHPL´QVRQRWXUXPXQGD'Q\D*D]HWHVL*HQHO<D\ÑQ<|QHWPHQL+DNDQ*OGDå´ÑQ
PRGHUDW|UOåQGH±<ÑOÑ0LO\DU'RODUæKUDFDW+HGHILQGHæKUDFDWÑ'HVWHNOH\HQ$OW6HNW|UOHULQgQHPL
)LQDQV7HOHNRPLQLNDV\RQ/RMLVWLNYH)DNWRULQJ²EDèOÑNOÑELUSDQHOG]HQOHQGL
15
*h1'(0
´h1&h.å0<$$5*(352-(
3$=$5,´1'$)å1$/+(<(&$1,
.LP\DVHNW|UQQ\NVHNNDWPDGHäHUOLUHWLPLQHNDWNÐGDEXOXQPDNDPDFÐ\ODG]HQOHQHQ±.LP\HYL
0DGGHOHUYH0DPXOOHUL6HNW|UQGH$U*H3URMH3D]DUвQÐQG|UGQFV+DOLo.RQJUH0HUNH]L´QGH
JHUoHNOHçWLULOGLgQFHNL\ÐOODUGDQIDUNOÐRODUDNEX\ÐO|GOHOD\ÐNJ|UOHQHQL\LSURMHWHNQRSDUNODU
LOHKD\DWDJHoLULOHFHN
16
T
UNL\HþKUDFDWo×ODU0HFOLVL·QLQ7þ0
NRRUGLQDW|UOÿQGHþVWDQEXO.LP\HYL0DGGHOHUYH0DPXOOHULþKUDFDWo×ODU×%LUOLÿLþ.0þ%YH$NGHQL].LP\HYL
0DGGHOHUYH0DPXOOHULþKUDFDWo×ODU×%LUOLÿL
$.0þ%RUWDNO×ÿ×QGD7h%þ7$.·×QGHVWHÿL\OHJHUoHNOHüWLULOHQ´·QF.LP\HYL
0DGGHOHUYH0DPXOOHUL6HNW|UQGH$5
*(3URMH3D]DU×µ.DV×P·GD+DOLo.RQJUH
0HUNH]L·QGH\DS×OG×
3ODVWLNYHNDXoXNUQOHULLODoYHHF]DF×O×N
UQOHULER\DYHER\DUPDGGHUQOHULNR]PHWLNUQOHULVDEXQYHWHPL]OLN
UQOHULLQRUJDQLNNLP\DVDOODURUJDQLN
NLP\DVDOODUPLQHUDO\DN×WODUYHPLQHUDO
\DÿODUJEUHUQOHULLOH\DS×üW×U×F×ODUYH
WXWNDOODUDODQODU×QGDSURMHQLQVHUJLOHQGLÿLHWNLQOLNWHHQEDüDU×O×EXOXQDQSURMH
ELQ7/LOH|GOOHQGLULOLUNHQLNLQFL
ELQoQFLVHELQ7/·QLQVDKLELROGX
%XQXQODELUOLNWHGHUHFH\HJLUHQSURMHOHU
7UNL\HþQRYDV\RQ+DIWDV×·QGDGDVHUJLOHQPHI×UVDW×HOGHHWWL
þ.0þ%NLP\DLKUDFDW×QGDNDWPDGHÿHULDUW×UPDNYHVDQD\LFLOHUHLQRYDWLIILNLUOHUVXQDELOPHNDPDF×\ODKD\DWDJHoLUGLÿL$5*(
3URMH3D]DU×·QDEX\×O|QHPOLELUIDUNO×O×N
GDJHWLUGL7HNQRSDUNODUOD\DS×ODQLüELUOLÿL
GRÿUXOWXVXQGDHQEDüDU×O×EXOXQDQSURMHOHU
.XOXoND0HUNH]OHUL·QH\HUOHüWLULOHFHN
.þ0<$þ+5$&$7,<h.6(/þ<25
·QF$5*(3URMH3D]DU×·Q×QDo×O×üNRQXüPDV×Q×\DSDQ$U*H3URMH3D]DU×<UWPH.XUXOX
%DüNDQ×1HFPL6DG×NRÿOXNLP\DVHNW|UQQ
KHPGQ\DGDKHPGH7UNL\H·GH|QHPOLELU
NRQXPDVDKLSROGXÿXQXV|\OHGLYH7UNNLP\DVHNW|UQGHNLLüKDFPLQLQDUWPDV×YHNDWPDGHÿHUOLUQOHUUHWLOPHVLQLQDQFDNSURMH
SD]DUODU×\ODJHUoHNOHüHELOHFHÿLQLGLOHJHWLUGL
´gQFHNLoRUJDQL]DV\RQGDWRSODP\HQLOLNoLSURMHEDüYXUXGDEXOXQPXüQLYHUVLWH
YHNXUXOXüDELQ7/GHÿHULQGHSDUD|GO
YHUPLüL].LP\DVHNW|U7UNL\H·GH\HQLROPDV×QDUDÿPHQKHUJHoHQJQ|QHPLQLGDKD
GDDUW×U×\RUµV|]OHUL\OHGHYDPHGHQ6DG×NRÿOX
LKUDFDWUDNDPODU×Do×NODQG×ÿ×QGDNLP\DVHNW|UQQJHQHOOLNOHLNLQFLV×UDGD\HUDOG×ÿ×Q×YH
7UNL\HLKUDFDW×Q×Q·GDELULQLWHüNLOHWWLÿLQL
YXUJXODG×6DG×NRÿOXD\U×FDVHNW|UGHK×]O×ELU
\NVHOLüROGXÿXYH7UNL\H·QLQLKUDFDW×\ODELUOLNWHNLP\DVHNW|UQQGHLKUDFDW×Q×QDUWW×ÿ×
ELOJLVLQLSD\ODüW×´\×O×QGDPLO\DUGRODU
RODQWRSODPLKUDFDW×P×]\×O×QGDPLO\DUGRODUDXODüW×.LP\DLKUDFDW×GDEXQDSDUDOHO
RODUDNLOHUOL\RU\×O×QGDPLO\DUGRODU
RODQLKUDFDW\×O×QGDPLO\DUGRODUD
XODüW×%XVHQHGHK×]×P×]ROGXNoDL\L\]GH
·ONELUDUW×üYDUþONRQD\O×NLKUDFDW×P×]
PLO\DUGRODUROGX.LP\DVHNW|UQQ
WRSODPLKUDFDWLoLQGHNLSD\×KHUJHoHQJQ
DUW×\RU\×O×QGD\]GHRODQSD\
\×O×QGD\]GH·OHUHNDGDUo×NW×<DQLNLP\D
VHNW|UQQLKUDFDW×7UNL\HLKUDFDW×QDSDUDOHO
RODUDNLOHUOL\RUµ
$5*(<(7(56þ=
6HNW|UGHNDWPDGHÿHUOLUQOHULLWKDOHWPHN
]RUXQGDNDOG×NODU×Q×GDGLOHJHWLUHQ1HFPL
6DG×NRÿOXEXQXQQHGHQLQLLVH7UNL\H·GH\HWHULNDGDU$U*H\DS×OPDPDV×QDEDÿODG×%X
NDSVDPGDNDWPDGHÿHUOLUQOHUUHWHUHN
7UNL\H·QLQXOXVODUDUDV×DUHQDGDNLUHNDEHWüDQV×Q×QDUW×U×OPDV×JHUHNWLÿLQLGüQHQ6DG×NRÿOX
´.DO×F×O×ÿ×QVDÿODQDELOPHVL\HQLUHWLPWHNQLNOHULQLQEXOXQDELOPHVL\HQLSURVHVOHULQJHOLüWLULOPHVLJHUHNL\RU%XNRQXGDoRNoHüLWOLoDO×üPDODU
\DS×O×\RU7DELNDWPDGHÿHUOHELUOLNWHNDOLWHQLQ
GH\NVHOWLOPHVLDPDoODQ×\RUµGHGL
%XDQODPGD$U*H3URMH3D]DU×·QDJHOHQSURMHOHULQoRNQLWHOLNOLROGXÿXQXQDOW×Q×oL]HQ6DG×NRÿOXJHoWLÿLPL]\×ODJ|UHGDKDNDOLWHOLGDKD
NDWPDGHÿHUOLYHWLFDULOHüPHüDQV×RODQUQOHUOH
NDUü×ODüW×NODU×Q×EHOLUWWL%LUONHQLQ*6<+·GHQ
$U*HKDUFDPDODU×QDD\U×ODQSD\×QRONHQLQ
JHOLüPLüOLÿLQLQJ|VWHUJHVLROGXÿXQXLIDGHHGHQ
6DG×NRÿOX´\×O×QGDELQGHRODQ$U*H
SD\×P×]EXJQELQGHVHYL\HVLQHJHOGL<DQL
7UNL\H·QLQ$U*HKDUFDPDODU×PLO\DU
7/·GHQPLO\DU7/·\HNDGDUo×NW×.LP\HYL
PDGGHOHULQ$U*HKDUFDPDV×GLÿHUONHOHUGH
17
GÜNDEM
!Rî'E0ROJE0AZARÆ
9~R~TME+URULU"AíKANÆ
éSTANBUL+IMYEVI-ADDELERVE-AMULLERIéHRACATlÆLAR"IRLIëI
9yNETIM+URULU"AíKANÆ
!KDENIZ+IMYEVI-ADDELERVE-AMULLERIéHRACATlÆLARÆ"IRLIëI
9yNETIM+URULU"AíKAN9ARDÆNCÆSÆ
/&$.ð4"%*,0æ-6
.63"5",:f;
.&).&5.63"5%ð3&,bð
KHGHIOHULNRQXOXUNHQEXQXDOWÑQÑQGD
GROGXUXOPDVÑJHUHNL\RUPLO\DUGRODULKUDFDWÑ
RODQ7UNL\H´QLQKHGHIOHULQHXODèDELOPHVL
LoLQNDWPDGHåHUOLUQOHUH$U*H´\HLQRYDV\RQD
WDVDUÑPDYHPDUNDODèPD\D\|QHOPHVL
JHUHNL\RU%XQXH\OHPHG|NPHNOD]ÑPdRN
GHåHUOLQLYHUVLWHOHULPL]VDQD\LNXUXOXèODUÑPÑ]
EHèHULVHUPD\HGHGLåLPL]LQVDQJFP]YDU
hQLYHUVLWHOHUOHVDQD\LLèELUOLåLQLVDåODUVDNoRN
GDKDEDèDUÑOÑRODFDåÑPÑ]ÑGèQ\RUXP
$PDFÑPÑ]VDWÑODQUQQGHåHULQLDUWÑUPDN.LP\D
LKUDFDWÑQGDNDWPDGHåHULDUWÑUPDNYHVDQD\LFLOHUH
LQRYDWLIILNLUOHUVXQPDNDPDFÑ\ODG]HQOHGLåLPL]
$U*H3URMH3D]DUÑ´QDEX\ÑOoRN|QHPOLELU
IDUNOÑOÑNJHWLUGLNhONHPL]LQG|UWELU\DQÑQGDNL
WHNQRSDUNODUOD\DSWÑåÑPÑ]LèELUOLåLGRåUXOWXVXQGD
EDèDUÑOÑEXOXQDQSURMHOHUL.XOXoND0HUNH]OHUL´QH
\HUOHèWLULOHFHåL](Q|QHPOLKHGHILPL]NÑVD
VUHGHEXSURMHOHULQKD\DWDJHoLULOPHVLQHNDWNÑGD
EXOXQDELOPHN
æVWDQEXOYH$NGHQL].LP\DæKUDFDWoÑ%LUOLNOHUL
WDUDIÑQGDQRUWDNG]HQOHQHQ´QF$U*H
3URMH3D]DUÑHWNLQOLåLNDSVDPÑQGDSURMHUHWHQ
WPNHVLPOHUHWHèHNNUHGL\RUXP$.0æ%
RODUDNNDWÑOÑPFÑWPSURMHOHUL\HOHULPL]OH
SD\ODèDFDåÑPÑ]ÑROXPOXVRQXoODUDODUDNUHWLPH
YHNDWPDGHåHUHVXQDFDåÑPÑ]ÑXPXWHGL\RUXP
%XHWNLQOLNNDSVDPÑQGDUHWLOHQWPSURMHOHULQ
UQOHULQLVDQD\LGHUHWLPKDOLQHJHWLUHFHåLQH
LQDQÑ\RUXP
LONNH]JHUoHNOHüWLULOGLÿLQLV|\OHGLYH´dRNE\NILUPDODUODoDO×üW×N%LU\×OO×NELUoDO×üPD
VRQXQGDILUPDODUDJHUHNUHWLPVUHoOHULQGH
JHUHNVHKDPPDGGHOHULQGHoHüLWOLWDYVL\HOHU
\DSW×N$PDF×P×]EXUQOHULQoHYUHYHLQVDQ
VDÿO×ÿ×QDRODQGX\DUO×O×ÿ×Q×DUW×UPDNW×%XJQ
oHYUH\HGX\DUO×GHGLÿLPL]EXUQOHU|QP]GHNLG|QHPOHUGHQRUPDOVUHoOHUGHUHWLOHQ
UQOHUOHIL\DWRODUDNEDüDEDüJLGHFHNýD\HWEL]
EXJHOLüPH\HD\DNX\GXUDPD]VDN\HüLOHWLNHWOL
UQOHUOHQRUPDOUQOHUDUDV×QGDIDUNROPD]VD
oDÿDD\DNX\GXUDPD\×]µGHGL
VHNW|UOHULQE\PHVLLOHJHUoHNOHüWLUHELOHFHNOHULQLLIDGHHWWL´%XJQ·QF.LP\HYL0DGGHOHU
YH0DPXOOHUL6HNW|UQGH$U*H3URMH3D]DU×·QD
JHOHQOHUHEDNDUVDQ×]EXDOWVHNW|UHX\JXQRODQ
SURMHOHUROGXÿXQXJ|UUVQ]µGL\HUHNGHYDP
HGHQ6DG×NRÿOXNRQXüPDV×Q×´%XSURMHOHU$U
*HSURMHSD]DUODU×\ODRUWD\Do×NDFDNW×U
KHGHIOHULNRQXOXUNHQEXQXDOW×Q×QGDGROGXUXOPDV×JHUHNL\RUPLO\DUGRODULKUDFDW×
RODQ7UNL\H·QLQKHGHIOHULQHXODüDELOPHVL
LoLQNDWPDGHÿHUOLUQOHUH$U*H·\HLQRYDV\RQDWDVDU×PDYHPDUNDODüPD\D\|QHOPHVL
JHUHNL\RU%XQXH\OHPHG|NPHNOD]×PdRN
GHÿHUOLQLYHUVLWHOHULPL]VDQD\LNXUXOXüODU×P×]
EHüHULVHUPD\HGHGLÿLPL]LQVDQJFP]YDU
)DNDWELUWUOKDUHNHWHJHoHPL\RUX]hQLYHUVLWHOHUOHVDQD\LLüELUOLÿLQLVDÿODUVDNoRNGDKD
EDüDU×O×RODFDÿ×P×]×GüQ\RUXPµV|]OHUL\OH
WDPDPODG×
ROGXÿXJLEL7UNL\H·GHGHDUDWDUDNGHYDPHGL\RU*HOLüPLüONHOHULQNLP\DVHNW|UQH\DSW×ÿ×
\DW×U×PODU×QGDKD\NVHNROGXÿXQXJ|UVHNGH
7UNL\H·GHEXRUDQODU×QV×Q×UO×NDOG×ÿ×Q×ELOL\RUX]g]HOOLNOHNLP\DVHNW|UQH\DS×ODQKDUFDPDODUROGXNoDGüN6HNW|UQJHOLüPHVLQLQ
$U*H\DW×U×PODU×\ODEDÿODQW×O×RODUDNDUWW×ÿ×Q×
J|U\RUX]\×O×QGDWULO\RQDYURSL\DVD
GHÿHULQHVDKLSRODQVHNW|U\×O×QGDVDW×ü
KDFPLQLWULO\RQDYUR\D\NVHOWWLµGHGL
<(ýþ/h5h1/(5*h1'(0'(
.RQXüPDV×QGDNLP\DVHNW|UQQGHYDPO×
NHQGLQL\HQLOHGLÿLQLGHGLOHJHWLUHQ1HFPL6DG×NRÿOX´.DWPDGHÿHUOLUQOHUUHWHOLPLWKDO
HWWLÿLPL]PDOODU×7UNL\H·GH\DSDO×PGHUNHQJHOLüPLüONHOHUGHEDüNDELUHÿLOLPLQK×]OD\D\J×QODüW×ÿ×Q×oHYUH\HYHLQVDQVDÿO×ÿ×QDID\GDO×RODQ
UQOHULQUHWLOGLÿLQLJ|U\RUX]%XSURMHOHU
oRNK×]O×ELUüHNLOGHGHYDPHGL\RUµGHGL%XDQODPGDþ.0þ%RODUDN´<HüLOWHPL]JHOHFHNµLVLPOL
ELUSURMHJHOLüWLUGLNOHULQLLIDGHHGHQ6DG×NRÿOX
7UNL\H·GHEHüE\NVHNW|UGHYHUQGH
\DüDPG|QJVGHÿHUOHQGLUPHVL\DSW×NODU×Q×YH
E|\OHJHQLüNDSVDPO×ELUoDO×üPDQ×Q7UNL\H·GH
18
+('()0þ/<$5'2/$5
þ+5$&$7
6DG×NRÿOX NRQXüPDV×QGD VRQ RODUDN
7UNL\H·QLQKHGHIOHULQHGHGHÿLQGLYH
NLP\DVHNW|UQQX]XQYDGHOLKHGHIOHULQGHQ
V|]HWWL6HNW|UQ\×O×QGDPLO\DUGRODUO×NLKUDFDWKHGHILROGXÿXQXKDW×UODWDQ6DG×NRÿOX
KDOHQ7UNL\HLKUDFDW×Q×Q\]GH·VLQLNLP\D
VHNW|UQQJHUoHNOHüWLUGLÿLQLKHGHILQGHQNLP\DVHNW|UQHGüHQSD\×Q\]GH
ROGXÿXQXDQFDNVHNW|UQ\LQHGHE\PH\H
GHYDPHWPHVLJHUHNWLÿLQLYHEXQXGDDQFDNDOW
h5h1/(5þ1h5(7þ0(
*(d(&(Āþ1þ808<2580
·QF$5*(3URMH3D]DU×·Q×QDo×O×üNRQXüPDF×ODU×QGDQ$NGHQL].LP\HYL0DGGHOHUYH0DPXOOHULþKUDFDWo×ODU×%LUOLÿL<|QHWLP.XUXOX%DüNDQ
<DUG×PF×V×0HKPHW0XUDW'LUHNoLLVHþVWDQEXO
YH$NGHQL].LP\DþKUDFDWo×%LUOLNOHULWDUDI×QGDQ
RUWDNG]HQOHQHQ·QF$U*H3URMH3D]DU×
HWNLQOLÿLNDSVDP×QGDSURMHUHWHQWPNHVLPOHUH
WHüHNNUHWWLYH´$.0þ%RODUDNNDW×O×PF×WP
SURMHOHUL\HOHULPL]OHSD\ODüDFDÿ×P×]×ROXPOX
VRQXoODUDODUDNUHWLPHYHNDWPDGHÿHUHVXQDFDÿ×P×]×XPXWHGL\RUXP%XHWNLQOLNNDSVDP×QGD
SURMHUHWHQWPQLYHUVLWHOHULPL]LQYHSURMH\H
NDW×ODQ|ÿUHQFLOHULPL]LQUQOHULQLVDQD\LGH
UHWLPKDOLQHJHWLUHFHNOHULQHLQDQ×\RUXPµGHGL
<,/'$%h<h.
%$ý$5,/$56$Ā/$1',
·QF$5*(3URMH3D]DU×·Q×QDo×O×ü×QGDELU
NRQXüPD\DSDQþVWDQEXO.LP\HYL0DGGHOHUYH
0DPXOOHULþKUDFDWo×ODU%LUOLÿL<|QHWLP.XUXOX
%DüNDQ×0XUDW$N\]GHSODVWLNWHQNR]PHWLÿHPHGLNDOGHQER\DVHNW|UQHNDGDUELUoRN
DODQGD7UNL\HHNRQRPLVLQHROGXNoD|QHPOL
NDWN×ODUVDÿOD\DQNLP\DVDQD\LVLQLQVRQ
\×OGDE\NEDüDU×ODUVDÿODG×ÿ×Q×GLOHJHWLU-
GL$N\](NLPD\×LKUDFDWYHULOHULQGHNLP\D
VHNW|UQQRWRPRWLYGHQVRQUDLNLQFLV×UDGD
\HUDOG×ÿ×Q×YXUJXODG×ÿ×NRQXüPDV×QGD´
\×O×QGDPLO\DUGRODURODUDNJHUoHNOHüHQVHNW|ULKUDFDW×Q×Q\×O×QGDPLO\DUGRODUD
\NVHOGLÿLQLYHJHoHQ\×OGD\DNODü×N\]GH
RUDQ×QGDDUW×üND\GHWWLÿLQLJ|U\RUX]%X
\×O×QLOND\×QGDGDNLP\DVHNW|ULKUDFDW×
JHoHQ\×O×QD\Q×G|QHPLQHRUDQOD\]GH·ON
ELUDUW×üODPLO\DUGRODUDXODüW×$PDF×P×]
EX\×OVRQXQGDPLO\DUGRODUKHGHILQLWXWWXUDELOPHNµGHGL
.LP\DVHNW|UQQGHÿHULQLKHUJHoHQJQ
DUW×UG×ÿ×Q×EHOLUWHQ0XUDW$N\]´\×O×QGD
NLP\DVHNW|ULoLQKHGHIOHQHQPLO\DUGRODUDXODüDELOPHN\NVHNNDWPDGHÿHUOLUQ
LKUDFDW×\ODPPNQRODFDNµGL\HUHNGHYDPHWWLÿLNRQXüPDV×QGD·WHEXJQNWRQDMODUGDLKUDFDW\DS×OVDGDPDOLRODUDNGHÿHULQLQDUWDFDÿ×Q×QDOW×Q×oL]HQ$N\]´%XUDGDDPDF×P×]
NRQWH\Q×UVD\×V×Q×NDW×QDo×NDUWPDNGHÿLO
$PDF×P×]VDW×ODQUQQGHÿHULQLDUW×UPDN
.LP\DLKUDFDW×QGDNDWPDGHÿHULDUW×UPDNYH
VDQD\LFLOHUHLQRYDWLIILNLUOHUVXQPDNDPDF×\OD
G]HQOHGLÿLPL]$U*H3URMH3D]DU×·QDEX\×O
oRN|QHPOLELUIDUNO×O×NJHWLUGLNhONHPL]LQ
G|UWELU\DQ×QGDNLWHNQRSDUNODUOD\DSW×ÿ×P×]
LüELUOLÿLGRÿUXOWXVXQGDEDüDU×O×EXOXQDQSURMHOHUL.XOXoND0HUNH]OHUL·QH\HUOHüWLULOHFHÿL]
(Q|QHPOLKHGHILPL]N×VDVUHGHEXSURMHOHULQ
KD\DWDJHoLULOPHVLQHNDWN×GDEXOXQDELOPHN
%X\×OHWNLQOLÿLPL]HSURMHEDüYXUGX7þ0
DG×QDüXV|]YHUHELOLULP$UDO×ND\×QGDG]HQOHQHFHNRODQþQRYDV\RQ+DIWDV×·QGDYH
EXQGDQVRQUDG]HQOHQHFHNRODQIDDOL\HWOHUGH\DS×ODQoDO×üPDODUWHNHUWHNHUWDQ×W×ODFDN
$PDF×P×]RODELOGLÿLQFHID]ODUQQ\XUW
G×ü×QGDSRWDQVL\HOKDOHJHOPHVL)LNLUOHULQX\JXODQDELOLUYHUHWLOHELOLUROPDV×\DS×ODQ$U*H
oDO×üPDODU×Q×QGDONHHNRQRPLVLQHNDWN×V×Q×
K×]O×ELUüHNLOGHVDÿOD\DFDNYHONHPL]LQLWKDODW
EDÿ×PO×O×ÿ×Q×D]DOWDFDN6HUJLOHQHQSURMHOHULQ
HQN×VD]DPDQGDUHWLPHJHoPHVLQLGLOL\RUXPµ
GL\HUHNNRQXüPDV×Q×VRQODQG×UG×
%å5å1&å/å.g'h/h
hdh1&h/h.g'h/h
$17å%å<27å.'å5(1&å9(+$67$1(
(1)(.6å<21/$5,1$.$5æ,.$/,&,
*(1åæ63(.7580/8'(=(1)(.7$1
<$./$æ,0,
721(5.$5%21.$<1$ã,
2/$5$.g05h7h.(10åæ$7,.
/$67å./(5å1.8//$1,/0$6,
Proje Sahibi:'X\JXdHOHEFLRåOX10XUDW<DYX]
Proje Sahibi:<XVXI0HQFHORåOX
3URMHQLQ.DSVDPÐ.XOODQÑOPÑèODVWLNOHUWRQHUH
G|Qè\RU
3URMH2UWDNODUÐ+LNPHW%XGDNgPHU+Ñ]ÑURåOX
/DVWLNOHUoHYUHèDUWODUÑQDGD\DQÑNOÑ\NVHN
PROHNO\DSÑOÑSROLPHUOHUGHQROXèDQ
NDXoXNODUGDQUHWLOL\RU$QFDN|PUQ
WDPDPODPÑèODVWLNOHUoHYUHLoLQGHE\N
ELUVRUXQWHèNLOHGL\RU%XSURMH|PUQ
WDPDPODPÑèODVWLNOHULQSUROL]\|QHWLPL\OHJHUL
ND]DQÑPÑQÑYHLNLQFLOKDPPDGGHRODUDNWRQHU
\DSÑPÑQGDNXOODQÑOPDODUÑQÑVDåOÑ\RU
3URMHQLQ.DSVDPÐ+DVWDQHHQIHNVL\RQODUÑQÑQVHEHS
ROGXåXPDGGLYHPDQHYLND\ÑSODUÑHQJHOOHPHN
'Q\D6DåOÑNgUJWUDSRUODUÑQDJ|UHDQWLEL\RWLN
GLUHQFLHWNLQROPD\DQGH]HQIHNWDQNXOODQÑPÑYH
oDSUD]EXODèPDQHGHQL\OHPLNURRUJDQL]PDODUÑQ
EDåÑèÑNOÑNJHOLèWLUPHVLQHEDåOÑRODUDNGè\RU
3URMHLOHKDVWDQHHQIHNVL\RQXQDQHGHQRODQ
EXODèPDODUÑQ|QOHQPHVLLoLQKDVWDQHGHNXOODQÑODQ
HNLSPDQODUÑQNDOÑFÑDQWLPLNUREL\DOPDO]HPHLOH
NDSODQPDVÑYHDWÑNVX\DNDUÑèPDPDVÑVDåODQÑ\RU
å.å1&å/å.g'h/h
72.6å6å7($1$/å=.å7/(5å
Proje Sahibi:6HUGDU$WÑOJDQ
3URMHQLQ.DSVDPÐ*ÑGDVHNW|ULoLQ]HKLUOL
NLP\DVDOODUÑKÑ]OÑYHJYHQLOLUELU\|QWHPOHWHVW
HWPHN
7RNVLN|]HOOLNOLNLP\DVDOODU\L\HFHNYHLoHFHNOHUH
EXODèPDVÑKDOLQGHNDOÑFÑUDKDWVÑ]OÑNODUDKDWWD
|OPOHUHQHGHQROX\RU%XDQODPGDSURMH
]HKLULoHUHQPHWDOFÑYDYHNXUèXQJLELDåÑU
PHWDOOHUYHDPHWDOOHULQVL\DQUYHDUVHQLNJLEL
QLWHOLNYHQLFHOLNDQDOL]OHULQLIORUHVDQ|]HOOLNOL
ER\DUPDGGHOHULoHUHQWHVWNLWOHUL\OHKÑ]OÑYH
JYHQLOLUELUèHNLOGH\DSPD\ÑKHGHIOL\RU
19
GÜNDEM
20
20
$'$1$´'$7(æ9å.
YARAR MI, ZARAR MI?
$GDQD7UNL\H´QLQLONVDQD\LNHQWOHULQGHQELULROPDVÐQDYHLONIDEULNDODUDHYVDKLSOLäL
\DSPDVÐQDUDäPHQVRQWHçYLNG]HQOHPHVLQGHQN|WHWNLOHQGL1LVDQD\ÐQGDNDPXR\XQD
WDQÐWÐODQ7UNL\H´QLQ\HQL<DWÐUÐP7HçYLN3URJUDPдQGD´QFL%|OJH´GHNRQXPODQGÐUÐODUDNELU
DQODPGD$GDQDOÐ\DWÐUÐPFÐODUNRPçXE|OJHOHUH\|QOHQGLULOGL
M
HG\D\D\DQV×\DQKDEHUOHUHEDN×O×UVD
$GDQDE|OJHVLQGHNDSDQDQIDEULND
VD\×V×QGDYHLüVL]OLNWHGHDUW×ü\DüDQ×\RU$GDQD·GDVRQ\×OGDNDSDQDQRUWD
YHE\N|OoHNOLIDEULNDVD\×VׁVWHOLNEX
IDEULNDODUDUDV×QGD7UNL\H·QLQ|QHPOLVDQD\L
WHVLVOHULDUDV×QGDNL%266$3DNWDü0LOOL0HQVXFDWYH7(.(/6LJDUDIDEULNDV×JLELGHYWHVLVOHU
GHEXOXQX\RU$GDQD·GDVDGHFHJHoHQ\×O
WLFDULLüOHWPHQLQNDS×V×QDNLOLWYXUXOGXÿXEHü
\×OGDNDSDQDQLüOHWPHOHULQVD\×V×Q×QLVHELQH
\DNODüW×ÿ×ELOGLULOL\RU*HoWLÿLPL]\×O$GDQD·Q×Q
LüVL]OLNRUDQ×LVH\]GHRODUDN|OoOPüW
%XYHULOHU×ü×ÿ×QGD$GDQDE|OJHVLQGH\HQLVDQD\L\DW×U×PODU×YHLVWLKGDPRODQDNODU×EHNOHQLUNHQEX\DW×U×PODU×QJHUoHNOHüPHPHVL\DGD
JHoEHNOHQWLOHULQDOW×QGDJHUoHNOHüPHVLoRÿX
$GDQDO×VDQD\LFLWDUDI×QGDQ<DW×U×P7HüYLN
3URJUDP×·QDEDÿODQ×\RU
$GDQD·Q×QWHüYLNSURJUDP×QGDQHGHQ·QFL
%|OJH·GH\HUDOG×ÿ×Q×EXNRQXPODQG×UPDQ×Q
$GDQD·\DHWNLOHULQLYH$GDQDO×VDQD\LFLOHULQ
EHNOHQWLOHULQL$NGHQL]7HNVWLOYH+DPPDGGHOHULþKUDFDWo×ODU×%LUOLÿL%DüNDQ×YH$GDQD6DQD\L
2GDV×$'$62<|QHWLP.XUXOX%DüNDQ×=HNL
.×YDQo=HNL.×YDQo·DVRUGXN
$GDQD·Q×Q<DW×U×P7HüYLN3URJUDP×·QGD
·QFL%|OJH·GH\HUDOPDV×Q×QQHGHQLVL]FH
QHGLU"
%|OJHVHOWHüYLNX\JXODPDODU×NDSVDP×QGDGHVWHNOHQHQ\DW×U×PODUDVDÿODQDQGHVWHNXQVXUODU×
YHEXGHVWHNOHUHLOLüNLQRUDQYHVUHOHUJHOLüPLü
E|OJHOHUGHQGDKDD]JHOLüPLüE|OJHOHUHGRÿUX
NDGHPHOLELoLPGHDUWDFDNüHNLOGHNXUJXODQP×ü
YHE|\OHFHLOOHULQJHOLüPLüOLNVHYL\HOHULQHJ|UH
WHüYLNDUDoODU×Q×QVDÿODG×ÿ×\DUG×P\RÿXQOXOXNODU×IDUNO×ODüW×U×OP×üW×U%|OJHOHULQD\U×P×QGD
LVH.DON×QPD%DNDQO×ÿ×WDUDI×QGDQWHVSLWHGLOHQ
NULWHUEHOLUOHQPLüDQFDNEXNULWHUOHULQQH
üHNLOGHGHÿHUOHQGLULOGLÿLQHLOLüNLQKHUKDQJL
ELUYHULDOPDLPNDQ×ROPDP×üW×U'ROD\×V×\OD
$GDQD·Q×QQHGHQ·QFL%|OJHGH\HUDOG×ÿ×YH\D
$GDQDLOH\DN×QFRÿUDI\DV×QGDEXOXQDQYH\D
EHQ]HU|]HOOLNOHUHVDKLSGLÿHUED]×LOOHULQQHGHQ
GDKDD]JHOLüPLüE|OJHOHUGHNRQXPODQG×U×OG×ÿ×KDNN×QGDHOLPL]GH\HWHUOLYHUL\RN'LÿHU
WDUDIWDQEL]FH\DW×U×PWHüYLNOHUL\OHLOJLOLELU
EHOLUOHPH\DS×ODFDNVDLüVL]OLNJLELELUNULWHULQ|QFHOLNOLRODUDNGHÿHUOHQGLULOPHVLJHUHNHQ
ELUYHULROGXÿXQX|]HOOLNOHEHOLUWPHNWHID\GD
YDU1HYDUNL\×O×KHGHIOHULQHXODüPDGD
|QHPOLELUDUDoRODUDNODQVHHGLOHQWHüYLNVLVWHPLQGHLOG]H\LQGHLQFHOHQHQNULWHUOHUDUDV×QGD
LüVL]OLNNULWHULQLQ|QFHOLNOLNULWHUOHUDUDV×QGD\HU
DOPDG×ÿ×Q×GüQ\RUX]$NVLWDNGLUGHX]XQ
\×OODUG×ULüVL]OLNVRUXQX\ODXÿUDüDQ$GDQD·Q×Q
·QFL%|OJH·GH\HUDOPDPDV×JHUHNLUGL
7HüYLNVLVWHPLQLQHQ|QHPOLDPDoODU×QGDQELUL
UHWLPYHLVWLKGDPDUW×ü×VDÿODPDNW×U%XEDÿODPGDNXUJXODQDFDNKHUKDQJLELUWHüYLNVLVWHPLQGH|QFHOLNOLRODUDNLüVL]OLÿLQ\RÿXQROGXÿX
LOOHUGHNLUHWLPLQDUW×U×OPDV×KHGHIOHQPHOLGLU
%XQXGLNNDWHDOG×ÿ×P×]GDLVHVRQ\×OO×NG|QHPGHLOOHUHJ|UHLüVL]OLNV×UDODPDV×QGD\]GH
RUWDODPDLOH7UNL\H·GHLONV×UDGD\HUDODQ
$GDQD·Q×Q<DW×U×P7HüYLN6LWHPL·QGH·QFL%|OJHLOOHULDUDV×QGD\HUDOPDV×WHüYLNVLVWHPLQLQ
GRÿDV×QDD\N×U×G×UBkz. Tablo 1$GDQD\HU
DOG×ÿ×'RÿX$NGHQL]+DY]DV×LoHULVLQGH·QFL
%|OJH·GH\HUDODQWHNLOGLU.RPüXODU×DUDV×QGD
\HUDODQ0HUVLQ·QF%|OJH+DWD\·QF
%|OJH2VPDQL\H1LÿGHYH.DKUDPDQPDUDü
·LQFL%|OJHJLELLOOHU$GDQD·\DJ|UHGDKD
GüNLüVL]OLNUDNDPODU×QDVDKLSROPDODU×QD
UDÿPHQGDKDFD]LSWHüYLNXQVXUODU×\ODGHVWHNOHQPHNWHGLU%XER\XWX\ODPHYFXWWHüYLN
VLVWHPL$GDQDLoLQKDNV×]UHNDEHWXQVXUX\D-
UDWPDNWD$GDQD·GDNLPHYFXW\DW×U×PODUROXPVX]HWNLOHQPHNWHNoOPHNWHNDSDQPDNWD
YH\DUHNDEHWHGHELOPHNDG×QDUHWLPWHVLVOHULQL
NRPüXLOOHUHWDü×PDN]RUXQGDNDOPDNWDG×U%XQXQODELUOLNWH\HQL\DW×U×PODULoLQGHFD]LEHVLQL
ND\EHGHQLOLPL]GHLüVL]OLNVRUXQXNURQLNOHüPLü
üHKLUHNRQRPLVL|QHPOLRUDQGDJoND\E×QD
XÿUDP×üW×Ug]HOVHNW|U\DW×U×PODU×QGDJ|UOHQ
D]DOPD\DSDUDOHOüHNLOGH$GDQDNDPX\DW×U×PODU×QGDGDKDNHWWLÿLSD\×DODPDP×üW×Ug]HOYH
NDPXVHNW|U\DW×U×PODU×QGDJ|UOHQEXD]DOPD
QHGHQL\OH$GDQDHNRQRPLVL|QHPOLELUNDQ
ND\E×QDXÿUDP×ü$GDQDüHKLURODUDNJHoPLü
G|QHPOHUGHNLFD]LEHVLQLND\EHWPHQRNWDV×QD
JHOPLüWLU1LWHNLP$GDQDHNRQRPLVLQGH\DüDQDQEXND\×SQIXVKDUHNHWOHULQGHGHHWNLVLQL
J|VWHUPLüYH&XPKXUL\HWWDULKLER\XQFDFD]LEH
PHUNH]LRODUDN|QHPOLRUDQGDJ|oDODQ$GDQD
\×OODU×DUDV×QGDELQLQ]HULQGH
J|oYHUPLüWLU
$GDQDLOHLOJLOLGLÿHU|QHPOLELUKXVXVGD
$GDQD·\DEDÿO×LOoHOHULQQHUHGH\VH\DU×V×QD
\DN×Q×Q×Q7UNL\H·QLQHQD]JHOLüPLüLOoHOHUL
DUDV×QGD\HUDOPDV×G×UþOoHOHULQLQE\NN×VP×
ROGXNoDJHULNDOP×üRODQ$GDQD·Q×QPHYFXW
WHüYLNX\JXODPDV×LoLQGH7UNL\H·QLQHQJHOLüPLüLONLNLE|OJHVLDUDV×QGD\HUDOPDV×LO
ED]×QGD\DS×ODQGHÿHUOHQGLUPHOHULQoRNGRÿUX
ELU\DNODü×PROPDG×ÿ×Q×J|VWHUPHNWHGLU'DKD
DGLOELUWHüYLNVLVWHPLQLQX\JXODQPDV×DPDF×\OD
<HQL7HüYLN6LVWHPL·QLQLOoHOHUG]H\LQGHNL
HNRQRPLNYHVRV\DOJHOLüPLüOLNG]H\LQHJ|UH
X\JXODQPDV×JHUHNPHNWHGLUhONHPL]LQþVWDQEXO$QNDUDYHþ]PLUJLELEDW×LOOHULKDULFLQGH
JQH\LYHGRÿXVXQGDGDEXOXQGXÿXKDY]D\×
KDUHNHWOHQGLUHFHNPHWURSRONHQWOHUHLKWL\DF×
YDUG×U$GDQDVDKLSROGXÿXVDQD\LNOWU
HüVL]FRÿUDILNRQXPXYHWDULKL\OHE|OJHVLQGH
DW×O×PJHUoHNOHüWLUHELOHFHNSRWDQVL\HOHVDKLSWLU
21
21
GÜNDEM
$NGHQL]7HNVWLOYH+DPPDGGHOHULæKUDFDWoÑODUÑ%LUOLåL
%DèNDQÑYH$GDQD6DQD\L2GDVÑ
<|QHWLP.XUXOX%DèNDQÑ=HNL.ÑYDQo
$GDQD·GDWHüYLNHGLOHQVHNW|UOHULQFHOHQGLÿLQGHKD]×UJL\LPVHNW|UQQWHüYLNNDSVDP×QDKLoDO×QPDP×üROPDV×GLNNDWoHNLFL
%XQXQODLOJLOLQHOHUV|\OH\HELOLUVLQL]"
+HSLPL]LQELOGLÿL]HUHPHYFXWWHüYLNVLVWHPLQLQHQ|QHPOL|QFHOLNOHULQGHQELULGHE|OJHVHOJHOLüPLüOLNIDUNO×O×NODU×QD]DOW×OPDV×\G×%X
DQODPGD7UNL\H·QLQGRÿXE|OJHOHULQGH\HU
DODQLOOHUH|]HOOLNOHGH*QH\GRÿX$QDGROX
%|OJHVL·QHROGXNoDFD]LSWHüYLNOHUVDÿODQG×
$PDoEXUDGDNLLVWLKGDP×DUW×UDUDNE|OJHQLQ
NDON×QPDV×Q×VDÿODPDNW×
+D]×UJL\LPVHNW|U\DS×V×LWLEDU×\ODHPHN
\RÿXQYHGüN\DW×U×PPDOL\HWLJHUHNWLUHQ
VHNW|UOHUGHQELUL6HNW|UQEXOXQGXÿXLOOHUGHQ
WDü×QPDPDOL\HWLGHGLÿHUVHNW|UOHUHJ|UHoRN
GDKDD]PDOL\HWOL%XGRÿUXOWXGDLONDüDPDGD
KD]×UJL\LPVHNW|UQQE|OJHGHJHOLüPHVLQL
VDÿODPDNHQPDQW×NO×YHNROD\o|]POHUGHQ
ELULRODUDNJ|UOPüROPDO×%XDQODPGDKD]×U
JL\LPGH·QF×%|OJH·GHYHULOHFHNWHüYLNOHULQ
HWNLQOLÿLQLDUW×UPDNDG×QDEXVHNW|UHGLÿHU
E|OJHOHUGH\DS×ODFDN\DW×U×PODU×V×Q×UODQG×UPDN
NDUDUYHULFLOHULQX\JXODPD\DNR\GXÿXGLÿHUELU
SROLWLNDROGX7HüYLNSROLWLNDV×|]HOOLNOH·QF×
%|OJH·GHVHNW|UP]QJHOLüLPLQLQGHVWHNOHQPHVLDQODP×QGDVRQGHUHFHROXPOXROVDGD
GLÿHUWDUDIWDQKD]×UJL\LPVHNW|UQQNHQGLQH
DLWGLQDPLNOHULQLQ\HWHULQFHLQFHOHQPHGLÿLNDQDDWLQGH\L]+D]×UJL\LPVHNW|UJQP]GH
NLORGRODULKUDFDWGHÿHULDo×V×QGDQ7UNL\H·GH
PFHYKHUYHVDYXQPDVDQD\LVLQGHQVRQUDHQ
oRNNDWPDGHÿHU\DUDWDQVHNW|UOHULPL]GHQELUL
%XUDGDVHNW|UQ·WHQVRQUD8]DN'RÿX
N|NHQOLLWKDODWODEDüo×NPDN]HUHJHoLUGLÿL
\DS×VDOG|QüPYHGDKD\NVHNNDWPDGHÿHUOL
\HQLOLNoLUQUHWLPLQHYHUGLÿL|QHPLQGH
E\NELUHWNLVLROGX<HQLUHWLPPRGHOLQGH
VHNW|UKDPPDGGHYHSD]DUD\DN×QO×NDYDQWDM×Q×K×]O×NDOLWHOLYHHVQHNUHWLPPRGHOL\OH
JHOLüWLUHUHN|QHPOLELUEDüDU×HOGHHWWL%XEDüDU×Q×QE\NE|OPLVHVHNW|UGHROXüDQGRÿDO
NPHOHUGH\DQLE\NWHNVWLOYHKD]×UJL\LP
üHKLUOHULRODQþVWDQEXO%XUVD'HQL]OLþ]PLU
$GDQD*D]LDQWHS.DKUDPDQPDUDüJLELLOOHUGHJHUoHNOHüWLULOGL%XJQUHWWLÿLPL]UQOHU
GQ\DSD]DUODU×QGDVDGHFHIL\DWWDUHNDEHWoL
ROGXÿXLoLQGHÿLOWDVDU×PNDOLWHN×VDWHUPLQ
YH\HQLOLNoLUQOHUGHNLEDüDU×V×\OD\HUDOG×
%XROXüXPXJHUHNOLDOW\DS×\×KD]×UODPDGDQ
V×I×UGDQNXUPDNNROD\GHÿLOGLYHEXDQODPGD
VHNW|UQ·QF×%|OJH·\HLOJLVLGHEHNOHQGLÿL
NDGDU\NVHNROPDG×6HNW|UQEXE|OJHOHUGHLVWHQHQVHYL\HOHUHXODüPDV×LoLQEHOLUOLELU
GHQH\LPYHVUHoJHUHNOL6HNW|UQNHQGL
GRÿDONPHOHULQLQROGXÿXE|OJHOHUGHNDWPD
GHÿHU\DUDWPDüDQV×GDKDID]OD1LWHNLPNHQGL
PDUNDODU×Q×\DUDWP×üRODQYHWHNVWLOLQ|QHPOL
PHUNH]OHULQGHQELULRODQ$GDQD·GDKD]×UJL\LP
VHNW|UQQGDKDID]ODJHOLüPHPHVLLoLQKLoELU
QHGHQRODPD]7HNVWLOYHKD]×UJL\LPVHNW|U
GRÿDV×JHUHÿLELUELUOHULQLEHVOH\HQYHVLQHUML
\DUDWDQGLNH\HQWHJUDV\RQX|QHPOLLNLVHNW|UGU%XDQODPGD$GDQD·GDWHNVWLOLGHVWHNOH\LS
JL\LPVHNW|UQQJHOLüLPLQL|QJ|UPH\HQWHüYLN
VLVWHPLQLQ\DS×VDOELUHNVLNOLÿLYDUG×U
.D\QDN$GDQD6DQD\L2GDVÑ
7$%/2$'$1$´1,1´1&,%g/*(å//(5åå/(åæ6å=/å.9(5å/(5å.$5æ,/$æ7,50$6,
SIRA
7(ç9æ.
%g/*(6æ
æ/
2008
2009
2010
2011
2012
2013
621<,/
ORTALAMASI
1
2
ADANA
20,5
19,1
11,9
11,4
13,2
17,1
2
BATMAN
14,3
13,5
11,7
14,1
25
23,4
17
3
ç,51$.
22,1
17
11,2
12
19,4
20,1
17
4
6ææ57
17,9
14,8
12,7
11,8
20
20,5
5
0$5'æ1
17
12,8
9,1
12,3
20,9
15,4
+$..$5æ
18,3
19,7
17,4
12,9
9,9
11,7
15
11
14
11,9
9,8
9,2
9,7
10,9
7h5.æ<(257$/$0$6,
22
$GDQDO×VDQD\LFLOHULQ$GDQDYHEDüNDE|OJHOHUGHNL\DW×U×PODU×NDUü×ODüW×UPDO×RODUDNLQFHOHQGLÿLQGHRUWD\DQDV×OELUWDEORo×N×\RU"
<HQL7HüYLN6LVWHPLHUWHVLQGHNRPüXROGXÿX
LOOHUYHGLÿHU·QFL%|OJHLOOHULLOHN×\DVODQG×ÿ×QGD$GDQD·GDNLVDELW\DW×U×PPLNWDU×QGD
E\NELUD]DOPDPH\GDQDJHOGLÿLJ|UO\RU
%XGXUXP7&(NRQRPL%DNDQO×ÿ×WDUDI×QGDQ
\D\×PODQDQ+D]LUDQ\×O×7HüYLN
6LVWHPL'HÿHUOHQGLUPH5DSRUX·QGDGDDo×N
üHNLOGHRUWD\DNRQPXüYH$GDQD·QFL%|OJH·GH
\HUDODQWPLOOHUDUDV×QGDVDELW\DW×U×PWXWDUODU×QGDJ|UOHQ\]GH·OLNND\×SODHQE\N
]DUDU×J|UHQLOROPXüWXU$GDQD·Q×QNRPüX
LOOHUOHN×\DVODQPDV×QGDGDEHQ]HUND\×SODUDo×N
üHNLOGHJ|UOPHNWHGLUBkz. Tablo 2
5DNDPODUVRQWHüYLNVLVWHPLQLQ$GDQD·\DYHUGLÿL]DUDU×Do×NüHNLOGHRUWD\DNR\PDNWDG×U
%HQ]HUELUGXUXPELU|QFHNLWHüYLNVLVWHPLQGH
GH\DüDQP×ü$GDQD·GD\HUDODQYHLOHVDÿODQDQHQHUMLGHVWHÿLLOHUHNDEHWHGHPH\HQRQODUFD
WHNVWLOLüOHWPHVLNDSDQPDN]RUXQGDNDOP×üW×
7$%/2<(1å7(æ9å.6å67(0å1å1$'$1$´'$.å6$%å7<$7,5,0/$5$(7.å6å
.20ç8æ//(5
g1&(.æ'g1(0
6$%æ7<$7,5,0PLO\RQ7/
<(1æ'g1(0
6$%æ7<$7,5,0PLO\RQ7/
'(äæçæ0
\]GH
ADANA
1.277
-58%
.$<6(5æ
1.080
-45%
0(56æ1
1209
213%
260$1æ<(
92
517%
1æä'(
231
333
44%
+$7$<
1350
1287
-5%
.$+5$0$10$5$ç
1048
1391
33%
7$%/2å/d(/(5'h=(<å1'(.å(.2120å.9(626<$/*(/åæ0åæ/å.'h=(<å
æ/
æ/d(
æ/d(ædæ1'(
*(/æç0æç/æ.6,5$6,
*(/æç0æç/æ.
*58%8
*(/æç0æç/æ.
(1'(.6æ
ADANA
%h<h.ç(+æ5
2
1
ADANA
&(<+$1
3
0,50077
ADANA
POZANTI
191
3
ADANA
.2=$1
273
3
0,14144
ADANA
.$5$7$ç
324
3
ADANA
æ0$02ä/8
351
3
ADANA
<80857$/,.
448
3
-0,22099
ADANA
.$5$æ6$/,
5
ADANA
78)$1%(</æ
5
ADANA
$/$'$ä
713
5
-0,70529
ADANA
6$æ0%(</æ
728
5
ADANA
)(.(
797
-0,99248
$'$62·QXQNRQXLOHLOJLOLoDO×üPDODU×
YHo|]P|QHULOHULQHOHUGLU"
L K U D F D W K H G H I O H U L N D S V D P × Q G D
7UNL\H·QLQPHYFXWLKUDFDW×QׁoNDWWDQID]OD
DUW×UPDV×JHUHNPHNWHGLU%XNDWPDGHÿHUL
\NVHNUQOHUUHWPHQLQ\DQ×V×UD|QHPOLELU
\DW×U×PKDPOHVLGHJHUHNWLUPHNWHGLU7UNL\H
DFLORODUDN\]GH·OHUVHYL\HVLQHJHULOH\HQ
VDQD\LUHWLPLQLDUW×UDFDNUDGLNDOo|]POHUL
RUWD\DNR\PDO×G×U'ROD\V×\ODWHüYLNSROLWLNDODU×GDYDURODQLüOHWPHOHUL\RNHGHFHN
ELUüHKLUGHQEDüNDüHKUHWDü×QPDODU×QDVHEHS
RODFDNELUE|OJH\LNDON×QG×U×UNHQGLÿHUELU
E|OJH\LIDNLUOHüWLUHFHNüHNLOGHGHÿLOPDNUR
UHWLPLYHWRSODPLVWLKGDP×DUW×UDFDNüHNLOGH
NXUJXODQPDO×G×U
$GDQD6DQD\L2GDV×RODUDN|QFHOLNOHLOoHOHU
ED]×QGDVRV\DOYHHNRQRPLNJ|VWHUJHOHULQ
ED]DO×QG×ÿ×ELUWHüYLNVLVWHPLX\JXODQPDV×Q×
.D\QDN$GDQD6DQD\L2GDVÑ
$GDQD·GDQoHYUHE|OJHOHUHLKUDoHGLOHQ\DW×U×PODUDLOLüNLQELUYHULYDUP×"
<DW×U×P7HüYLN6LVWHPL·QLQ$GDQD·\DNDWN×ODU×QD\|QHOLNoDO×üPDODU×P×]×VUHNOLRODUDN
JQFHOOL\RUX]<DN×QG|QHPGH\DSW×ÿ×P×]ELU
oDO×üPDGD2VPDQL\HYH.DKUDPDQPDUDüJLEL
NRPüXLOOHUGHWHüYLNVRQUDV×VDQD\LGHNXOODQ×ODQHOHNWULNRUDQODU×Q×Q$GDQDVDQD\LHOHNWULNNXOODQ×P×QDHüGHÿHURUDQODUD\DNODüPDV×
GLNNDWLPL]LoHNPLüWLU%XGDJ|VWHUL\RUNL
EXLOOHULPL]GHWHüYLNVRQUDV×VDQD\LOHüPHGH
K×]ND]DQ×OG×%X2VPDQL\HYH.DKUDPDQPDUDüLoLQJ]HOELUJHOLüPH1HYDUNLD\Q×
üH\L$GDQDLoLQV|\OH\HPL\RUX]<HQL7HüYLN
6LVWHPL·QLQDUG×QGDQ$GDQD·Q×QHQHVNLVDQD\L
WHVLVOHULQGHQRODQYHIDUNO×VHNW|UOHUGH\HUDODQ
ED]×ILUPDODU×P×]UHNDEHWHGHELOPHNDG×QD
EHOLUOLWHVLVOHULQLNLORPHWUHLOHULGHEXOXQDQ
2VPDQL\H·\HWDü×PDNGXUXPXQGDNDOG×%X
GXUXPHNRQRPLNSUREOHPOHULQLG]HOWPHN
LoLQoDEDKDUFD\DQEL]VDQD\LFLOHULQVRUXQODU×Q×GDKDGDDUW×UPDNWDG×U9DV×IV×]J|oDODQ
ELULOKDOLQHJHOHQ$GDQD·GDQLWHOLNOLHOHPDQ
V×N×QW×V×\DüDUNHQELUGHNDSDQDQILUPDODUGDQ
|WULüVL]GXUPDGüHQGHQH\LPOLNLüLOHULQ
ROXüWXUGXÿXDW×ONDSDVLWH$GDQD·GDNLLüVL]OLN
VRUXQXQXGDKDGDGHULQOHüWLUPHNWHGLU
7HüYLNVLVWHPL$GDQD·\D|QHPOLND\×SODU\DüDWP×üW×U%L]$GDQDRODUDNGDKDDGLOYDURODQ×
\RNHGHUHNKDNV×]UHNDEHW\DUDWDQWHüYLNVLVWHPLQGHQ]L\DGHPHYFXWWHVLVOHULPL]OHVLQHUML\DUDWDFDN7UNL\H·QLQLVWLKGDP×QDYHUHWLPLQH
NDWN×VDÿOD\DFDNWHüYLNVLVWHPOHULDU]XOX\RUX]
|QHUL\RUX]dQNNDON×QPD\DOQ×]FDLOPHUNH]LQLQJHOLüLPL\OH\DNDODQDPD\DFDNW×UþOoHOHULQLQQHUHGH\VH\DU×V×QD\DN×Q×7UNL\H·QLQ
HQD]JHOLüPLüE|OJHOHULDUDV×QGDWDQ×PODQDQ
$GDQD·Q×QPHYFXWWHüYLNX\JXODPDV×LoLQGH
7UNL\H·QLQHQJHOLüPLüLONLNLE|OJHVLDUDV×QGD\HUDOPDV×WH]DWROXüWXUPDNWDG×U%X
IDUN×QJLGHULOPHVLYHGDKDDGLOELUWHüYLNVLVWHPLQLQX\JXODQPDV×DPDF×\OD<HQL7HüYLN
6LVWHPL·QLQLOoHOHUG]H\LQGHNLHNRQRPLNYH
VRV\DOJHOLüPLüOLNG]H\LQHJ|UHX\JXODQPDV×
JHUHNPHNWHGLUBkz. Tablo 3
%XQXQ\DQ×V×UDED]×VHNW|UOHULQGH\HULQGH
WHüYLNDOPDV×JHUHNWLÿLQLVDYXQX\RUX]*HoPLü
G|QHPGHX\JXODQDQYHEDüDU×\DNDODQDQ\DW×U×PDNDWN×SD\×YHULOPHVL\OHGH\DW×U×P\DSPD
NRQXVXQGDVDQD\LFLPL]LQ\HQLGHQKH\HFDQODQDFDÿ×QDYHEXVLQHUML\OH\DW×U×PODU×Q\XNDU×
GRÿUXELULYPHND]DQDFDÿ×QDLQDQ×\RUX]
23
*h1'(0
586<$8.5$<1$.5å=å
7h5.å<(´<(<$5$<$&$.0,"
.DVÐP´WH8NUD\QD´QÐQ$%2UWDNOÐN$QODçPDVдQÐLP]DODPD\DFDäÐQÐDoÐNODPDVÐ\ODEDçOD\DQ
DUGÐQGDQ8NUD\QDYH5XV\DDUDVÐQGDILLOLELUVL\DVLNUL]HG|QçHQVUHoHNRQRPLNDODQGDGD
WDçODUÐ\HULQGHQR\QDWPD\DGHYDPHGL\RU5XV\D´QÐQ%DWд\DX\JXODGÐäÐNDUçÐDPEDUJR7UNJÐGD
LKUDFDWoÐODUÐQÐQEHNOHQWLOHULQL\NVHOWLUNHQ(NLPD\ÐQGD\DçPH\YHVHE]HLKUDFDWÐQGD\DçDQDQND\ÐS
HQGLçHOHULQJHUoHNROGXäXQDLçDUHWHGL\RU
24
B
ir süredir ekonomi gündeminde
\HUDODPD\DEDüOD\DQDQFDNJHQHO
RODUDNWDUW×ü×OPD\DQYHNDPXR\XQXQoRNGDIDUN×QGDROPDG×ÿ×KDEHUOHU
5XV\D·\DJHUoHNOHüHQ7UNWDU×PYHKD\YDQF×O×NUQOHULLKUDFDW×Q×QEX\×OSDWODPD
\DSDELOHFHÿLQHLüDUHWHGL\RU
g]HOOLNOH5XV\D'HYOHW%DüNDQ×9ODGLPLU
3XWLQ·LQ5XV\D·\D\DSW×U×PX\JXOD\DQ$%'
$%.DQDGD1RUYHoYH$YXVWUDO\D·GDQHW
EDO×N PH\YHVHE]H VW YH VW UQOHULDO×P×Q×\DVDNODG×ÿ×Q×Do×NODPDV×YHEX
Do×NODPDQ×QKHPHQDUG×QGDQ5XV\D)HGHUDO9HWHULQHUYH%LWNL6DÿO×ÿ×*|]HWLP
6HUYLVL5RVVHOKR]QDG]RU%DüNDQ×6HUJH\
'DQNYHUW·LQ7UNL\H·GHQVHE]HYHPH\YH
LWKDODW×Q×QDUW×U×OPDV×LoLQ*×GD7DU×PYH
+D\YDQF×O×N%DNDQO×ÿ×0VWHüDU<DUG×PF×V×
1LKDW3DNGLOLOHJ|UüPHVL7UNUHWLFLOHULQLKUDFDWKH\DFDQ×Q×DUW×UG×
5XV\D·Q×QJHoWLÿLPL]\×OVDGHFH$%ONHOHULQGHQ\DSW×ÿ×WDU×PYHKD\YDQF×O×NUQOHUL
LWKDODW×Q×QPLO\DUDYURVHYL\HVLQGHROPDV×EXKH\HFDQ×QQHGHQLQLROGXNoDJ]HO
|]HWOL\RU5XV\D·Q×QNDUü×DWDÿ×QGDQLON
HWNLOHQHQ3RORQ\D·Q×Q\DVDNQHGHQL\OH
PLO\RQDYUR]DUDUDXÿUDG×ÿ×Q×Do×NODPDV×YH
EX]DUDU×QWHODILVLLoLQ$%·GHQ\DUG×PLVWHPHVLGH7UNUHWLFLOHULQLKUDFDWKH\HFDQ×Q×
Do×NOD\DQELUEDüNDJHOLüPH
586<$·1,1+$0/(6þ
7h5.þ<(·<(<$5$<$&$.0,"
5XV\DLOH7UNL\HDUDV×QGDNLJ|UüPHOHULQROXPOXVRQXoODQPDV×KDOLQGHEDüWD
\DüPH\YHYHVHE]HLKUDFDW×ROPDN]HUH
7UNL\H·QLQWDU×PYHKD\YDQF×O×NUQOHULLKUDFDW×E\NELULYPHND]DQPDV×YH
7UNL\H·QLQ5XV\DSD]DU×QGDQGDKDE\N
SD\NDSPDNLoLQHOEHWWHWPLPNkQODU×Q×
VHIHUEHUHWPHVLEHNOHQL\RU
*×GD7DU×PYH+D\YDQF×O×N%DNDQ×0HKGL
(NHU5XV\D·Q×QLKWL\DoGX\GXÿXUQOHULQ
WHGDULNLNRQXVXQGD7UNL\HLOHGHYDPHGHQ
J|UüPHOHUKDNN×QGD\DSW×ÿ×ELOJLOHQGLUPHGH5XV\D·Q×QJ×GDLWKDODW×QD\|QHOLNER\NRW
NDUDU×YHEDüNDSD]DUODUD\|QHOPHVLQLQ
7UNL\HDo×V×QGDQ|QHPOLELUJHOLüPHROGXÿXQXYXUJXODG×YH7UNL\H·QLQ\DNODü×N
ONH\HPLO\DUGRODUO×NWDU×PUQVDWW×ÿ×Q×QDOW×Q×oL]GL%DNDQ(NHU7UNL\H·GHQ
5XV\D·\DJHoWLÿLPL]\×OPLO\DUGRODUO×N
WDU×PYHJ×GDPDGGHOHULLKUDFDW×\DS×OG×ÿ×Q×ND\GHGHUNHQEXUQOHULQDÿ×UO×NO×
RODUDN\DüPH\YHYHVHE]HGHQROXüWXÿXQX
V|\OHGL(NHU7UNL\H·QLQVRQJHOLüPHOHU
oHUoHYHVLQGHKHPPHYFXWSD]DUODU×Q×ND\EHWPHNLVWHPHGLÿLQLKHPGH5XV\D·\×NDO×F×
SD]DUKDOLQHJHWLUPHNLVWHGLÿLQLYXUJXODG×
YH´5XV\D·Q×Q\DNODü×NPLO\DUGRODUO×N
LWKDODW×YDUGQ\DQ×Q|QHPOLJ×GDLWKDODWo×ODU×QGDQELULVL'DKD|QFHGHQLKUDo
HWWLÿLPL]WDU×PUQOHULQGHQNDSDVLWHVLQL
DUW×UDELOHFHÿLPL]UQOHUYDUP×|UQHÿLQ
\DüPH\YHVHE]HLKUDoHGL\RUGXNPLO\DU
GRODUO×NEXQXGDKDGDDUW×UDELOLUPL\L]GL\H
EDN×\RUX]+DQJL\HQLUQOHULLODYHHGHELOLUL]"%XQODU×ROXüWXUXUNHQ7UNL\H·QLQEX
DQODPGDNLSRWDQVL\HOLNDSDVLWHNXOODQ×P
LPNkQ×QHGLU".DSDVLWHQLQDUW×U×OPDV×JHUHNL\RUVDYH\DSRWDQVL\HOLPL]LQGDKDE\N
ELUN×VP×Q×GHÿHUOHQGLUPHNLoLQEXQXX]XQ
YDGHOLELUEDÿODQW×\ODQDV×OVDÿODU×]"0HVHOH\HEXPDQDGDVWUDWHMLNEDN×\RUX]2UWD
YHX]XQYDGHOLRODUDNEDN×\RUX]dRNN×VD
YDGHOLEDNP×\RUX]µGHGL
5XV\D·Q×QVWYHVWUQOHULLWKDODW×Q×Q
PLO\DUGRODUROGXÿXQXQDQFDN7UNL\H·QLQ
EXSDVWDGDSD\×Q×QEXOXQPDG×ÿ×Q×QDOW×Q×
oL]HQ(NHUEHQ]HUüHNLOGHPLO\RQGRODUO×N\XPXUWDDO×P×\DSDQEXONH\HEX
UQGHQGHKLoLKUDoHGLOPHGLÿLQLELOGLUGL
YH´7UNL\H\DNODü×NPLO\DUGRODUO×NVX
UQOHULLWKDODW×\DSDQ5XV\D·\DVDGHFH
PLO\RQGRODUO×NLKUDFDW\DS×\RU5XV\D·Q×Q
EH\D]HWLWKDODW×\DNODü×NPLO\RQGRODU
%L]EXUD\D\DNODü×NPLO\RQGRODUO×N
EH\D]HWLKUDFDW×\DSP×ü×]0DNDUQDJLEL
ELUWDN×PUQOHUYDU%XQODU×QKHSVLQGH
7UNL\H·QLQUQVDWDELOPHSRWDQVL\HOL
YDU0HYFXWSD]DUODU×P×]DKHUKDQJLELU
]DUDUJHOPHGHQPHYFXWLOLüNLOHULPL]H]DUDU
YHUPHGHQ5XV\D·\DGDVDWDELOLUL]=H\WLQ\Dÿ×QGDPLO\RQGRODUO×NLWKDODW×YDU
7UNL\H·GHQPLO\RQGRODUO×NUQDO×\RU2KDOGHEL]GLÿHUE|OJHOHUHVDWW×ÿ×P×]DLODYHWHQEXUDGDQEXUQOHUSD]DU×QGD
GDKDID]ODSD\DODELOLUL]µGHGL
6RQRODUDNEDO×No×O×NVWYHVW
UQOHUL\XPXUWDN×UP×]×HWYH
LüOHQPLüHWUQOHULNDQDWO×HWLYHHW
UQOHULROPDN]HUHWRSODPILUPDQ×Q5XV\D·\DLKUDFDW\DSDELOHFHNNDOLWHYH
KLM\HQVWDQGDUG×QDVDKLSROGXÿXQXQ5XV
\HWNLOLOHUHLOHWLOGLÿLQLV|\OH\HQ(NHU´%X
VD\×GHÿLüHELOLUoQN7UNL\HEXNRQXGD
\NVHNSRWDQVL\HOHVDKLSµGL\HNRQXüWX
<$ý0(<9(6(%=('(
%(./(17þ*(5d(./(ý0('þ
+DOHQ7UNL\H·GHQ5XV\D·\DJHUoHNOHüHQ\Dü
PH\YHYHVHE]HLKUDFDW×VRQELUNDo\×OG×U
Akdeniz Su Ürünleri ve Hayvansal Mamuller
éHRACATlÆLARÆ"IRLIëI"AíKANÆÆ
"-ð$"/:"."/:*-.";
68h5h1/(5å1'(
0å/<21%$5$-,1,
$æ$&$ã,=
5XV\D´QÑQEXKDPOHVLHOEHWWH
7UNL\H´QLQLèLQH\DUD\DFDNgUQHåLQ
VXUQOHULQGHèLPGLGHQ\]GH
´\H\DNÑQELUDUWÑèVDåODGÑNdQN
ELOL\RUVXQX]5XV\DVXUQOHULQGH
|]HOOLNOH1RUYHo<XQDQLVWDQ
YHæVSDQ\D´GDQDOÑP\DSÑ\RUGX
%L]LPSD\ÑPÑ]LVHPLO\RQGRODU
VHYL\HVLQGH\GL5XV\D´QÑQ$%´\H
NDSÑODUÑQÑNDSDWPDVÑEL]LPVX
UQOHULLKUDFDWÑPÑ]ÑELUKD\OLDUWÑUGÑ
6DQÑ\RUXP\ÑOVRQXQGD5XV\D´\DRODQ
VXUQOHULLKUDFDWÑPÑ]WDULKWHLON
NH]PLO\RQGRODUEDUDMÑQÑDèDFDN
'LåHU\DQGDQ5XV\DPLO\DUGRODUD
\DNÑQELUUDNDPODGQ\DQÑQHQE\N
JÑGDDOÑFÑODUÑQGDQELUL6DGHFH$%LOH
RODQWLFDUHWLQKDFPLPLO\DUDYUR
RODUDN|OoO\RU'ROD\ÑVÑ\OD7UNL\H
EXPLO\DUDYURGDQHNQHNRSDUVD
NkUGÑU.DOGÑNLEHQ5XV\D´GDQ
LKUDFDWRQD\ÑDOPD\ÑEHNOH\HQ
ILUPDODUÑPÑ]ÑQVD\ÑVÑQÑQGDDUWDFDåÑQÑ
YH5XV\DLOHJÑGDWLFDUHWLPL]LQ
GDKDGD\NVHOHFHåLQHLQDQÑ\RUXP
g]HOOLNOHEH\D]HW\XPXUWDYHVW
UQOHULQGH7UNUHWLFLOHULQLKUDFDW
NDSDVLWHVLUHNRUVHYL\HGHRODELOLU
7UNL\H´QLQ5XV\DLOHPHYFXWJÑGD
WLFDUHWLQGH$NGHQL]æKUDFDWoÑ%LUOLNOHUL
RODUDNEL]LPSD\ÑPÑ]LVHQH\D]ÑN
NLGDKDVÑQÑUOÑVDQÑ\RUXP\]GH
VHYL\HVLQGH%X\HQLGXUXP$NGHQL]
6XhUQOHULYH+D\YDQVDO0DPXOOHU
æKUDFDWoÑODUÑ%LUOLåLRODUDNEL]OHULoLQ
GH\HQLELUIÑUVDWDQODPÑQDJHOL\RU
25
*h1'(0
586<$*,'$'$<h='(',æ$%$ã,0/,
5XV\D´QÑQDPEDUJRVX$%´QLQJÑGDLKUDFDWÑQÑQ\]GH´XQXHWNLOH\HFHN
5XV\DWNHWWLåLJÑGDQÑQ\]GH´LQLLWKDOHGL\RU%XPLNWDUÑQ\]GH´XQX$%´GHQ
NDUèÑOD\DQ5XV\D´QÑQ$%LOHJHUoHNOHèWLUGLåLWLFDUHWHD\ÑUGÑåÑSD\LVHPLO\DUDYUR
5XV\D´\DHQID]ODJÑGDUQQ$OPDQ\DYH+ROODQGDVDWÑ\RU
$%'´QLQ5XV\D´\DJÑGDLKUDFDWÑ\]GH´LQDOWÑQGD
5XV\D$%'´GHQPLO\RQGRODUOÑNWDYXNPLO\RQGRODUOÑNNXUX\HPLèPLO\RQ
GRODUOÑNVR\DYHPLO\RQGRODUOÑNHWDOÑ\RU
<DVDNNDUDUÑHQoRNVHE]H\LYXUDFDN5XV\D$%´GHQPLO\RQDYUROXNVHE]H
DOÑ\RU
PLO\DUDYUROXNèDUDSYHLoNLLVH5XV\D´QÑQNDUèÑDPEDUJRGDHOLQLJoOHQGLUHQELU
EDèNDHWNHQ
1RUYHoHQE\NVRPRQSD]DUÑRODQ5XV\D´QÑQNDUDUODUÑQGDQHQGLèHOL
\NVHOLüHÿLOLPLQGH·GHPLO\RQ
GRODURODQ\DüPH\YHYHVHE]HLKUDFDW×
JHoWLÿLPL]\×OPLO\RQGRODUDXODüW×%X
\×OEHNOHQHQLKUDFDWUDNDP×LVHPLO\DU
GRODURODUDN|QJ|UO\RUGX6RQJHOLüPHOHUEXKHGHILQ|QHPOLRUDQGDDü×ODFDÿ×QD
LüDUHWHWVHYHEHNOHQWLOHU\NVHOVHGH(NLP
D\×QGDNLND\×SKD\DON×U×NO×ÿ×\DUDWW×8OXGDÿ<Dü0H\YH6HE]HþKUDFDWo×ODU×%LUOLÿL
%DüNDQ×6DOLKdDO×5XV\D·Q×Q\DNODü×P×Q×Q
7UNL\HLoLQ|QHPOLELUI×UVDWRODFDÿ×Q×LIDGH
26
HGHUNHQ´%XVD\HGH7UNL\H·QLQ5XV\D·GDQ
JHUoHNOHüWLUGLÿLWDU×PUQOHULLWKDODW×QGDQGRÿDQG×üWLFDUHWDo×ÿ×Q×QNDUü×ODQPDV×
PPNQRODELOLU5XV\D·\DLKUDFDWWDHQ
|QHPOLLKUDFDWNDOHPLQLPLO\RQGRODU
LOHGRPDWHVYHD\Q×GHÿHUGHWXUXQoJLOOHU
ROXüWXUX\RUµGHGL
'LÿHU\DQGDQ$NGHQL]%DW×$NGHQL]þVWDQEXO(JHYH8OXGDÿ<Dü0H\YH6HE]H
þKUDFDWo×ODU×ELUOLNOHULJHoWLÿLPL]D\ODUGD
RUWDN\D\×PODG×NODU×ELUDo×NODPD\OD5XV
\HWNLOLOHULQ$%ONHOHULQGHQPH\YHVHE]H
LWKDODW×Q×GXUGXUXS7UNL\H·GHQDUW×UDFDNODU×\|QQGHNLEH\DQODU×Q×QVHNW|U\NVHNEHNOHQWLOHUHVUNOHPHPHVLJHUHNWLÿL
X\DU×V×QGDEXOXQGX$o×NODPDGD|]HWOH
5XV\D·Q×Q$%\HVLONHOHUGHQ\DüPH\YH
YHVHE]HDO×P×Q×GXUGXUGXÿX\|QQGHNL
KDEHUOHULQ7UNL\H\DüPH\YHYHVHE]H
VHNW|UQGHJQGHPLQNRQXVXROGXÿXYXUJXODQ×UNHQ´.RQXQXQELUPLNWDUDEDUW×ODUDNNDPXR\XQD\DQV×W×OPD\DoDO×ü×OPDV×
VSHNODWLIV|\OHQWLOHUGROD\×V×\ODDU]WDOHS
GHQJHVLQLQER]XOPDV×YHUQIL\DWODU×QGD
DUW×üODUDQHGHQRODFDÿ×JLELUHWLFLYHLKUDFDWo×ODU×P×]×Q\NVHNEHNOHQWLOHUHNDS×OPDV×YHEXEHNOHQWLOHULNDUü×ODQPDG×ÿ×QGD
\DüDQDFDNKD\DON×U×NO×NODU×JLELVDN×QFDODU
GRÿXUPDNWDG×UµLIDGHVLQH\HUYHULOGL9HQH
\D]×NNLEXDo×NODPDGDNLX\DU×ODUJHUoHÿH
G|QüW(NLPD\×QGD\DüPH\YHVHE]H
LKUDFDW×\]GHRUDQ×QGDGHÿHUND\EHWWL
%(<$=(79(%$/,.$57,<25
%XQXQODELUOLNWH7UNL\HYH5XV\DDUDV×QGDNLJ|UüPHOHULQROXPOXVH\UHWPHVLEH\D]HWYHEDO×NLKUDFDW×QGDGDDUW×ü
EHNOHQPHVLQH QHGHQ RODELOLU þVWDQEXO
6XhUQOHULYH+D\YDQVDO0DPXOOHUþKUDFDWo×ODU×%LUOLÿL%DüNDQ×$KPHW7XQFD\
6DJXQNRQX\ODLOJLOL\DSW×ÿ×Do×NODPDGD
´5XV\D)HGHUDV\RQX·QD\|QHOLNLKUDFD-
W×P×]VRQG|QHPOHUGHK×]ODJHOLüL\RUGX
6RQGXUXPNDUü×V×QGD7UNEDO×No×O×ÿ×RODUDNDYDQWDMND]DQDELOLUL]5XVODUGDKDoRN
<XQDQLVWDQ·GDQEDO×NLWKDODW×\DS×\RUGX
%XGXUXPGD<XQDQEDO×No×ODU×JHULSODQGD
NDODFDN5XV\D·\DPHYFXWLKUDFDW×P×]×Q
\]GH·XEXODFDNüHNLOGHDUWDELOHFHÿLQL
GüQ\RUXPµGHGL
þ/.6þ3$5þý/(5
*(/0(<(%$ý/$',
7UNL\HþKUDFDWo×ODU0HFOLVL%DüNDQ×0HKPHW%\NHNüLLVH$%YH$%'·GHQJ×GD
LWKDODW×QDV×Q×UODPDNDUDU×DODQ5XV\D·GDQ
7UNILUPDODUDLWKDODWWDOHSOHULQLQJHOPH\H
EDüODG×ÿ×Q×ELOGLUGL
%\NHNüL\×OO×NPLO\RQWRQPH\YHVHE]HUHWLPNDSDVLWHVLEXOXQDQ7UNL\H·QLQ
5XV\DWDUDI×QGDROXüDELOHFHNDQLWDOHELNDUü×OD\DFDNNDSDVLWHYHELULNLPLQLQEXOXQGXÿXQXLIDGHHWWLÿLDo×NODPDV×QGD´5XV\D·\D
X\JXODQPDV×SODQODQDQ\DSW×U×PODUVRQUDV×QGD5XV\D·\D\DSW×U×PX\JXOD\DQONHOHUGHQJ×GDWDU×PUQYHKDPPDGGHDO×P×Q×ELU\×OO×ÿ×QD\DVDNODPDV×7UNL\H·QLQ
5XV\D·\DJ×GDYHWDU×PLKUDFDW×Q×DUW×UPDV×
LoLQL\LELUI×UVDWRODUDNGHÿHUOHQGLULOHELOLU
5XV\D·Q×QGDKD|QFH$%YH$%'·GHQ\DSW×ÿ×
LWKDODW×Q7UNL\H·\HND\DFDÿ×QD\|QHOLNELU
WDN×PVLQ\DOOHUDO×\RUGXNýLPGL5XVILUPDODUGDQELUWDN×PWDOHSOHUJHOPH\HEDüODG×
EXQXQDUWDUDNGHYDPHWPHVLQLGLOL\RUX]µ
GHGL
%\NHNüL5XV\D·GDROXüDFDNUQWDOHELQLQ7UNL\H·GHQVDÿODQPDV×LoLQ7þ0
RODUDNLKUDFDWo×ELUOLNOHUL(NRQRPL%DNDQO×ÿ×YH*×GD7DU×PYH+D\YDQF×O×N%DNDQO×ÿ×LOH\DN×QoDO×üPDODUVUGUGNOHULQL
5XV\D·GDJ×GDLKUDFDW×QGDJHUHNOLL]LQYH
SURVHGUOHULQLQNROD\ODüW×U×OPDV×NRQXVXQGDoDO×üPDODU\DSPD\×SODQODG×NODU×Q×
GDV|]OHULQHHNOHGLg]HOOLNOHNDQDWO×HWLYH
EDO×NWDFLGGLDUW×üEHNOHGLNOHULQLEHOLUWHQ
%\NHNüL´<DüPH\YHYHVHE]HVHNW|UQGHGH5XV\D·GDQJHOHFHNHNVWUDWDOHEL
NDUü×OD\DELOHFHNGXUXPGD\×]<XPXUWDYH
VWUQOHULQGHGHWDOHSRODFDNW×UDQFDN
üXDQ7UNL\H·GHRQD\O×WHVLVROPDPDV×ELU
V×N×QW×5XV\D·GDQJHOHFHNELUKH\HWOHL]LQ
SURVHGUOHULQLK×]ODQG×UPD\DoDO×üDFDÿ×]µ
GL\HNRQXüWX
%LOLQGLÿL]HUH7UNL\H·QLQ5XV\D·\DLKUDFDW×QGDWDU×PVHNW|UQQWRSODPSD\×\]GH
VHYL\HVLQGHEXOXQX\RUYHEXUDNDP
\×OO×N\DNODü×NPLO\DUGRODUO×NLKUDFDWD
NDUü×O×NJHOL\RU
5XV\D'HYOHW%DèNDQÑ9ODGLPLU3XWLQ5XV\D´\DHNRQRPLN\DSWÑUÑPX\JXOD\DQ%DWÑ´\ÑJÑGDLWKDODWÑQÑNHVHUHN
FH]DODQGÑUPD\ÑSODQOÑ\RU5XV\D´QÑQ\HQLWXWXPX7UNL\H´QLQJÑGDLKUDFDWÑQGD\NVHOLèHQHGHQRODFDåÑJLEL
5XV\DSD]DUÑQGD|QHoÑNPDNLVWH\HQæUDQGDLNLOLWLFDULLOLèNLOHULQLVÑNÑWXWX\RU%XDQODPGDDWÑODQHQFLGGL
DGÑPODUGDQELUL5XV\D´QÑQæUDQ´D\DèPH\YHYHVHE]HGHX\JXODGÑåÑJPUNYHUJLOHULQLNDOGÑUPDVÑ\GÑ
<$Ċ0(<9(9(6(%=('(9ĉ=<216$'(&(
586<$'(Ĉĉ/8=$.'2Ĉ8·'$.ĉ*(/ĉĊ(1
3$=$5/$5'$7h5.ĉ+5$&$7d,/$5,
&(=%('ĉ<258=$.'2Ĉ8(.2120ĉ/(5ĉ1ĉ1
%h<h0(6ĉ9(*hd/(10(6ĉ</('$+$.$/ĉ7(/ĉ
h5h1/(57$/(3('ĉ/ĉ<25
.,50,=,(79(
æç/(10æç(7h5h1/(5æ
25
53
39
19
.$1$7/,(7æ9(
(7h5h1/(5æ
26
%$/,.d,/,.
6h79(6h7
h5h1/(5,
<80857$
TOPLAM 162
)æ50$586<$´<$
æ+5$&$7
<$3$%æ/(&(.
.$/æ7(9(
+æ-<(1
67$1'$5',1$
6$+æ3
27
'(0å59('(0å5',æ,0(7$//(5
'(0å5d(/å.
6(.7g5h
+('()å
7877858<25
7UNL\H´QLQHQE\NGHPLUoHOLNLçOHWPHOHULQHVDKLSRODQ+DWD\YH
2VPDQL\H´GHVHNW|U2UWD'RäX´GDNLVL\DVLEHOLUVL]OLNOHU\]QGHQ
VÐNÐQWÐOÐELUG|QHPGHQJHoVHGH7UNL\H´QLQLKUDFDW
KDFPLQGH|QHPOLELU\HUWXWDQoHOLNVHNW|U\DNDODGÐäÐ
EDçDUÐOÐLKUDFDWSHUIRUPDQVÐVRQXFXQGDJHoWLäLPL]
\ÐO7UNL\H´QLQWRSODPLKUDFDWÐQGD\]GH´OLN
ELUSD\DVDKLSROGX
28
7UNoHOLNVHNW|ULKUDFDWÑ\ÑOÑQGDGD\LQHDåÑUOÑNOÑRODUDN2UWD'RåXONHOHUL$YUXSD%LUOLåL.X]H\$IULNDYH.X]H\$PHULNDONHOHULQH\DSÑOGÑ
T
ürkiye’nin ihracat hacminde önemli
bir yer tutan çelik sektörü, yakalaG×ÿ×EDüDU×O×LKUDFDWSHUIRUPDQV×\OD
\×O×Q×7UNL\H·QLQWRSODPLKUDFDW×QGDQ\]GH·OLNELUSD\DODUDNNDSDG×
%LOLQGLÿL]HUHYL]\RQXLKUDFDWKDFPL
KHGHIOHULVHNW|UQLKUDFDWKDFPLQLQ|QP]GHNL\×OER\XQFDRUWDODPD\]GH
·OLNLGGLDO×ELUE\PHSHUIRUPDQV×VHUJLOH\HELOPHVLQLJHUHNWLUL\RU
7UNL\HJHoWLÿLPL]\×OPLO\RQWRQLOH
dünya çelik üretiminin yüzde 2,1’ini geroHNOHüWLUHUHN$YUXSD·Q×QHQE\NLNLQFL
YHGQ\DQ×QVHNL]LQFLHQE\NoHOLNUHWLFLVLROGX6RQ\×OODUGDoHOLNVHNW|UQGH
GQ\DJHQHOLQGH\DüDQDQGXUJXQOXNWDQ
7UNL\HGHHWNLOHQPHVLQHUDÿPHQ7UN
oHOLNVHNW|U\×O×QGDNLGQ\DQ×QHQ
E\NVHNL]LQFLLKUDFDWo×V×NRQXPXQGDQ
\×O×QGD\HGLQFLOLÿH\NVHOGL7UNL\HoHOLNLKUDFDW×PLNWDUYHGHÿHUED]×QGD
GHÿHUOHQGLULOGLÿLQGHLVH\×O×QGDELU
|QFHNL\×ODRUDQODGüü\DüDG×ÿ×L]OHQL\RU
\×O×QGDXODü×ODQPLO\DUGRODUYH
PLO\RQWRQLKUDFDWDNDUü×O×N\×O×QGDGHÿHUGH\]GHRUDQ×QGDD]DO×üOD
PLO\DUGRODUYHPLNWDUGD\]GH
RUDQ×QGDD]DO×üODPLO\RQWRQLKUDFDW
JHUoHNOHüWL
7UNL\H·QLQHQE\NGHPLUoHOLNLüOHWPHOHULQHVDKLSRODQ+DWD\YH2VPDQL\HE|OJHVLQGHoHOLNVHNW|UoRN|QHPOLELUNRQXPGDEXOXQX\RU%|OJHLoLQE\NLVWLKGDP
ND\QDÿ×RODQVHNW|U2UWD'RÿX·GDNLVL\DVL
EHOLUVL]OLNOHU\]QGHQV×N×QW×O×ELUG|QHPGHQJHoVHGHVHNW|UH\DS×ODQ\HQL\DW×U×PODU
QHWLFHVLQGH+DWD\KDOHQGHPLUoHOLNVHNW|UQGHNDSDVLWHDo×V×QGDQ7UNL\H·GHELULQFL
V×UDGD\HUDO×\RU6HNW|U7UNL\H·QLQ
PLO\RQWRQOXNUHWLPNDSDVLWHVLQLQ\DU×V×QDVDKLSNHQKDOHQ7UNL\H·QLQLWKDOHWWLÿL
\×OO×NRUWDODPDPLO\RQWRQ\DVV×oHOLÿLQ
PLO\RQWRQXQX+DWD\LüOL\RU%XDQODPGD+DWD\·×QoHOLNLKUDFDW×JHoWLÿLPL]\×O
PLO\DUPLO\RQGRODURODUDNJHUoHNOHüWL
SEKTÖR, DÜNYAYA
þ+5$&$7<$3,<25
7UNoHOLNVHNW|ULKUDFDW×\×O×QGD
ROGXÿXJLELJHoWLÿLPL]\×OGD\LQHDÿ×UO×NO×
RODUDN2UWD'RÿXONHOHUL$YUXSD%LUOLÿL
.X]H\$IULNDYH.X]H\$PHULNDONHOHULQH\DS×OG×2UWD'RÿXONHOHULQHLKUDFDW
GHÿHUGH\]GHD]DO×üJ|VWHUHUHN
PLO\DUGRODUYHPLNWDUGD\]GHGüü
J|VWHUHUHNPLO\RQWRQVHYL\HOHULQHJHULOHVHGH|QFHNL\×OODUGDROGXÿXJLEL\]GH
SD\LOHHQoRNLKUDFDW\DS×ODQE|OJH
ROPD|]HOOLÿLQLNRUXGXþKUDFDWWDLNLQFL
V×UDGDJHOHQ$YUXSD%LUOLÿL·QHLKUDFDW×P×]
LVH2UWD'RÿXONHOHULQLQDNVLQHGHÿHUGH
\]GHDUW×üOD\DNODü×NPLO\DUGRODU
YHPLNWDUGD\]GHDUW×üODPLO\RQ
WRQVHYL\HVLQGHJHUoHNOHüWLþKUDFDW×P×]GD
oQFV×UDGDEXOXQDQ.X]H\$IULND·\D
RODQLKUDFDWGD|QFHNL\×ODRUDQODGHÿHUGH
\]GHD]DO×üJ|VWHUHUHNPLO\DUGRODU
YHPLNWDUGD\]GHD]DO×üOD\DNODü×N
PLO\RQWRQVHYL\HVLQGHJHUoHNOHüWL
*HOHQHNVHOSD]DUODU×P×]DHNRODUDNVRQ
G|QHPOHUGHJHOLüHQSD]DUODU×P×]GDQ/DWLQ
$PHULNDONHOHULQH\|QHOLNLKUDFDW×P×]
\×O×QGDGHÿHUGH\]GHD]DO×üOD\DNODü×NPLO\RQGRODUEXQDNDUü×O×NPLNWDUGD\DüDQDQ\]GHDUW×üODPLO\RQWRQ
RODUDNJHUoHNOHüWL%XE|OJHOHULL]OH\HQ.X]H\
$PHULND·\DRODQLKUDFDW×P×]LVHGHÿHUGH\]GHD]DO×üOD\DNODü×NPLO\RQGRODU
VHYL\HOHULQHJHULOHUNHQPLNWDUGDGD\]GH
·OLNND\×S\DüDQG×YH\DNODü×NPLO\RQ
WRQUDNDP×LOH\×O×NDSDW×OG×
29
'(0å59('(0å5',æ,0(7$//(5
aELIKéHRACATlÆLARÆ"IRLIëI"AíKANÆ
/".*,&,ð/$ð
!+é"$EMIRVE$EMIR$ÆíÆ-ETALLER
éHRACATlÆLARÆ"IRLIëI"AíKANÆ
"%/"/&340:6-6#"è
,5$.´7$.å62581/$5
6(.7g5h(7.å/('å
7h5.å<(,5$.´7$'$+$
)$=/$6g=6$+å%å2/$&$.
æVNHQGHUXQ7LFDUHWYH6DQD\L2GDVÑ´QÑQ
GDYHWL]HULQHdHOLNæKUDFDWoÑODUÑ%LUOLåLYH
'Ñè(NRQRPLNæOLèNLOHU.XUXOX'(æ.7UN,UDN
æè.RQVH\LæVNHQGHUXQ6DQD\LYH7LFDUHW
2GDVÑWHPVLOFLOHULLOHELUDUD\DJHOGL,UDN´WD
,çæ'ND\QDNOÑVRQG|QHPJHOLèPHOHULQ
o|]P|QHULOHULQLQHOHDOÑQGÑåÑWRSODQWÑGD
ELUNRQXèPD\DSDQdHOLNæKUDFDWoÑODUÑ%LUOLåL
%DèNDQÑ1DPÑN(NLQFL,UDN´WD\DèDQDQVRQ
JHOLèPHOHUGRåUXOWXVXQGDHQE\NLKUDFDW
SD]DUÑPÑ]RODQ,UDN´DJHUoHNOHèWLUGLåLPL]
LKUDFDWWD|QHPOLGèèOHU\DèDQGÑåÑQÑ
EHOLUWWL2FDN7HPPX]G|QHPLQGHELU
|QFHNL\ÑODJ|UH\]GHD]DOÑèJ|VWHUHQ
LKUDFDWÑQPLO\RQGRODUDJHULOHGLåLQLLIDGH
HGHQ(NLQFL±,UDNVHNW|UP]DoÑVÑQGDQ
GDKDE\NSRWDQVL\HOHVDKLSELUONH
2OXPVX]JHOLèPHOHULQVRQDHUPHVL,UDN´OD
\DNÑQLOLèNLGHRODQYHVHNW|UP]QELU
DQODPGDNDOELQLROXèWXUDQæVNHQGHUXQ´XQ
EXSRWDQVL\HOGHQ|QHPOLELUSD\DOPDVÑQÑ
VDåOD\DFDN²GHGL
$.æ%'HPLUYH'HPLU'ÑèÑ0HWDOOHU
æKUDFDWoÑODUÑ%LUOLåL%DèNDQÑ$GQDQ(UVR\
8OXEDè2UWD'RåXYH,UDNSD]DUÑQGD
\DèDQDQROXPVX]OXNODUÑQJHoLFLROPDVÑQÑ
WHPHQQLHWWLNOHULQL,çæ'WHU|U|UJWQQ
E|OJHGHKkNLPL\HWLQLND\EHWPHVLYH
VÑQÑUODUGDNLEXNDUÑèÑNOÑNODUÑQJLGHULOPHVL\OH
7UNL\H´QLQ,UDNYHæUDQSD]DUÑQGDGDKD
ID]ODV|]VDKLELRODFDåÑNDQDDWLQGH
ROGXNODUÑQÑLIDGHHWWL8OXEDèNRQXèPDVÑQGD
,UDN´WDNLSUREOHPOHULQ|]HOOLNOHoHOLN
VHNW|UQHWNLOHGLåLQHYXUJX\DSDUDN
±*HoHQ\ÑOPLO\DUGRODUOÑNLKUDFDWYDU
,UDNNUL]LQGHEL]HNUL]LKLVVHWWLUPH\HQ
ONHOHUGHQELUL\GL6DGHFHGD\]GH
´OXNELUGèèROGXYHGDKDVRQUDWHNUDU
LKUDFDWÑPÑ]ÑDUWÑUGÑN%XQXQQHGHQLGH
$YUXSDGHåLOGLU2UWD'RåX´GDNL,UDN´WDNL
LKUDFDWSD]DUÑPÑ]ÑDUWÑUPDPÑ]GÑU$UDS
%DKDUÑ|]HOOLNOH0ÑVÑU/LE\DYHæVUDLO´GHNL
VL\DVLJHUJLQOLNOHUEL]HoRNSD]DU
ND\EHWWLUGL²GHGL
þ+5$&$77$þ/.hd6,5$'$
,5$.688'þ$5$%þ67$1
9(%$(9$5
7UNoHOLNVHNW|UONHOHUED]×QGDGHÿHUOHQGLULOGLÿLQGH\×O×QGDPLNWDUEDN×P×QGDQHQoRNoHOLNLKUDFDWJHUoHNOHüWLULOHQ
ONHOHUYHLKUDFDWWDNLSD\ODU×V×UDV×\OD\]GH
LOH,UDN\]GHLOH6XXGL$UDELVWDQ
\]GHLOH%LUOHüLN$UDS(PLUOLNOHUL\]GHLOH$%'YH\]GHLOHþVUDLOROGX
\×O×QGDLNLQFLV×UDGD\HUDODQ,UDN
\×O×QGDHQoRNoHOLNLKUDFDW×\DSW×ÿ×P×]ONHNRQXPXQDJHOLUNHQ,UDN·DoHOLN
LKUDFDW×P×]ELU|QFHNL\×ODQD]DUDQGHÿHUGH
\DNODü×N\]GHDUWDUDNPLO\DUGRODUYH
30
PLNWDUGD\]GHDUW×üODPLO\RQWRQ
VHYL\HVLQGHJHUoHNOHüWL\×O×QGD7UNL\HLKUDFDW×QGDHQGLNNDWoHNLFLDUW×üODU×Q
\DüDQG×ÿׁONHOHUGHQ7D\ODQG·DLKUDFDWLVH
GHÿHUGH\]GHDUW×üODPLO\RQGRODU
YHPLNWDUGD\]GHDUW×üODELQ
WRQDXODü×UNHQ3RUWHNL]·HRODQLKUDFDW×P×]VD
GHÿHUGH\]GHDUW×üODPLO\RQGRODU
YHPLNWDUGD\]GHDUW×üODELQWRQ
VHYL\HVLQHXODüW×
(QoRNoHOLNLKUDFDW×\DSW×ÿ×P×]ONHRODQ
,UDN·DLKUDoHGLOHQUQOHUPLO\RQWRQOD
oXEXN\]GHDUW×üELQWRQODERUX
\]GHDUW×üELQWRQODSURILO\]GHD]DO×üELQWRQODLQüDDWDNVDP×
\]GHD]DO×üROXUNHQoHOLNLKUDFDW×QGD
LNLQFLV×UD\×DODQ6XXGL$UDELVWDQ·DHQoRN
LKUDoHWWLÿLPL]UQOHUV×UDV×\ODELQWRQODNWN\]GHD]DO×üELQWRQOD
oXEXN\]GHD]DO×üELQWRQOD
SURILO\]GHD]DO×üYHELQWRQODLQüDDW
DNVDP×\]GHD]DO×üRODUDNJHUoHNOHüWL
þKUDFDWGDoQFV×UD\×DODQ%LUOHüLN$UDS
(PLUOLNOHUL·QHHQoRNLKUDoHWWLÿLPL]UQOHUVHü|\OHPLO\RQWRQODoXEXN\]GH
DUW×üELQWRQODSURILO\]GHDUW×ü
ELQWRQODNWN\]GHD]DO×üYHELQ
WRQODILOPDüLQ\]GHDUW×ü
\×O×LKUDFDW×QGDELU|QFHNL\×ODN×\DVOD
HQE\NDUW×üODU,UDNþVUDLO<HPHQ/LE\D
þWDO\DYH3HUX·GD\DüDQG×6L\DVLEHOLUVL]OLNOHULQVRQDHUPHVL\OH/LE\D·\DRODQLKUDFDW×P×]GDNLDUW×üWUHQGL\×O×QGDGDGHYDP
HGHUNHQUQED]×QGDHQoRNLKUDoHWWLÿLPL]
UQOHUV×UDV×\ODoXEXNILOPDüLQ\DVV×V×FDN
YH\DVV×NDSODPDROGX\×O×QGD$YUXSD%LUOLÿL\DVVׁUHWLPLQGHNL\DYDüODPD\OD
ELUOLNWHþWDO\D·\D\DVV×LKUDFDW×P×]GD
\×O×QGDDUW×üJ|UOUNHQUQED]×QGDHQoRN
V×UDV×\OD\DVV×V×FDNILOPDüLQNWNYHERUX
ROGXÿXELOLQL\RU
<,/,1'$(1%h<h.
+85'$þ7+$/$7d,6,
7h5.þ<(
+XUGDVHNW|U\OHLOJLOLGHÿHUOHQGLUPHOHUGH
EXOXQDQ7UNL\HdHOLNhUHWLFLOHUL'HUQHÿL
<|QHWLP.XUXOX%DüNDQ×%D\UDP<XVXI
$VODQDÿ×UO×NO×RODUDNHOHNWULNDUNRFDNO×
WHVLVOHULQWHPHOJLUGLVLNRQXPXQGDEXOXQDQKXUGDQ×Q\NVHNI×U×QODUGDGDEHOLUOL
RUDQODUGDWNHWLOGLÿLQLV|\OHGL6RQ\×OO×NG|QHPGHHOHNWULNDUNRFDNO×WHVLVOHULQ
GQ\DKDPoHOLNUHWLPLLoLQGHNLSD\×Q×Q
\]GHVHYL\HVLQGHQ\×O×QGD\]GHVHYL\HVLQHJHULOHGLÿLQLLIDGHHGHQ
$VODQ´\×O×QGDGQ\DJHQHOLQGHJHUoHNOHüWLULOHQPLO\DUWRQFLYDU×QGDNL
KDPoHOLNUHWLPLQLQPLO\RQWRQOXN
E|OPHOHNWULNDUNRFDNO×WHVLVOHUGHJHUoHNOHüWLULOGL
7UNL\H·GHLVH\×O×QGDNLPLO\RQ
WRQOXNKDPoHOLNUHWLPLQLQ\]GH·L
HOHNWULNDUNRFDNO×WHVLVOHUHDLWEXOXQX\RU
8OXVODUDUDV×*HUL'|QüP%URVX%,5
YHULOHULQHJ|UH\×O×QGDGQ\DJHQHOLQGHPLO\RQWRQKXUGDWNHWLOGLYHEX
PLNWDU×QPLO\RQWRQXXOXVODUDUDV×WLFDUHWH
NRQXROGX6|]NRQXVXPLO\RQWRQOXN
KXUGDG×üWLFDUHWLQLQPLO\RQWRQFLYDU×QGDNLN×VP×Q×Q$%ONHOHULDUDV×QGD\DS×OG×ÿ×
ELOLQL\RUµGHGL
+85'$7h.(7þ0þ1þ1
<h='(·þþd3þ<$6$'$1
%D\UDP <XVXI $VODQ GQ\DGD HQ E\NKXUGDWNHWLFLOHULQLQ$YUXSD%LUOLÿL
dLQ$%'-DSRQ\D*QH\.RUHYH7UNL\HüHNOLQGHV×UDODQG×ÿ×Q×Do×NODUNHQ
7UNL\H·QLQPLO\RQWRQLOH
\×O×QGDHQE\NKXUGDLWKDODWo×VׁONH
NRQXPXQXPXKDID]DHWWLÿLQLQDOW×Q×oL]GL
7UNL\H·\LPLO\RQWRQOD*QH\.RUHYH
PLO\RQWRQOD+LQGLVWDQWDNLSHGL\RU
$VODQ´7UNL\H\×O×QGDPLO\RQWRQOXNKXUGDWNHWLPLQLQ\]GH
RUDQ×QGDNLPLO\RQWRQOXNN×VP×Q×
LoSL\DVDGDQWHGDULNHWWLµGL\HUHNGHYDP
HGHUNHQVHNW|UQLoSL\DVDGDQKXUGDWHGDULNPLNWDU×Q×QGDKHUJHoHQ\×ODUWPD\D
GHYDPHWWLÿLQLYXUJXODG×þoSL\DVDGDNL
KXUGDUHWLPLQGHNLDUW×üDSDUDOHORODUDN
KXUGDWRSODPDVHNW|UQGHNLLVWLKGDP×Q
GDK×]ODQG×ÿ×Q×LIDGHHGHQ$VODQPHYFXW
GXUXPLWLEDU×\OD7UNL\H·GHoHOLNKXUGDV×
VHNW|UQQELQNLüLQLQ]HULQGHLVWLKGDPVDÿODG×ÿ×Q×VRQ\×OODUGD7UNL\H·QLQ
oHOLNWNHWLPLQGHNLK×]O×DUW×üDSDUDOHO
RODUDN|QP]GHNL\×OODUGD7UNL\H·QLQ
KXUGDUHWLPSRWDQVL\HOLQLQGHDUWDFDÿ×Q×
|QJ|UGNOHULQLV|\OHGL
+85'$þdþ1(7.þ19(
9(5þ0/þd$/,ý$1
6þ67(0(þ+7þ<$d9$5
%XQXQODELUOLNWH%D\UDP<XVXI$VODQ
7UNL\HSL\DVDV×QGDKXUGDWRSODQPDV×NRQXVXQGD\HWHULQFHHWNLQYHYHULPOLoDO×üDQ
ELUVLVWHPEXOXQPDG×ÿ×QDGDGLNNDWoHNWL
7UNL\H·GHKXUGDWRSODPDLüOHPOHULQLQ
PDKDOOLLGDUHOHURUJDQL]DV\RQXQGDGDKD
VLVWHPDWLNELUKDOHJHWLULOPHVLJHUHNWLÿLQL
GLOHJHWLUHQ$VODQNoNKXUGDF×ODU×Q
IDWXUDNHVPHGLÿLQLYHEXQXQWHUFLKHGLOLUOLNWHEHOLUOH\LFLROGXÿXQXND\GHGHUNHQ
\HUOLUHWLFLOHULQEX\DVDO]RUXQOXOXNWDQ
GROD\×LoSL\DVDGDQWHGDULNWHV×Q×UODQG×UG×ÿ×Q×YXUJXODG×7UNL\HdHOLNhUHWLFLOHUL
'HUQHÿLRODUDN\XUWLoLQGHNLKXUGDODU×Q
WDPDP×Q×QHNRQRPL\HJHULND]DQG×U×OPDV×Q×VDÿOD\DFDNWHGELUOHULQDO×QPDV×
YHVUHoOHULQL\LOHüWLULOPHVLNRQXVXQGD
D]DPLJD\UHWJ|VWHUGLNOHULQLEHOLUWHQ$VODQ´dHOLNVHNW|U\XUWLoLQGHQWHGDULN
HGLOHELOHQKXUGDQ×QWDPDP×QׁUHWLPLQGHNXOODQ×\RU%XQXQ\DQ×QGD]RUXQOX
RODUDN\DS×ODQLWKDODWNRQXVXQGDSD]DU
oHüLWOHQGLUPHVLYHKXUGD\DDOWHUQDWLIJLUGL
UHWLPLYHWHGDULNLNRQXVXQGDoDO×üPDODU
\DS×\RUX]µGHGL
4e2+a%,ë+
SEKTÖRÜ
4OSYALÆ(OLDING9yNETIM+URULU"AíKANÆ
FUAT TOSYALI
4~RKIYEHAMlELIK
~RETIMINDED~NYANÇN
¯INCIB~Y~K~RETICISI
¯~AæKÇN~LKEYE
lELIKIHRAlEDEN4~RKIYE
TOPLAMlELIKIHRACATÇNDA
¯INCISÇRADA
4~RKIYE
INæAATDEMIRI
ALANÇNDA~LKEYE
YAPTÇäÇIHRACATLA
D~NYAIHRACATÇNDA
ILKSÇRADA
4~RKIYE¯NIN
YÇLÇNDAKITOPLAMlELIK
IHRACATÇMIKTARBAZÇNDA
MILYONTONADEäER
BAZÇNDAISEMILYAR
DOLARAULAæTÇ
%NlOKIHRAl
EDILEN~R~NLER
MILYONTONLAlUBUKVE
MILYONTONLABORU
OLDU
726d(/å.$65,1
352-(6å1(%258
9(5(&(.
IDEULNDVÑ\ODoNÑWDGDUHWLP\DSDQ
YH\ÑOOÑN\XUWLoLFLURVXPLO\DUGRODU
RODQ7UNL\H´QLQHQE\NoHOLNUHWLFLVL
7RV\DOÑHQHUMLGHDVUÑQU\DVÑRODUDN
WDQÑPODQDQ7$1$3´ÑQHQE\NERUX
WHGDULNoLVLROGX±'Q\DQÑQKHU\HULQGH
Lè\DSDQVHVVL]ELUGHYL]²GL\HQ7RV\DOÑ
+ROGLQJ<|QHWLP.XUXOX%DèNDQÑ)XDW
7RV\DOÑGDNLNDGDELQPHWUHERUX
UHWHELOHQ\HWNLQOLNWHROGXNODUÑQD
GLNNDWoHNHUNHQ±7UNèLUNHWOHUL
7$1$3´ÑQERUXLKWL\DFÑQÑQ\]GH´LQL
NDUèÑODUNHQEL]EXQXQ\]GH´VLQL
WHNEDèÑPÑ]DVWOHQL\RUX]²GL\HQ
)XDW7RV\DOÑELQWRQOXNUHWLPL
LVH2VPDQL\H´GHNLIDEULNDODUÑQGD
\DSDFDNODUÑQÑV|\OHGL<ÑOOÑNUHWLP
NDSDVLWHOHULQLQPLO\RQWRQROGXåXQX
LIDGHHGHQ7RV\DOÑQHUHGH\VH
7UNL\H´GHNLWRSODPUHWLPNDGDUWHN
EDèODUÑQDUHWLP\DSWÑNODUÑQÑQYHKDP
PDGGH\LUHWHQWHNILUPDROGXNODUÑQÑQ
DOWÑQÑoL]HUNHQ±7$1$3SURMHVL\OH
ELUOLNWHVDGHFHEL]GHELQNLèLOLNGHY
ELULVWLKGDPRODQDåÑ\DUDWÑODFDN²GHGL
*UXSRODUDN\ÑOGDPLO\RQ
GRODUOÑN\HQL\DWÑUÑPODU\DSWÑNODUÑQÑ
V|\OH\HQ7RV\DOÑ-DSRQ7R\R.RKDQ
JUXEX\ODRUWDNJHUoHNOHèWLUHFHNOHUL
\HQLWHVLVOHULQLQGHLNL\ÑOLoLQGH
WDPDPODQDFDåÑQÑYHEXWHVLVWH
JÑGDDPEDODMÑoHOLåLQGHNXOODQÑODQ
LOHULWHNQRORMLUQNDOD\OÑWHQHNH
UHWHFHNOHULQLEXUQQNXOODQÑP
DODQÑQÑQoRN\RåXQROGXåXQXYHKHP
\RåXQLKUDFDW\DSDFDNODUÑQÑKHPGH
\XUWLoLWDOHELNDUèÑOD\DFDNODUÑQÑLIDGH
HWWL
FUAR
$0(5å.$´1,17$0=$0$1,
'RODUÐQGHäHUND]DQGÐäÐ(NRQRPL%DNDQOÐäдQÐQ$%'´\LKHGHISD]DUODUDGkKLOHGLSIXDUYHWLFDUL
KH\HWOHUHGHVWHäLQLDUWÐUGÐäÐELUG|QHPGH7UNL\H´QLQ$PHULNDU\DVÐJHUoHNROX\RU$%'´QLQHQ
E\NPRGDYHKD]ÐUJL\LPIXDUÐ0DJLF6KRZ/DV9HJDV´ÐQ%DçNDQÐ&KULVWRSKHU*ULIILQYH8OXVODUDUDVÐ
6DWÐç0GU%RE%HUJå+.å%´LQGDYHWL\OHJHOGLNOHULåVWDQEXO´GD$%'SD]DUÐQGDNLIÐUVDWODUÐDQODWWÐ
þ
VWDQEXO+D]×UJL\LPYH.RQIHNVL\RQ
þKUDFDWo×ODU×%LUOLÿLþ+.þ%$PHULND·GD
ND\EHGLOHQSD]DU×\HQLGHQND]DQPDN
LoLQ NROODU× V×YDG× $%'·QLQ HQ E\N
PRGDYHKD]×UJL\LPIXDU×0DJLF6KRZ
/DV9HJDV·×Q%DüNDQ×&KULVWRSKHU*ULIILQ
YH8OXVODUDUDV×6DW×ü0GU%RE%HUJ
32
þ+.þ%·LQGDYHWL\OHJHOGLNOHULþVWDQEXO·GD
$%' SD]DU×QGDNL I×UVDWODU× DQODW×UNHQ
7UNL\H·\LdLQ·LQDOWHUQDWLILRODUDNJ|UGN
OHULQLV|\OHGL·Q]HULQGHILUPDQ×Q
VWG]H\WHPVLOFLVLQLQNDW×OG×ÿ×WRSODQW×GD
0DJLF6KRZ·XQ%DüNDQ×&KULVWRSKHU*ULI
ILQ$%'SD]DU×KDNN×QGDW\RODUDNWDU×U
NHQ$%'SD]DU×QGDdLQOLILUPDODUDNDUü×
UHNDEHWDYDQWDM×V×UODU×Q×GDSD\ODüW×7UN
KD]×UJL\LPGHULNRQIHNVL\RQYHD\DNNDE×
VHNW|UQQ$%'·GHE\NüDQVDVDKLS
ROGXÿXQXEHOLUWHQ&KULVWRSKHU*ULIILQ
NDW×O×P×Q\RÿXQOXÿXQGDQHWNLOHQGLNOHULQL
YHPHPQXQROGXNODU×Q×GDEHOLUWWL
NEW YORK, TORONTO,
LOS ANGELES VE
&+$5/277(þdþ1
KOLLARI SIVADIK
7RSODQW×\D %DüNDQO×N HGHQ þ+.þ% $%
$%'8]DN'RÿXhONHOHULYH'×üþOLüNLOHU
.RPLWHVL%DüNDQ×g]NDQ.DUDFDWRSODQW×GDNLNRQXüPDV×QGD$%'·QLQ|QHPOLIXDUODU×QDPLOOLNDW×O×P\DSPDN1HZ<RUN
7RURQWR/RV$QJHOHVYH&KDUORWWH·XWLFDUHW
KH\HWOHUL\OH]L\DUHWHWPHNLoLQNROODU×V×YDG×NODU×Q×V|\OHGL7UNL\H·QLQGQ\DQ×Q
DOW×QF×$YUXSD·Q×QLNLQFLE\NKD]×UJL\LPLKUDFDWo×V×ROGXÿXQXLIDGHHGHQg]NDQ
.DUDFD|UPHJUXEXQGDGQ\DoQFV
GHQLPYHoRUDSWDLVHGQ\DLNLQFLVLNRQXPXQGDEXOXQGXÿXPX]XDQ×PVDWDUDN
\×O×VRQXQDNDGDU\NVHNVH\UHGHQ
$%'LKUDFDW×Q×QNRWDODU×QNDONPDV×YH
GRODU×QGHÿHUND\EHWPHVL\OHGüWÿQ
VRQD\ODUGDLVHGRODU×QGHÿHUND]DQPDV×\OD
\HQLGHQ7UNL\H·QLQüDQV×Q×QDUW×UG×ÿ×Q×
EHOLUWWL´(NRQRPL%DNDQO×ÿ×P×]×Q$%'·\L
¶+HGHI3D]DUhONHOHUL·LoLQHDOPDV×EX
ONHOHULoLQIXDUGHVWHNOHULQL\]GH·H
o×NDUPDV×YHKHUILUPDGDQoNLüLQLQXoDN
ELOHWLQLNDUü×ODPDV×EL]LFHVDUHWOHQGLUGLµ
GL\HQ.DUDFD´)XDUYH$%'SD]DU×\ODLOJLOL
ELOJLDOPDNLoLQ0DJLF6KRZ)XDU×·Q×QHQ
|QHPOL\HWNLOLOHULQLþVWDQEXO·DGDYHWHWWLNµ
GHGLg]NDQ.DUDFDVRQJQOHUGH$%·QLQ
HQJoOHNRQRPLOHULLoLQELOHGDUDOPD
WHKGLGLQLQWDUW×ü×OG×ÿ×QDGLNNDWoHNHUHN
E|\OHVLELURUWDPGDGQ\DQ×QHQE\N
SD]DU×RODQ$%'·\HLKUDFDW×QDUW×U×OPDV×JHUHNWLÿLQLV|\OHGL.DUDFD´%D]×KDPPDGGHOHULPL]LGRODUED]×QGDWHPLQHGL\RUX]
%XLVH$%ONHOHULQH\DSW×ÿ×P×]LKUDFDWWD
NkURUDQ×P×]×GüU\RU5DNLSOHULPL]LQ
GRODUED]×QGDVDW×ü\DSPDV×SDULWHQLQGRODUOHKLQH\]GHFLYDU×QGD\NVHOPHVLQHEDÿO×RODUDNDUDP×]GDNLIL\DWIDUN×Q×
D]DOW×\RU%XG|QHPGHWPKD]×UJL\LP
ILUPDODU×Q×$PHULND·GDER\J|VWHUPH\H
GDYHWHGL\RUX]%DüWD&XPKXUEDüNDQ×P×]
%DüEDNDQ×P×]YH(NRQRPL%DNDQO×ÿ×P×]
ROPDN]HUH\HWNLOLOHUHVHVOHQL\RUXP$%'
YH$%VHUEHVWWLFDUHWDQODüPDV×QGDNHVLQOLNOHG×üDU×GDNDOPDPDO×\×]üLPGLGHQ
JHUHNOLJLULüLPOHUHEDüODPDO×\×]µGHGL
0$*,&6+2:$0(5þ.$
þ/(6,1,5/,'(Āþ/
0DJLF6KRZ/DV9HJDV·×Q%DüNDQ×&KULVWRSKHU*ULIILQLVHVXQXPXQGD\×O×QGD7UNL\H·QLQ$%'·\HPLO\RQGR-
6ROGDQVDåD0DJLF6KRZ/DV9HJDV8OXVODUDUDVÑ6DWÑè0GU%RE%HUJæ+.æ%<|QHWLP.XUXOXh\HVL
g]NDQ.DUDFDYH0DJLF6KRZ/DV9HJDV´ÑQ%DèNDQÑ&KULVWRSKHU*ULIILQ
ODUO×NLKUDFDW\DSW×ÿ×Q×EHOLUWHUHN´7UNL\H
$PHULNDQSD]DU×QGDQ\HWHULQFHLVWLIDGH
HGHPHGL%X\]GHQWDPGD]DPDQ×GL\RUX]dLQ·HDOWHUQDWLIDUD\DQ$PHULNDO×
VDW×QDOPDF×ODU7UNILUPDODU×Q×J|UPHN
LVWL\RUODUµGHGL%XIXDU×Q$PHULNDSD]DU×
LOHV×Q×UO×J|UOPHPHVLJHUHNWLÿLQLYXUJXOD\DQ*ULIILQ´2UJDQL]DV\RQDELUoRN
ONHGHQVDW×QDOPDF×YH]L\DUHWoLOHUJHOL\RU
$YUXSDOׁVWG]H\PDUNDODUJHOLSELU-DSRQYH\D.DQDGDO×DO×F×\ODHOV×N×üDELOL\RUµ
GL\HUHN$%'SD]DU×QGDWNHWLFLOHULQVDW×Q
DOPDSURILOOHULQHLOLüNLQELOJLOHUGHDNWDUG×
0DJLF6KRZ8OXVODUDUDV×6DW×ü0GU%RE
%HUJGH\DüDQDQHNRQRPLNNUL]LJHULGHE×UDNDQ$%'·\H7UNL\H·QLQLKUDFDW\DSPDV×
LoLQGRÿUX]DPDQROGXÿXQDGLNNDWoHNWLÿL
VXQXPXQGD$%'Do×V×QGDQdLQ·HDOWHUQDWLI
DUDG×NODU×Q×V|\OHGLYHELUWDN×PE|OJHVHO
JHOLüPHOHU\HUHOSD]DUODU×QJHOLüPHVLYH
DUWDQPDOL\HWOHUNDUü×V×QGDdLQ·LQGüüH
JHoWLÿLQLV|\OHGL
33
/2-å67å.
.h5(6(//(æ0(1å158+8
/2-å67å.7(1*(då<25
8OXVODUDUDVÐ7DçÐPDFÐOÐNYH/RMLVWLN+L]PHWhUHWHQOHUL'HUQHäL´QLQ87å.$'HYVDKLSOLäLQGH
G]HQOHQHQYHNUHVHOORMLVWLNGHYOHULQGHQ\]OHUFHVWG]H\\|QHWLFLQLQNDWÐOGÐäÐ),$7$'Q\D
.RQJUHVL(NLPWDULKOHULDUDVÐQGDåVWDQEXO´GDJHUoHNOHçWLULOGL
U
OXVODUDUDV× 7Dü×PD þüOHUL 2UJDQL]DW|UOHUL 'HUQHNOHUL
)HGHUDV\RQX·QXQ),$7$
\×O×'Q\D.RQJUHVL·QLQUHVPLDo×O×ü×+LOWRQþVWDQEXO%RPRQWL2WHO.RQIHUDQV
0HUNH]L·QGHJHUoHNOHüWLULOLUNHQ´/RMLVWLNWH
6UGUOHELOLU%\PHµWHPDO×NRQJUHQLQ
Do×O×üW|UHQLQH(NRQRPL%DNDQ<DUG×PF×V×
$GQDQ<×OG×U×P8ODüW×UPD'HQL]FLOLNYH
+DEHUOHüPH%DNDQO×ÿ×0VWHüDU<DUG×PF×V×
9HNLOL7DODW$\G×QþVWDQEXO7LFDUHW2GDV×
34
þ72%DüNDQ×þEUDKLPdDÿODU87þ.$'
<|QHWLP.XUXOX%DüNDQ×7XUJXW(UNHVNLQ
),$7$%DüNDQ×)UDQFHVFR3DULVL'Q\D
*PUNgUJW*HQHO6HNUHWHUL.XQLR
0LNXUL\DYH'Q\D7LFDUHWgUJW*HQHO
0GU<DUG×PF×V×<RQRY)UHGHULFN$JDK·×Q
\DQ×V×UDORMLVWLNVHNW|ULOHLOJLOL\HUOLYH
\DEDQF×oRNVD\×GDGDYHWOLNDW×OG×
5HNRUVD\×GDEDüYXUX\DS×ODQONHQLQORMLVWLNGHYOHULQGHQ\]OHUFHVWG]H\
\|QHWLFLQLQYHELQGHQID]ODNDW×O×PF×Q×Q
LüWLUDNHWWLÿL),$7$'Q\D.RQJUHVLER\XQFDG]HQOHQHQD\U×RWXUXPGDLVH
NRQXNNRQXüPDF×VHNW|UH\|QHOLNJ|UüYH
GHQH\LPOHULQLSD\ODüW×
7h5.þ<(
7$ý,0$&,/,.h66h2/$&$.
),$7$'Q\D.RQJUHVL·QLQDo×O×üNRQXüPDV×Q×\DSDQ(NRQRPL%DNDQ<DUG×PF×V×
$GQDQ<×OG×U×PNUHVHOOHüPHQLQORMLVWLN
]HULQHNXUXOXROGXÿXQXLIDGHHGHUHN´.-
WDü×PDF×O×ÿ×P×]\]GHE\GgQJ|UOHULPL]HJ|UH\×O×LWLEDU×\ODOLPDQODU×P×]GDQWRSODPWDü×PDPLO\RQWRQD
XODüDFDNµGHGL<×OG×U×P7UNL\H·QLQ
\×O×QGDNLG×üWLFDUHWKHGHILQHXODüDELOPHVL
LoLQJHUHNOLDOW\DS×\DW×U×PODU×QDEDüODG×ÿ×Q×
GDYXUJXOD\DUDN´7UNL\HKDYDGDGHQL]GH
NDUDGDYHGHPLU\ROXQGDNHQGLE|OJHVLQGH
WDü×PDF×O×NVVRODFDNµGHGL/RMLVWLÿLQVUGUOHELOLUNDON×QPDYHE\PHQLQ|QHPOL
IDNW|UOHULQGHQROGXÿXQXQDOW×Q×oL]HQ<×OG×U×PEXDQODPGDNRQJUHQLQWHPDV×Q×QGD
´/RMLVWLNWH6UGUOHELOLU%\PHµRODUDN
EHOLUOHQPHQLQoRN\HULQGHROGXÿXQXV|\OHGL
7h5.þ<(hd.,7$$5$6,1'$
g1(0/þ%þ5/2-þ67þ.0(5.(=
8ODüW×UPD'HQL]FLOLNYH+DEHUOHüPH%DNDQO×ÿ×0VWHüDU<DUG×PF×V×9HNLOL7DODW$\G×QLVH
VRQ\×OG×UXODüW×UPDDODQ×QGDoRN|QHPOL
SURMHOHUJHUoHNOHüWLULOGLÿLQLEHOLUWHUHNEX
SURMHOHULQ7UNL\H·QLQORMLVWLNPHUNH]ROPD
KHGHILQHKL]PHWHWWLÿLQLV|\OHGL7DODW$\G×Q
WDü×PDF×O×NYHORMLVWLNVHNW|UQQJHOLüWLULOPHVLLoLQEDNDQO×NRODUDNWPoDO×üPDODU×
JHUoHNOHüWLUGLNOHULQLEHOLUWHUHN7UNL\H·QLQ
NDUDKDYDYHGHPLU\ROODU×Q×JHOLüWLUPHNLoLQ
SURMHOHULQKD\DWDJHoLULOGLÿLQLV|\OHGL
7UNL\H·QLQoN×WDDUDV×QGD|QHPOLELUXODüW×UPDYHORMLVWLNPHUNH]ROPDDU]XVXEXOXQGXÿXQXGDLIDGHHGHQ$\G×Q7UNL\H·\LþSHN
<ROX·QXQNDOELKDOLQHJHWLUHFHNoDO×üPDODU×Q
\DS×OG×ÿ×Q×LIDGHHWWLYHNRQJUHPRWWRVX´/RMLVWLNWH6UGUOHELOLU%\PHµNDSVDP×QGD
|QHPOLNDUDUODU×QRUWD\Do×NDFDÿ×Q×QDOW×Q×
oL]GL
UHVHOOHüPHQLQUXKXUHWPHNGQ\DSD]DUODU×QDDo×OPDNYHUHNDEHWoLRODELOPHNWHQ
JHoL\RU/RMLVWLNGHEX]LQFLULQHQ|QHPOL
KDONDODU×QGDQELULGLUµGHGL\×O×QGD
PLO\RQWRQOXNUQQ7UNL\HOLPDQODU×QGDQJHoWLÿLYHPLO\RQWRQXQGD
G×üWLFDUHWHJLWWLÿLELOJLVLQLDNWDUDQ<×OG×U×P
7UNL\H·QLQVRQ\×OGDGLÿHUDODQODUGD
ROGXÿXJLELORMLVWLNVHNW|UQGHGH|QHPOL
EDüDU×ODUDLP]DDWW×ÿ×Q×LIDGHHWWLhONHOHU
YHüLUNHWOHULQUDNLSOHULQHVWQJLGHUHN
UHNDEHWWHEDüDU×O×RODFDÿ×Q×ND\GHGHQ<×OG×U×P´7UNL\HMHRVWUDWHMLNDÿ×UO×ÿ×Q×KDYD
WDü×PDF×O×ÿ×QGDNXOODQG×YHNHQGLE|OJHVLQGHVKDOLQHJHOGLgQP]GHNL\×OGD
G×üWLFDUHWKDFPLPL]LQoNDW×QDo×NPDV×
EHNOHQL\RU*HoWLÿLPL]\×OGDG×üWLFDUHW
þ67$1%8/9(7h5.þ<(
%h<h.327$16þ<(//(5
%$5,1',5,<25
þVWDQEXO7LFDUHW2GDV×%DüNDQ×þEUDKLPdDÿODULVHNDW×O×PF×ODUDELQ\×OO×NWDULKL
RODQYHGQ\DGDRUWDV×QGDQGHQL]JHoHQWHN
üHKLUGHEXOXQGXNODU×Q×V|\OH\HUHN´),$7$
'Q\D.RQJUHVL·QLQþVWDQEXO·GD\DS×OPDV×Q×
|QHPVL\RUXP%XNRQJUHQLQJHUoHNOHüPHVLQGHNDWN×V×RODQODUDEXYHVLOHLOHWHüHNNU
HGL\RUXPµGHGLþEUDKLPdDÿODU7UNL\H·QLQ
SHNoRNONH\OH\DW×U×PODU×QNDUü×O×NO×WHüYLNL
YHNRUXQPDV×DQODüPDV×LP]DODG×ÿ×Q×LIDGH
HGHUHNXODüW×UPDYHORMLVWLNVHNW|UQQ
PLO\DUGRODULKUDFDWPLO\DUGRODULWKDODW
\DSW×ÿ×Q×YHKHUJHoHQJQE\\HQELUVHNW|U
ROGXÿXQXYXUJXODG×
7UNL\H·QLQ\×O×QDNDGDUPLO\DUGRODULKUDFDW×KHGHIOHGLÿLQLQDOW×Q×oL]HQdDÿODU
´%XKHGHIHXODüPDP×]GDHQ|QHPOLVHNW|UOHULQEDü×QGDORMLVWLNJHOL\RU%XNDSVDPGD
|QHPOL\DW×U×PODUJHUoHNOHüWLULOL\RU$V\D·\×
$YUXSD·\DGHQL]DOW×QGDQ0DUPDUD\LOHEDÿODG×NýLPGL·QF.|SUoDO×üPDODU×WDPDPODQPDN]HUHþVWDQEXOYH7UNL\HORMLVWLN
\DW×U×PODU×Do×V×QGDQE\NSRWDQVL\HOOHU
EDU×QG×U×\RU%XSRWDQVL\HOOHULGHÿHUOHQGLUPHNLoLQEL]þVWDQEXO7LFDUHW2GDV×RODUDN
VL]OHULGHVWHNOHPH\HKD]×U×]µGHGL
),$7$$.$'(0þ6þþdþ1
d$/,ý0$/$5$%$ý/$',.
),$7$%DüNDQ×)UDQFHVFR3DULVLLVHUHNRUVD\×GDNDW×O×P×QJHUoHNOHüWLÿLNRQJUHGH|QHPOL
LüELUOLÿLJ|UüPHOHULQLQJHUoHNOHüWLÿLQLV|\OHGL8ODüW×UPDYHORMLVWLÿLQVUGUOHELOLU
E\PHQLQWHPHOWDüODU×YH),$7$·Q×QHQ
|QHPOLD\DNODU×QGDQELULROGXÿXQXEHOLUWHQ
3DULVL´),$7$·Q×QSROLWLNDVHoHQHNOHULYH
SR]LV\RQXGDKDJHOLüPLüORMLVWLNEDÿODQW×ODU
YHoHYUH\HGDKDD]]DUDUYHUHUHNXODüW×UPD
\DS×OPDV×\ROXQXVHoPLüWLU),$7$·Q×QELU
DPDF×GDVDQD\L\LJHOLüWLUPHNLoLQLVWLKGDP×JHOLüWLUPHNWLU0HVOHNLHÿLWLPHQJXUXU
GX\GXÿXPX]oDO×üPDODU×P×]GDQG×U),$7$
'LSORPDV×EWQGQ\DGDJHoHUOLRODQWHN
VHUWLILNDG×UýLPGL),$7$$NDGHPLVLLoLQGH
oDO×üPDODUDEDüODG×NµGHGL
/2-þ67þ.6(.7g5h
723/$0%h<h0(1þ1
g1(0/þ%þ53$5d$6,
),$7$'Q\D.RQJUHVL·QHHYVDKLSOLÿL\DSDQ
87þ.$'<|QHWLP.XUXOX%DüNDQ×7XUJXW
(UNHVNLQLVHNRQXüPDV×QGD87þ.$'RODUDN
E|\OHELUNRQJUH\HHYVDKLSOLÿL\DSPDQ×Q
RQXUXQXGX\GXNODU×Q×EHOLUWHUHNVHNW|UQ
WRSODPE\PHGH|QHPOLELUSDUoDROGXÿXQXYH7UNL\HHNRQRPLVLLoHULVLQGHORMLVWLN
VHNW|UQQE\PHVLQLQROGXNoD|QHPOL
ROGXÿXQXV|\OHGLg]HOOLNOHHNRQRPLNYH
VRV\DOUHIDKWDVUGUOHELOLUOLÿLQ|QHPLQH
LüDUHWHGHQ(UNHVNLQEXNDSVDPGD87þ.$'
RODUDNVUHNOLORMLVWLNVHNW|UQQVUGUOHELOLUJHOLüPHVLQH\|QHOLNoDO×üPDODU\DSW×NODU×Q×LIDGHHWWL6RQRODUDN´6UGUOHELOLU/RMLVWLNµEHOJHOHQGLUPHVLoDO×üPDV×Q×Q|QFV
ROGXNODU×Q×EHOLUWHQ(UNHVNLQVWDQGDUWODUD
YHHÿLWLPoDO×üPDODU×QDoRN|QHPYHUGLNOHULQLYXUJXODG×
/2-þ67þ.7(
6h5'h5h/(%þ/þ5%h<h0(
$o×O×üW|UHQLQGHD\U×FD),$7$YH77&OXE
WDUDI×QGDQG]HQOHQHQYHXOXVODUDUDV×IRU35
/2-å67å.
4é-,OJISTIK+ONSEYI"AíKANÆVE!KDENIZ!ëAl
-AMULLERI/RMANeR~NLERIéHRACATlÆLARÆ"IRLIëI"AíKANÆ
BÜLENT AYMEN
0$67(53/$1+(0(1
+$<$7$*(då5å/0(/å
FIATA Dünya Kongresi gibi önemli bir
RUJDQL]DV\RQXQ7UNL\H´GH\DSÑOPDVÑ
küresel lojistik duayenlerinin
7UNL\H´\HJHOPHVL7UNL\H´QLQ
WDQÑWÑOPDVÑYH7UNORMLVWLNVHNW|UQQ
LèELUOLNOHULQLJHOLèWLUPHVLDQODPÑQGD
çok önemliydi. Biliyorsunuz daha önce
GHEXNRQJUH\HHYVDKLSOLåL\DSPÑèWÑN
YHLNLQFLNH]HYVDKLELROPDNORMLVWLN
VHNW|UP]QJFQHLèDUHWHWPHVL
EDNÑPÑQGDQGD|QHPWDèÑ\RUGX
5HNRUNDWÑOÑPODJHUoHNOHèHQ
NRQJUHGH|QHoÑNDQEDèOÑNODUGDQ
biri de Türkiye’nin bir lojistik
VRODELOHFHåL\GL%LOL\RUVXQX]
E|OJHPL]GHNLVL\DVLLVWLNUDUVÑ]OÑNODUD
UDåPHQ7UNL\HVL\DVLYHHNRQRPLN
anlamda güçlü pozisyonunu koruyor.
%LOL\RUVXQX]EHQD\QÑ]DPDQGD
7æ0/RMLVWLN.RQVH\L%DèNDQÑRODUDN
GDJ|UHYDOÑ\RUXP'L\HELOLULPNL
7UNL\H´GHNLKHUORMLVWLNILUPDVÑHO
\RUGDPÑ\ODLOHUOL\RU'HYOHWLQQH\D]ÑN
NLELUNDWNÑVÑ\RN%XQXQQHGHQLLVH
Türkiye’nin halen bir lojistik master
SODQÑQDVDKLSROPDPDVÑ8ODèWÑUPD
%DNDQOÑåÑ´QÑQoDOÑèPDODUÑROGXåXQX
GX\X\RUX]DPDVRQXoODUÑQÑKHQ]
J|UPHGLN%XJQQHQJHOLèPLè
ONHOHULELOL\RUVXQX]ORMLVWLNPDVWHU
SODQODUÑQÑ\ÑO|QFH\DSPÑèYH
VDQD\LOHèPHKDPOHOHULQLGHEXPDVWHU
SODQDX\JXQJHUoHNOHèWLUPLèWL
için çok büyük ihracat hedeflerimiz
YDUDPDQH\D]ÑNNLORMLVWLNPDVWHU
SODQÑPÑ]\RN0DVWHUSODQROPDGDQ
NXUXODFDN±ORMLVWLNN|\OHU²LVHGHYOHW
YH|]HOVHNW|UND\QDNODUÑQÑLVUDI
etmekten öteye gitmeyecektir.
36
ZDUGLQJVHNW|UQQHQSUHVWLMOL|GOOHULDUDV×QGDVD\×ODQ´8OXVODUDUDV×*HQo)RUZDUGHU
<DU×üPDV×µQ×QELULQFLVLGHDo×NODQG×77&OXE
%|OJHVHO'LUHNW|U$QGUHZ.HPS\DU×üPDQ×Q
VHNW|UGHNDOLWH\LDUW×UPDNYHJHQo\HWHQHNOHUH
HÿLWLPLPNkQ×VDÿODPDNDPDF×\ODYHULOGLÿLQL
V|\OHUNHQELULQFLOLN|GOQ*QH\$IULNDO×
NDW×O×PF×)RUWXQDWH0ERZHQLDOG×
<|UHVHOGDQVJ|VWHULOHUL\OHUHQNOHQHQDo×O×ü
W|UHQLQLQDUG×QGDQ'Q\D*PUNgUJW
*HQHO6HNUHWHUL.XQLR0LNXUL\DYH'Q\D
7LFDUHWgUJW*HQHO0GU<DUG×PF×V×<RQRY)UHGHULFN$JDK·×QGDDUDODU×QGD\HUDOG×ÿ×
´/RMLVWLNWH6UGUOHELOLU%\PHµWHPDO×DQD
RWXUXPJHUoHNOHüWLULOGL
$QDRWXUXPGDNRQXüDQ(NRO/RMLVWLN)RUZDUGLQJ*HQHO0GU0HKPHWg]DOGQ\D
ND\QDNODU×Q×QV×Q×UO×ROPDG×ÿ×Q×EHOLUWHUHN
´.RQJUHQLQWHPDV׶/RMLVWLNWH6UGUOHELOLU
%\PH·*QP]GHDUW×NVDGHFHE\PH
YHNkUO×O×NüLUNHWOHULQWHNDPDF×GHÿLO6RQ
DUDüW×UPDODUGDJ|UO\RUNLüLUNHWOHULQ\]GH
·LVUGUOHELOLUOLÿLQoRN|QHPOLROGXÿXQX
V|\O\RUµGHGLg]DO(NRO/RMLVWLNRODUDN
ORMLVWLNWHVUGUOHELOLUE\PHLoLQ\HQL\|QWHPOHUJHOLüWLUGLNOHULQLYH|]HOOLNOHLQWHUPRGDO
DODQ×QGD|QHPOL\DW×U×PODUJHUoHNOHüWLUGLNOHULQLEHOLUWWL
$UNDV+ROGLQJ<|QHWLP.XUXOX%DüNDQ<DUG×PF×V×'LDQH$UFDV$NWDüLVH´VUGUOHELOLUOLNµNRQXVXQXX]XQYDGHOLGüQPHN
JHUHNWLÿLQLEHOLUWHUHNVRQG|QHPOHUGHDUWDQ
\HüLOüLUNHWOHULQVD\×V×LOHUHNDEHWRUWDP×Q×Q
ROGXNoD\NVHNROGXÿXQX$UNDV+ROGLQJ
RODUDN\DN×WWDVDUUXIOXYHNDUERQHPLV\RQXQXD]DOWDFDNoDO×üPDODUDLP]DDWW×NODU×Q×
V|\OHGL
´/RMLVWLNWH6UGUOHELOLU%\PHµWHPDO×DQD
RWXUXPXQNRQXüPDF×ODU×QGDQ'Q\D*PUNgUJW*HQHO6HNUHWHUL.XQLR0LNXUL\D
YH'Q\D7LFDUHWgUJW*HQHO0GU<DUG×PF×V×<RQRY)UHGHULFN$JDKLVHORMLVWLN
VHNW|UQQGQ\DGDNLJHOLüPHOHULQHLOLüNLQ
ELOJLOHUDNWDUG×
2WXUXPVRQXQGD87þ.$'YH%XUHDX9HULWDV
LüELUOLÿLNDSVDP×QGDJHOLüWLULOHQ´6UGUOHELOLU/RMLVWLNµEHOJHVLQLDOPD\DKDNND]DQDQ
LONILUPDRODQ(NRO/RMLVWLN·HEHOJHVLWDNGLP
HGLOGL
/2-þ67þ.6(.7g5h
<,/,1'$'$%h<h0(<(
'(9$0('(&(.
),$7$'Q\D.RQJUHVL·QGHPHVOHNLSROLWLNDODU×QX\JXOD\×F×ODU×LOHDNDGHPLV\HQOHUYH
VHNW|UQGLÿHUELOHüHQOHULGHELUDUD\DJHOLUNHQ|QP]GHNLG|QHPORMLVWLNVHNW|UQQ
DODQ×Q×EHOLUOH\HFHNRODQWHPHONRQXODU×Q×
WDUW×üPDLPNkQ×EXOGX$\U×FD87þ.$'YH
%H\NR]/RMLVWLN0HVOHN<NVHNRNXOX/RMLVWLN
8\JXODPDODU×YH$UDüW×UPDODU×0HUNH]LLü
ELUOLÿLQGHKHUoD\O×NG|QHPGHJHUoHNOHüWLULOHQ´/RMLVWLN6HNW|UQGH(ÿLOLPOHU$UDüW×UPDV×µGDNRQJUHNDW×O×PF×ODU×QDX\JXODQDUDN
GQ\DORMLVWLNVHNW|UQQ\×O×QDEDN×ü×
GHÿHUOHQGLULOGL$UDüW×UPDVRQXFXQGDNDW×O×PF×ODU\×O×QGDVHNW|UQE\PH\H
GHYDPHGHFHÿLQL|QJ|UG
'LÿHU\DQGDQNRQJUHNDSVDP×QGDNDW×O×PF×ODU´87þ.$'1HWZRUNLQJµYH´),$7$1HWZRUNLQJµRWXUXPODU×\ODONHGHQ·LQ
]HULQGHORMLVWLNSURIHV\RQHOL\OH´%LUHELUþü
*|UüPHOHULµ\DSDELOPHLPNkQ×QDGDVDKLS
ROGX7UNYHGQ\DORMLVWLNVHNW|UWHPVLOFLOHUL87þ.$'YH),$7$1HWZRUNLQJJQOHULQGHRUJDQL]HHGLOHQLNLOLWRSODQW×GD
EXOXüWX
),$7$'h1<$%$1.$6,
þ/(g1(0/þ%þ5
$1/$ý0$<$þ0=$$77,
.RQJUHGHD\U×FDORMLVWLNVHNW|UQQJHOHFHÿLQHGDLU|QHPOLELUDQODüPD\DGDLP]D
DW×OG×%XQDJ|UH),$7$YH'Q\D%DQNDV×
DUDV×QGDLP]DODQDQDQODüPDLOHORMLVWLNVHNW|UQQHNRQRPLGQ\DV×LoHULVLQGH\DüDG×ÿ×VRUXQODUYHo|]P|QHULOHUL\DN×QLü
ELUOLÿLLoHULVLQGH\UWOHFHNoDO×üPDODUGD
HOHDO×QDFDN'Q\D%DQNDV×$YUXSDYH2UWD
$V\Dg]HOYH0DOL6HNW|U'HSDUWPDQ×6HNW|U
/LGHUL-RVH*XLOKHUPH5HLVNUHVHOOHüHQ
HNRQRPLGQ\DV×QGDWLFDUHWLQNROD\ODüPDV×QD\|QHOLN'Q\D%DQNDV×RODUDNDG×PODU
DWW×NODU×Q×EHOLUWHUHNEXNDSVDPGDORMLVWLN
VHNW|UQH\|QHOLN|QHPOLoDO×üPDODU×Q×Q
ROGXÿXQXV|\OHGLYH´%XPXWDEDNDW]DSW×LOH
oDO×üPDODU×P×]GDKDGD]HQJLQOHüHUHNGHYDP
HGHFHNWLUµGHGL),$7$%DüNDQ×)UDQFHVFR
3DULVLLVH'Q\D%DQNDV×LOHEXLüELUOLÿLQL
|QHPVHGLNOHULQLEHOLUWHUHNJHoWLÿLPL]JQOHUGH'Q\D%DQNDV×·Q×QORMLVWLNWHJHOLüHQ
ONHOHUGHNXOODQ×OPDN]HUHPLO\DUGRODU
IRQD\×UG×ÿ×Q×YHDQODüPDLOHEXIRQXQWP
ONHOHUH\D\×OPDV×LoLQ),$7$RODUDNoDO×üDFDNODU×Q×V|\OHGL
d2.%$ý$5,/,%þ5
.21*5(<(þ0=$$7,/',
%HüJQVUHQYHNUHVHO|OoHNWHELQOHUFHORMLVWLNSURIHV\RQHOLQLELUDUD\DJHWLUHQ),$7$
'Q\D.RQJUHVL·QLQDUG×QGDQELUDo×NODPD
\DSDQ),$7$%DüNDQ×)UDQFHVFR3DULVLYH
87þ.$'<|QHWLP.XUXOX%DüNDQ×7XUJXW
(UNHVNLQNRQJUHGHQVRQGHUHFHPHPQXQ
ROGXNODU×Q×LIDGHHWWL3DULVL|]HOOLNOHNRQJUH
VUHVLQFHJHUoHNOHüWLULOHQWRSODQW×ODU×QoRN
YHULPOLJHoWLÿLQLEHOLUWLUNHQNRQJUHOHULQo
\×OO×NELUKD]×UO×NVUHFLLOHJHUoHNOHüWLÿLQL
YH87þ.$'·×QEXVUHFLD\JLELN×VDELU
VUHGHWDPDPODG×ÿ×Q×KDW×UODWW×YH´.DW×O×PF×
VD\×V×QGDQWRSODQW×LoHULNOHULQHNDGDUoRN
EDüDU×O×ELUNRQJUH\LJHULGHE×UDNPDP×]×
VDÿODG×ÿ×LoLQ87þ.$'·DoRNWHüHNNUHGL\RUXP\×O|QFHGH7UNL\H·GHEDüDU×O×ELU
NRQJUHJHUoHNOHüWLUPLüWLNEXNRQJUHGDKD
GDEDüDU×O×JHoWLµGHGL3DULVL7UNL\H·QLQ
ORMLVWLNVHNW|UQGHoRN|QHPOLELUNRQXPD
VDKLSROGXÿXQXYHHNRQRPLVLQGHE\\HQ
ELUORMLVWLNVHNW|UQEDU×QG×UG×ÿ×Q×GDV|]OHULQHHNOHGL
87þ.$'<|QHWLP.XUXOX%DüNDQ×7XUJXW
(UNHVNLQLVHGHUQHNRODUDNE|\OHEDüDU×O×
ELUNRQJUH\HHYVDKLSOLÿL\DSPDNWDQJXUXU
GX\GXNODU×Q×V|\OHGL'Q\DWLFDUHWLQGHORMLVWLÿLQVUGUOHELOLUOLÿLQLQoRN|QHPOL\HUL
ROGXÿXQXLIDGHHGHQ(UNHVNLQ´%XDPDoOD
NRQJUHPL]LQDQDWHPDV×Q׶/RMLVWLNWH6UGUOHELOLU%\PH·RODUDNEHOLUOHGLN%XWHPD
oHUoHYHVLQGHNRQJUHNRQXEDüO×NODU×P×]×
NRQXüPDF×ODU×P×]×VHoWLN9HNRQJUHER\XQFDVHNW|URODUDNQHOHU\DSDELOHFHÿLPL]L
NRQXüWXNGQ\DGDNLJHOLüPHOHULQQHOHUROGXÿXQDLOLüNLQELOJLOHUHGLQGLN7UNL\H·QLQ
ORMLVWLNVHNW|UQGH\ROKDULWDV×Q×QQHOHUROPDV×JHUHNWLÿLQHLOLüNLQNRQXODU×D\U×QW×O×
RODUDNHOHDOG×NýLPGLNRQJUHGHQo×NDQ
VRQXoODU×ELUUDSRUKDOLQHJHWLUHUHNNDPXYH
LOJLOLNXUXPODULOHSD\ODüDFDÿ×]µGHGL
(UNHVNLQD\U×FDNRQJUHER\XQFD0DOH]\D
8ODüW×UPD%DNDQ×þUDQ<ROYHýHKLUFLOLN
%DNDQ<DUG×PF×V×YH8NUD\QD$OW\DS×%DNDQO×ÿ×$YUXSD(QWHJUDV\RQX$OW\DS×%DNDQ
<DUG×PF×V×JLEL|QHPOL\DEDQF×GHOHJDV\RQODU×GDDÿ×UODG×NODU×Q×LIDGHHWWL(UNHVNLQ
VRQRODUDN),$7$'Q\D.RQJUHVL·QGHWP
GQ\D\×NRUNXWDQ´(EROD6DOJ×Q×µLOHPFDGHOHQLQGHXQXWXOPDG×ÿ×Q×EHOLUWHUHN*DOD
*HFHVL·QGH(ERODNUL]LLOHPFDGHOHHGHQ
NXUXOXüODUDGHVWHNROPDN]HUH),$7$WDUDI×QGDQELU\DUG×PNDPSDQ\DV×EDüODW×OG×ÿ×Q×
YHNDW×O×PF×ODU×QELQGRODUO×NEDÿ×üWDDKKGQGHEXOXQGXÿXQXV|\OHGL
%HüJQVUHQ),$7$'Q\D.RQJUHVL
UHQNOLJ|UQWOHUHGHVDKQHROGX7UN
*HFHVL·QGHNDW×O×PF×ODU7UNPXWIDÿ×QD
LOLüNLQ|]HOOH]]HWOHULIDV×OHüOLÿLQGHWDWPD
I×UVDW×\DNDODG×(FH9DKDSRÿOX·QXQVXQXFXOXÿXQXVWOHQGLÿLYH|]HOGDQVJ|VWHULOHULQLQ\HUDOG×ÿ×*DOD*HFHVL·QGHLVH&DQDQ
$QGHUVRQ¶XQJ|VWHUGLÿLSHUIRUPDQVE\N
LOJLWRSODG×
±/RMLVWLNWH6UGUOHELOLU%\PH²WHPDOÑ),$7$'Q\D.RQJUHVL´QGHPHVOHNLSROLWLNDODUÑQX\JXOD\ÑFÑODUÑ
DNDGHPLV\HQOHUYHVHNW|UQGLåHUELOHèHQOHULELUDUD\DJHOLUNHQ|QP]GHNLG|QHPORMLVWLNVHNW|UQQ
DODQÑQÑEHOLUOH\HFHNWHPHONRQXODUWDUWÑèPD\DDoÑOGÑ
),$7$9('h1<$.21*5(/(5å+$..,1'$
),$7$WPGQ\DGDIDDOL\HWJ|VWHUHQ)UHLJKW
)RUZDUGHU\DQL7DèÑPDæèOHUL2UJDQL]DW|U
ILUPDODUYHGHUQHNOHULQEDåOÑROGXåXHQ\HWNLOL
RUJDQL]DV\RQROPDVÑGLåHU\DQGDQONHGH
ELQIRUZDUGLQJèLUNHWLQLYH\DNODèÑN
PLO\RQLVWLKGDPÑWHPVLOHWPHVL\HILUPDODUÑQ
ONHOHULQGHNLKNPHWYHKNPHWVW
RUJDQL]DV\RQODUODLOHWLèLPNXUDUDNWDèÑPDFÑOÑN
YHORMLVWLNVHNW|UOHULQGHNLLèDNÑèODUÑQÑQ
JHOLèWLULOPHVLQH\DUGÑPFÑROPDVÑDoÑVÑQGDQ|QHP
DU]HGL\RU+HU\ÑOWP),$7$\HOHULQLQNDWÑOÑPÑ\OD
G]HQOHQHQ'Q\D.RQJUHVLLVH\ÑOÑQJHQHO
GHåHUOHQGLUPHVLQLQ\DSÑOPDVÑYHELUVRQUDNL\ÑO
LoLQNUHVHOSODQYHSURJUDPODUÑQEHOLUOHQPHVLQHGHQL\OHVHNW|UQEHOLUOH\LFLHWNLQOLåLGLU
æONGHID\ÑOÑQGDRUJDQL]HHGLOHQYHEXJQHGHNNH]G]HQOHQHQ),$7$GQ\D
NRQJUHOHULG]HQOHQGLåLONHOHULQWDèÑPDFÑOÑNYHORMLVWLNVHNW|UQHVDåODGÑåÑNDWNÑODUÑQ
\DQÑVÑUD\HONHOHUGHIDDOL\HWJ|VWHUHQIUHLJKWIRUZDUGHUODUÑELUDUD\DJHWLUHUHN
VHNW|UOHLOJLOLJHOLèPHOHUYH\HQLOLNOHULQSD\ODèÑOPDVÑLoLQRUWDN]HPLQLROXèWXUXU
LOLèNLOHULQSHUoLQOHQPHVLQLYH\HQLLèELUOLNOHULROXèPDVÑQÑVDåODUg]HOVHNW|U
WHPVLOFLOHULQLQ\DQÑVÑUDNDPXRWRULWHOHULYHEURNUDWODUÑQGDNDWÑOGÑåÑ),$7$GQ\D
NRQJUHOHULQGHX]PDQODUÑQNUHVHOORMLVWLNSD]DUÑYHORMLVWLåLQGQ\DHNRQRPLVLQGHNL
|QHPLQH\|QHOLNVXQXPYHUDSRUODUÑVHNW|UQSHUVSHNWLIYHGLQDPLNOHULQH\|QYHUHQ
ELOJLND\QDåÑROXèWXUXU
37
GÖSTERGELER
<,/,(.å0$<,7h5.å<(å+5$&$75$.$0/$5,
6(.7g5(/%$='$å+5$&$75$.$0/$5,
&,ð.621$<
2013
2014
'H÷LúLP
3D\
2013
2014
'H÷LúLP
3D\
1.821.905
2.013.939
10,5
16,0
20.698.259
22.450.002
8,5
14,2
1.285.622
1.481.005
15,2
11,8
14.460.527
15.573.722
7,7
9,8
+XEXEDW%DNOL\DW<D÷O×7RKXPODUYH0DPXOOHUL
533.747
564.441
5,8
4,5
6.338.239
6.810.070
7,4
4,3
<Dú0H\YHYH6HE]H
217.580
212.861
-2,2
1,7
2.247.314
2.418.709
7,6
1,5
0H\YH6HE]H0DPXOOHUL
122.192
125.859
3,0
1,0
1.295.822
1.434.406
10,7
0,9
.XUX0H\YHYH0DPXOOHUL
152.873
194.862
27,5
1,5
1.418.567
1.461.333
3,0
0,9
)×QG×NYH0DPXOOHUL
181.405
267.756
47,6
2,1
1.758.630
2.076.979
18,1
1,3
=H\WLQYH=H\WLQ\D÷×
23.072
14.896
-35,4
0,1
432.942
240.779
-44,4
0,2
7WQ
50.116
95.957
91,5
0,8
892.328
1.046.886
17,3
0,7
.HVPHdLoHN
4.637
4.373
-5,7
0,0
76.685
84.560
10,3
0,1
172.494
181.394
5,2
1,4
1.947.936
2.253.332
15,7
1,4
172.494
181.394
5,2
1,4
1.947.936
2.253.332
15,7
1,4
363.789
351.541
-3,4
2,8
4.289.795
4.622.948
7,8
2,9
363.789
351.541
-3,4
2,8
4.289.795
4.622.948
7,8
2,9
,,6$1$<å
9.606.256
10.236.584
6,6
81,3
117.461.553
124.961.972
6,4
78,8
$7$5,0$'$<$/,åæ/(10åæh5h1/(5
1.063.295
1.110.969
4,5
8,8
12.313.507
13.244.958
7,6
8,4
7HNVWLOYH+DPPDGGHOHUL
707.834
758.768
7,2
6,0
8.299.801
8.959.311
7,9
5,7
'HULYH'HUL0DPXOOHUL
161.907
144.469
-10,8
1,1
1.865.288
1.937.545
3,9
1,2
+DO×
193.554
207.732
7,3
1,6
2.148.417
2.348.102
9,3
1,5
1.394.133
1.508.600
8,2
12,0
17.247.918
18.069.196
4,8
11,4
1.394.133
1.508.600
8,2
12,0
17.247.918
18.069.196
4,8
11,4
&6$1$<å0$08//(5å
7.148.828
7.617.015
6,5
60,5
87.900.128
93.647.818
6,5
59,1
+D]×UJL\LPYH.RQIHNVL\RQ
1.334.106
1.503.680
12,7
11,9
17.083.074
18.954.601
11,0
12,0
7Dú×W$UDoODU×YH<DQ6DQD\L
1.749.418
1.713.229
-2,1
13,6
20.857.529
22.482.670
7,8
14,2
*HPLYH<DW
47.933
175.947
267,1
1,4
1.184.100
1.207.373
2,0
0,8
(OHNWULN(OHNWURQLN
1.054.290
1.053.840
0,0
8,4
11.520.028
12.219.163
6,1
7,7
0DNLQHYH$NVDPODU×
450.316
496.436
10,2
3,9
5.642.206
6.126.440
8,6
3,9
'HPLUYH'HPLU'×ú×0HWDOOHU
534.888
564.001
5,4
4,5
6.756.472
7.177.359
6,2
4,5
'HPLUdHOLNhUQOHUL
1.044.197
1.052.746
0,8
8,4
13.912.316
13.478.674
-3,1
8,5
dLPHQWRYH7RSUDNhUQOHUL
241.268
245.980
2,0
2,0
3.142.070
3.164.705
0,7
2,0
'H÷HUOL0DGHQYH0FHYKHUDW
193.818
330.227
70,4
2,6
2.239.005
2.629.540
17,4
1,7
6DYXQPD6DQD\LL
129.842
120.643
-7,1
1,0
1.374.906
1.599.761
16,4
1,0
øNOLPOHQGLUPH6DQD\LL
362.202
350.973
-3,1
2,8
4.084.781
4.496.767
10,1
2,8
'L÷HU6DQD\LhUQOHUL
6.548
9.312
42,2
0,1
103.642
110.765
6,9
0,1
384.744
348.182
-9,5
2,8
4.999.673
4.753.494
-4,9
3,0
7.384.796
6.351.407
-14,0
4,0
150.544.281
158.516.876
5,3
100,0
SEKTÖRLER
,7$5,0
$%å7.å6(/h5h1/(5
%+$<9$16$/h5h1/(5
6XhUQOHULYH+D\YDQVDO0DPXOOHU
&$ã$d9(250$1h5h1/(5å
$÷Do0DPXOOHULYH2UPDQhUQOHUL
%.å0<(9å0$''(/(59(0$0
.LP\HYL0DGGHOHUYH0DPXOOHUL
,,,0$'(1&å/å.
0DGHQFLOLNhUQOHUL
723/$0
38
11.812.904
12.598.705
6,7
100,0
<,//$5å7å%$5,å/(7h5.å<(å+5$&$7,)
160000000
152461736.6
140000000
151796483
1344906868.8
1322027195.6
131140791
120000000
113883219.2
107271749.9
102142612.6
100000000
85534675.52
80000000
73476408.14
63167152.82
60000000
47252836.3
40000000
20000000
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014/10
å+5$&$7d,%å5/å./(5å*(1(/6(.5(7(5/å./(5å%$=,1'$å+5$&$75$.$0/$5,
(.ø0621%ø5<,/
$.ø%
2013
2014
'H÷LúLP
3D\
2012-2013
2013-2014
'H÷LúLP
3D\
966.702
1.155.087
19,5
9,2
12.375.515
13.038.048
5,4
8,6
%$ø%
134.842
129.515
-3,9
1,0
1.480.280
1.638.664
10,7
1,1
'$ø%
233.109
215.577
-7,5
1,7
3.065.152
3.086.713
0,7
2,0
'(1ø%
177.406
199.661
12,5
1,6
2.070.984
2.359.296
13,9
1,6
'.ø%
88.115
75.718
-14,1
0,6
1.144.954
1.054.032
-7,9
0,7
(ø%
997.737
1.025.106
2,7
8,1
11.906.714
12.514.292
5,1
8,2
*$ø%
810.233
782.123
-3,5
6,2
9.178.849
9.112.709
-0,7
6,0
øø%
496.782
570.985
14,9
4,5
6.495.280
6.918.625
6,5
4,5
ø00ø%
3.375.712
3.789.957
12,3
30,1
40.277.507
43.211.016
7,3
28,4
ø7.ø%
1.550.807
1.648.890
6,3
13,1
19.772.594
21.064.158
6,5
13,8
.ø%
138.551
174.907
26,2
1,4
1.346.109
1.551.528
15,3
1,0
2$ø%
992.304
989.551
-0,3
7,9
11.638.865
12.834.505
10,3
8,4
8ø%
1.850.606
1.841.628
-0,5
14,6
22.406.681
23.781.883
6,1
15,6
723/$0
11.812.904
12.598.705
6,7
100
143.159.484
152.165.469
6,3
100
å+5$&$7,0,='$å/.h/.(
h/.(/(5
$/0$1<$
IRAK
%ø5/(ùø..5$//,.
ø7$/<$
)5$16$
586<$)('(5$6<218
%ø5/(ùø.'(9/(7/(5
ø63$1<$
ø5$1ø6/$0&80
+2//$1'$
0,6,5
%ø5/(ùø.$5$3(0ø5/ø./(5ø
520$1<$
688'ø$5$%ø67$1
ø65$ø/
%(/dø.$
dø1+$/.&80+85ø<(7ø
$=(5%$<&$11$+dø9$1
32/21<$
7h5.0(1ø67$1
øONhONH7RSODP
(.ø0
1.249.253,14
815.672,97
833.759,85
554.720,46
482.706,12
493.881,12
504.300,91
395.572,27
361.442,11
284.863,08
369.785,01
311.765,48
260.503,30
227.867,53
210.408,05
220.228,31
219.753,34
239.995,46
215.676,94
186.859,06
8.439.014
723/$0
12.507.050
8.650.320
8.074.943
5.818.848
5.398.794
5.072.549
5.008.446
3.962.140
2.936.788
2.839.431
2.714.481
2.641.613
2.554.130
2.517.428
2.470.071
2.454.484
2.383.050
2.342.831
2.012.450
1.874.541
84.234.387
&80+85ø<(77$5ø+ø1ø1(1
<h.6(.(.ø0$<,ø+5$&$7
5$.$0/$5,1$ø0=$$7,/$1
*(d7øöø0ø=$<'$7$5,0
6(.7g5/(5ø257$/$0$1,1ø.ø
.$7h67h1(d,.7,
+$=,5*ø<ø06(.7g5h'(
·/ø.$57,ù.$<'(77ø
39
GÖSTERGELER
$.å%(.å0$<,6(.7g5(/å+5$&$75$.$0/$5,
6(.7g5/(5
,7$5,0
$%ø7.ø6(/h5h1/(5
+XEXEDW%DNOL\DW<D÷O×7RKXPODUYH0DPXOOHUL
(.ø0
'(ö
(.ø0
'(ö
0H\YH6HE]H0DPXOOHUL
.XUX0H\YHYH0DPXOOHUL
<Dú0H\YHYH6HE]H
)×QG×NYH0DPXOOHUL
=H\WLQYH=H\WLQ\D÷×
7WQ
%+$<9$16$/h5h1/(5
6XhUQOHULYH+D\YDQVDO0DPXOOHU
&$ö$d9(250$1h5h1/(5ø
6V%LWNLOHULYH0DP
%.ø0<(9ø0$''(/(59(0$0h//(5ø
.LP\HYL0DGGHOHUYH0DPXOOHUL
&6$1$<ø0$08//(5ø
$÷Do0DPOOHULYH2UPDQhUQOHUL
,,6$1$<ø
$7$5,0$'$<$/,øù/(10øùh5h1/(5
7HNVWLOYH+DPPDGGHOHUL
'HULYH'HUL0DPXOOHUL
+DO×
+D]×UJL\LPYH.RQIHNVL\RQ
2WRPRWLY(QGVWULVL
*HPLYH<DW
(OHNWULN(OHNWURQLN0DNYH%LOLúLP
0DNLQHYH$NVDPODU×
'HPLUYH'HPLU'×ú×0HWDOOHU
dHOLN
dLPHQWR&DP6HUDPLNYH7RSUDNhUQOHUL
0FHYKHU
øNOLPOHQGLUPH6DQD\LL
'L÷HU6DQD\LhUQOHUL
6DYXQPDYH+DYDF×O×N6DQD\LL
,,,0$'(1&ø/ø.
723/$0
$.å%(.å0$<,å+5$&$77$å/.h/.(
+$=,5*å<å0
ROMANYA
12.086.748
UKRAYNA
5.687.522
æ63$1<$
$/0$1<$
%æ5/(çæ..5$//,.
0$&$5æ67$1
$51$987/8.
æ7$/<$
,5$.
)5$16$
7(.67å/
7(.67å/
æ7$/<$
586<$)('(5$6<218 3257(.æ=
$/0$1<$
%5(=æ/<$
%æ5/(çæ.'(9/(7/(5
32/21<$
%8/*$5æ67$1
%æ5/(çæ..5$//,.
<81$1æ67$1
40
<$æ0(<9(6(%=(
586<$)('(5$6<218 ,5$.
UKRAYNA
11.158.528
688'æ$5$%æ67$1
%8/*$5æ67$1
32/21<$
685æ<(
520$1<$
æ7$/<$
$/0$1<$
68h5+$<9$1&,/,.0$0
,5$.
685æ<(
/h%1$1
$/0$1<$
%æ5/(çæ.'(9/(7/(5
æ7$/<$
.$7$5
..7&
HONG KONG
268.000
32/21<$
'(0å59('(0å5',æ,0(7$//(5
,5$.
0,6,5
685æ<(
%æ5/(çæ..5$//,.
<81$1æ67$1
7h5.0(1æ67$1
%æ5/(çæ.'(9/(7/(5 $/0$1<$
/h%1$1
)5$16$
+8%8%$7%$./å<$7
,5$.
685æ<(
68'$1
+2//$1'$
..7&
688'æ$5$%æ67$1
æ65$æ/
&(=$<æ5
0,6,5
æç*$/$/7)æ/æ67æ17
$ã$d9(250$1h5h1/(5å
,5$.
$/0$1<$
%æ5/(çæ..5$//,.
7h5.0(1æ67$1
æ7$/<$
)5$16$
688'æ$5$%æ67$1
%æ5/(çæ.'(9/(7/(5
$=(5%$<&$11$+dæ9$1 685æ<(
.å0<(9å0$''(/(5
0,6,5
0$/7$
688'æ$5$%æ67$1
æ63$1<$
%$(
+2//$1'$
800$1
&(%(/æ7$5,.
..7&
ALMANYA
11.521.156
Ürünlerinizin tazeliği ve
güvenle taşınması deneyimli ve
profesyonel iş ortağınızın ellerinde!
Maersk Line, dünyanın dört bir yanına yayılmış servis ağı, ısı kontrollü konteyner (Reefer)
taşımacılığı konusunda deneyimli ve uzman personeli, dünyaca kanıtlanmış servis
güvenirliliği, dünyanın en genç ve geniş Reefer konteyner stoğu ile
sizlere hizmet vermekten mutluluk duyar.
Kargonuz sizin için ne kadar önemliyse, teslim aldığımız koşullarda alıcınıza
ulaştırmak da bizim için o kadar önemli!
maersklinereefer.com
Maersk Denizcilik A.Ş.
Merkez
T: 0216 666 50 00
F: 0216 692 12 72
İzmir
T: 0232 488 91 00
F: 0232 464 51 53
Mersin
T: 0324 241 31 00
F: 0324 232 15 69
Bursa
T: 0224 219 76 00
F: 0224 233 03 28