PB11 RMG Industry

7/24/2019 PB11 RMG Industry

http://slidepdf.com/reader/full/pb11-rmg-industry 1/13

!

#$%&'() $%*( +((& (,-(./(&0(1 +2 3$(

4'2-3/%& 5(,3/6( 7&18)3.2 9*(. 3/:(; 5$(

.(6%3(1 <(%12 =%1( >%.:(&3) ?<=>@/&18)3.2 $%) $%1 -.9+6(:) +83 3$(.( %.(

:(%&) 39 9*(.09:( 3$()(

!"#$% '#$"(#)*"+,-

.!'(/ 0+$1-,)%2

0- 34")" # 5#% ,6 7#8" 0,9

4'2-3 A(3B9.C D9. 7&3('.%3(1 E(*(69-:(&3

!"#$%& ()$*+ ,--



F

!"#$% '#$" (#)*"+,- .!'(/ 0+$1-,)%2 0- 34")" # 5#% ,6 7#8" 0,9

:% ;4*"$ <#)61= (46+">*?

0+,)6$1@,>6+

5$( 3(,3/6() /&18)3.2F $%) +((& %:9&' 3$( :9)3 /:-9.3%&3 /&18)3./() /& 4'2-3 D.9: (09&9:/0

%&1 )90/%6 -(.)-(03/*(); G/)39./0%662H /3 $%) +((& 3$( 6%.'()3 (:-692(. /& 3$( :%&8D%038./&'

)(039.H % :%I9. .(0/-/(&3 9D 19:()3/0 %&1 D9.(/'& /&*()3:(&3)H %&1 3$( :9)3 )/'&/D/0%&3

09&3./+839. 39 D9.(/'& (,0$%&'( (%.&/&') %:9&' 3$( :%&8D%038./&' /&18)3./(); J*(. 3/:( 3$(

/&18)3.2 (,-(./(&0(1 )(*(.%6 0$%&'() 18( 39 3$( )$/D3) /& '69+%6 %&1 19:()3/0 0/.08:)3%&0()H

%&1 3$( '9*(.&:(&3%6 -96/02 %03/9&) B$/0$ %DD(03(1 /3) -(.D9.:%&0(; 7& 3$/) -96/02 +./(D B(

/1(&3/D2 3$( 0$%&'() (,-(./(&0(1 +2 3$( /&18)3.2 9*(. 3/:(H B$(3$(. /& -96/0/() 9. -(.D9.:%&0(H

B$/6( D908)/&' 9& 3$( <(%12 =%1( >%.:(&3) ?<=>@ /&18)3.2; K( :%/&62 )3.()) 3$( -.9+6(:)

(,-(./(&0(1 +2 3$( <=> %&1 )8''()3 :(%&) 39 9*(.09:( 3$(:;

J& 3$( '69+%6 6(*(6H 3$( D%039.) '9*(.&/&' 3$( :%&8D%038./&' -.90()) /& 3$( /&18)3.2 /3)(6D $%*(

+((& 09&3/&898)62 0$%&'/&' 3$( 6%&1)0%-( 9D /&18)3.2H %&1 $(&0( 4'2-3L) -9)/3/9&; J& 3$( 9&(

$%&1H 3$( 0$%&'() /& 3$( :863/6%3(.%6 .86() '9*(.&/&' 3$( /&18)3.2 )3%.3/&' 3$( :/1M!NNO) B/3$

3$( '.%18%6 (6/:/&%3/9& 9D P8%&3/3%3/*( +%../(.) ?3$( (&1 9D 3$( =863/MQ/+(. R'.((:(&3@ %&1

(&1/&' /& 3$( :/1MFOOO) ?B$(& 3$( '69+%6 P893%) B(.( 09:-6(3(62 (6/:/&%3(1@ $%*( $%1 % $8'(

/:-%03 9& 3$( /&18)3.2 /& 4'2-3 B/3$ % )3.9&' -.())8.( 39 0$%&'( /3) 9./(&3%3/9& D.9: 3$(

19:()3/0 :%.C(3 39 3$( (,-9.3 :%.C(3; J& 3$( 93$(. $%&1H 3$( '69+%6 <=> /&18)3.2 /) '9*(.&(1

+2 % &8:+(. 9D -.%03/0() B$/0$ %6)9 %DD(03 3$( -(.D9.:%&0( 9D 3$( /&18)3.2; 5$( /&18)3.2 /)

'9*(.&(1 B9.61B/1( +2 3$( )9 0%66(1 !"#$%&'%()$* ),-"$ ./,(*0 B$(.( '69+%6 3.%1( B9.61B/1( /)

/&0.(%)/&'62 09&3.966(1 +2 % &8:+(. 9D -9B(.D86 +82(.) B$9 099.1/&%3( 3$( 1/DD(.(&3 -.90())()9D 1()/'&H -.91803/9&H %&1 1/)3./+83/9&; =9.(9*(.H 3$( /&18)3.2 /) 0$%.%03(./S(1 +2 3$( %(0$ 12

-$,*&%$3,(-(*4 -$(&9:(&9& B$(.( 3$( )98.0/&' 9D -.91803) -./*/6('/&' 3$( )-((1 9D 1(6/*(.2

%&1 3$( D.%':(&3%3/9& 9D )98.0/&' -%33(.&) 9& '(9'.%-$/0%6 +%)/) 3%C( -6%0( %) 3$( :9)3

/:-9.3%&3 1(3(.:/&%&3) '9*(.&/&' 983)98.0/&'; Q/&%662H 3$( 6%.'()3 3B9 '69+%6 :%.C(3)H &%:(62

3$( TU %&1 4T .(:%/& 1/DD(.(&3 /& &%38.( 9D 1(:%&1 B/3$ 3$( 6%.'( +82(.) /& 3$( TU D908)/&' 9&

6%.'( )0%6( )8--62 9D )3%&1%.1 -.91803) B$(.(%) 3$( 4T :%.C(3 .(:%/&) $/'$62 )(':(&3(1 9&

&%3/9&%6 %&1 D%)$/9& 6/&() ?R+8'%33%) %&1 =98)3%D%H FOON@; U80$ 0$%&'() $%*( $%1 %

-%.%:98&3 /:-%03 9& 3$( 4'2-3/%& <=> /&18)3.2;

5$( 19:()3/0 D%039.) $%*( %6)9 $%*( $%1 % )/'&/D/0%&3 /:-%03 9& 3$( 3(,3/6() /&18)3.2; U9:(

19:()3/0 D%039.) $%*( (&%+6(1 3$( /&18)3.2 39 %0$/(*( %66 3$( &(0())%.2 09&1/3/9&) 3$%3 %669B /3

39 (&I92 % 09:-%.%3/*( %1*%&3%'( /&0681/&' 3$( .(6%3/*(62 69B 6%+9. 09)3)H '(9'.%-$/0%6

1

Professor of Economics, Faculty of Economics & Political Science, Cairo University. Email address:

[email protected] The author wish to express his thanks to Heba El-Dekken for superb research assistance2 The textiles industry encompasses spinning, weaving, dying and finishing, home textiles,

technical textiles, and ready-made garments (RMG). When textiles and RMG term is

mentioned we intend to separate the RMG from the rest of the textiles industry in general.



V

-.9,/:/32 B/3$ 4T %) % :%I9. :%.C(3H *(.3/0%6 /&3('.%3/9& 9D 3$( /&18)3.2H %&1 3$( $/)39./0%6

/:-9.3%&0( 9D 3$( /&18)3.2 B$/0$ %669B(1 3$( (,/)3(&0( 9D 3$( &(0())%.2 )C/66); W(3H 93$(.

19:()3/0 D%039.) $%*( %03(1 %'%/&)3 3$( 1(*(69-:(&3 9D 3$( /&18)3.2 %&1 1(-./*(1 4'2-3 D.9:

(&I92/&' /3) 09:-%.%3/*( %1*%&3%'( /&0681/&' )3.8038.%6 -.9+6(:) %))90/%3(1 B/3$ 69B

-.91803/*/32H 6%0C 9D /&*()3:(&3) /& 3$( -8+6/0 )(039.H 1/DD/0863 %00()) 39 D/&%&0(H -99.

/&D.%)3.8038.(H %&1 69&' 6%)3/&' -.9+6(:) B/3$ 09339& -96/02;

0*A6),#+@" #+$ B1))"+, 7,#,1- 6C ,4" 0+$1-,)%

5)$%)($6 ,*' 7$%21%8,*.$

5$( 4'2-3/%& 3(,3/6() /&18)3.2 /) %:9&' 3$( 961()3 /&18)3./() /& 4'2-3 %&1 1%3() +%0C 39 3$( !N 3$

0(&38.2 B$(& =9$%:(1 R6/ /&3.9180(1 3$( -.91803/9& 9D 69&' )3%-6( 09339& /& !XFXH %&1 3$(

D/.)3 3(,3/6() :/66 B%) ()3%+6/)$(1 /& !XNN; 5$( /&18)3.2 D698./)$(1 8&1(. 3$( -./*%3( )(039.

6(%1(.)$/- D.9: 3$( !NFO) 39 3$( !NYO)H %&1 09&3/&8(1 39 -(.D9.: (DD/0/(&362 18./&' A%))(.L (.%

1()-/3( 3$( 19:/&%&0( 9D 3$( -8+6/0 )(039. ?Z$(/.M46ME/& %&1 R+1(6 Q%33%$H FOOO@; E8./&'

U%1%3L) (.% 3$( -./*%3( )(039. )3%.3(1 39 '%/& % )/'&/D/0%&3 )$%.( -%.3/086%.62 /& 3$( <=> B$(.(%)

3$( -8+6/0 )(039. 09&3/&8(1 39 (,-%&1H D9. )90/%6 .%3$(. 3$%& (09&9:/0 .(%)9&) +83 :%/&62 /&

3$( 8-)3.(%: )(':(&3) 9D 3$( /&18)3.2 ?R:0$%:H FOO[@; #8..(&362H 3$( 3(,3/6() /&18)3.2

.(:%/&) 19:/&%3(1 +2 3$( -8+6/0 )(039.H ()-(0/%662 /& 3$( -.91803/9& 9D 2%.&H %&1 D%+./0)H

)-/&&/&' %&1H B(%*/&'; 5$( -./*%3( )(039. $%) 3$( 6/9&L) )$%.( ?:9.( 3$%& \O]@ /& 3$( <=>; 5$(

-8+6/0 )(039. /) $/'$62 *(.3/0%662 /&3('.%3(1H B$/0$ /) &93 &(0())%./62 3$( 0%)( 9D 3$( -./*%3(

)(039. B$(.( 3$( C&/33/&' )(039. /) .(%)9&%+62 *(.3/0%662 /&3('.%3(1 B$(.(%) 3$( B(%*/&' )(039.

/) &93 ?=/&/)3.2 9D ^8+6/0 4&3(.-./)(H FOOV_ Z$(/.M46ME/& %&1 46 U%2(1H !NNX_ =%1'(.H FOOY_ %&1

>$9&(/:H FOON@;

5$( 3(,3/6() /&18)3.2 .(-.()(&3) %6:9)3 9&( 3$/.1 9D 3$( :%&8D%038./&' *%68( %11(1 %&1 %.98&1

V] 9D >E^H :%C/&' /3 3$( 3$/.1 6%.'()3 09&3./+839. 39 >E^ %D3(. 398./): %&1 U8(S #%&%6; E8./&'

3$( -(./91 FOOYMFO!OH 3$( /&18)3.2 9& %*(.%'( 09&3./+83(1 +2 !X] 39 /&18)3./%6 *%68( %11(1H%&1 +2 FX] 9D 393%6 &9&M9/6 (,-9.3) ?#R^=RUH FO!V@V;

5$( 3(,3/6() /&18)3.2 $%) +((& %6)9 % :%I9. (:-692(. .%&C/&' 3$( D/.)3 39'(3$(. B/3$ 3$( D991

-.90())/&' /&18)3.2 %) 3$( 6%.'()3 /&18)3./%6 )(039. (:-692(.) ?U%C. %&1 R+1(6M`%3/DH FOOO@;

^.(0/)( 1%3% 9& 3$( &8:+(. 9D B9.C(.) /& 3$/) /&18)3.2 /) &93 %*%/6%+6(H +83 )9:( ()3/:%3() -83

/3 +(3B((& [OOHOOO 3$98)%&1) %&1 !;F :/66/9& 1/.(03 6%+9. %&1 +(3B((& XOOHOOO 3$98)%&1) %&1

!;F :/66/9& /& .(6%3(1 )(039.) ?596+%H FO!V_ Z%))(:H FO!V@; 5$( /&18)3.2 /) %6)9 3$( 6%.'()3

09&3./+839. 39 B%'() /& 3$( /&18)3./%6 )(039. .(-.()(&3/&' %.98&1 3$( P8%.3(. 9D B%'() -%/1

?Q%BS2 %&1 =%))981H FOOV@; Q9669B/&' 3$( 6%3()3 #(&)8) 9D 4)3%+6/)$:(&3) 9D #R^=RU /& FOOaH

3$( 3(,3/6() /&18)3.2 %+)9.+) %.98&1 FO] 9D 3$( /&18)3./%6 6%+9. D9.0(; W(3H 93$(. )381/() $%*(

3

R009.1/&' 39 3$( #b4H 5/:( U(./() U3%3/)3/0)_ %&1 3$( 1%3% %*%/6%+6( 9& 3$( =/&/)3.2 9D 5.%1( %&1 7&18)3.2H 3$(

.%3/9 9D (,-9.3) 39 393%6 &9&M9/6 (,-9.3) /) ![] /& FO!F;



[

<>D1)" ?2 ED%A,F- EGA6),- 6C 3"G,>H" <>I)"-J K#)+J <#I)>@- #+$ !'( #+$

>,- 74#)" 6C 56)H$ EGA6),- .LMMMNLM?L/

761)@"2 TA#5REU3%3 1%3%+%)(H R*%/6%+6( %3c $33-cdd8&03%1)3%3;8&03%1;9.';

-83 3$( /&18)3.2 39 %+)9.+ % .%&'( 9D !XMVO] 9D 3$( /&18)3./%6 6%+9. D9.0( ?^/'%39 %&1 >$9&(/:H

FOOa_ R+8'%33%) %&1 =98)3%D%H FOON_ =(3B%662 %&1 46M=/'$%.+/6H FOON_ #R^=RUH FO!V@[;

5$( 4T %&1 TU :%.C(3) $%*( .(:%/&(1 3$( :%I9. :%.C(3) %+)9.+/&' 4'2-3/%& <=> (,-9.3);

4'2-3 $%) (&I92(1 % .(*(%6(1 09:-%.%3/*( %1*%&3%'( /& 3(,3/6() %&1 <=>H $9B(*(. /3) .(*(%6(1

09:-%.%3/*( %1*%&3%'( /&3(,3/6() $%) 1(0.(%)(1 9*(. 3/:(

()-(0/%662 +(3B((& 3$( !NNO)

%&1 FOOO) ?Q%BS2 %&1 =%))981H

FOOV@; A(*(.3$(6())H )80$ $/'$

09&3./+83/9& 39 3$( 4'2-3/%&

(09&9:2 /& '(&(.%6H %&1 39

4'2-3L) &9&M9/6 (,-9.3) /& )-(0/D/0

%.( &93 3.%&)6%3(1 39 % )/'&/D/0%&3

)$%.( /& 3$( B9.61 :%.C(3 ?D/'8.(

!@; 4'2-3/%& 3(,3/6() %&1 .(%12M

:%1( '%.:(&3) .(:%/& /& 3$(

&(/'$+98.$991 9D O;VMO[] 9D 3$(

393%6 B9.61 (,-9.3) ?=%1'(.H

FOOY_ TA#5REU3%3Y@ 1/*/1(1 +(3B((& O;F] D9. 3(,3/6() ?19B& D.9: O;Y] /& (%.62 !NNO)@ %&1

O;!FMO;!N] D9. <=> ?Q%BS2 %&1 =%))981H FOOV_ TA#5REU3%3@; 5$( 3.%1( +%6%&0( $%) %6B%2)

+((& -9)/3/*( 3/66 FO!OdFO!! B$(.( (,-9.3) 9D 3(,3/6() %&1 <=> $%*( %6B%2) (,0((1(1 /:-9.3)

%) )$9B& /& D/'8.( F; 7& FO!!dFO!F 3$( /:-9.3) (,0((1(1 (,-9.3)H B$/0$ /) :%/&62 %33./+83(1 39

3$( )8.'( /& <=> /:-9.3);

[ =(3B%662 %&1 46M=/'$%.+/6 ?FOON@ -83 3$( 09&3./+83/9& 9D 3$( 3(,3/6() /&18)3.2 %3 !X;\] 9D 393%6 (:-692:(&3 /&

3$( /&18)3./%6 )(039. /& 3$( 2(%. FOOadFOO\ )8.-%))(1 9&62 +2 D991 -.90())/&' %&1 +(*(.%'() B$/0$ 09&3./+83( 39

FO] 9D 393%6 (:-692:(&3 /& /&18)3./%6 )(039. /& 3$( )%:( 2(%.;5

These figures are calculated for the product group “Textile fibres, yarn, fabrics and clothing (SITC 26 + 65 + 84)”.

Textiles represents the summation of (SITC 26 and 65). Readymade garments (SITC 84)

<>D1)" L2 3)#$" :#H#+@" 6C 3"G,>H"- 0+$1-,)% .LMMOPMQNLM??P?L/98:1%30 12 ;1331* < (30 7%1'".30 ,*' 13/$% 3$=3(-$0 >=:1%30 12 ;1331* < (30 7%1'".30 ,*' 13/$% 3$=3(-$0

761)@"c #(&3.%6 b%&C 9D 4'2-3H 5/:( U(./()H b9^ %&1 4,3(.&%6 E(+3H %*%/6%+6( %3c

$33-cddBBB;0+(;9.';('d4&'6/)$d409&9:/0e<()(%.0$d5/:(eU(./()d



Y

5$( -.9+6(:) D%0(1 +2 3$( /&18)3.2 .(:%/&(1 )3.8038.%6 %&1 $%*( &93 )/'&/D/0%&362 0$%&'(1

9*(. 2(%.); R:9&' )80$ -.9+6(:) $%*( +((& 69B -.91803/*/32 9D 6%+9.H -99. :%/&3(&%&0( 9D:%0$/&() %&1 8&83/6/S(1 0%-%0/32 ()-(0/%662 /& 3$( -8+6/0 )(039.H %+)(&0( 9D (09&9:/() 9D )0%6(

/& B(%*/&'H -99. 12(/&' %&1 D/&/)$/&' 6(%1/&' 39 $/'$(. B%)3(H %&1 %+)(&0( 9D :91(.& )-(0/D/0

-.91803/9& :%&%'(:(&3 ?>$(.S/H FOOa@; =9.(9*(.H 3$( /&18)3.2 $%) +((& D%0(1 B/3$ % &8:+(.

9D (,3(.&%6 0$%66(&'() /&0681/&' 3$( '69+%6 )69B19B&H (.9)/9& 9D -.(D(.(&0() /& TU %&1 4T

:%.C(3) 18( 39 3$(/. 09&068)/9& 9D )(*(.%6 -.(D(.(&3/%6 3.%1( %'.((:(&3)H K5J D.(( P893%

)2)3(: D9669B/&' 3$( %+96/)$:(&3 9D 3$( =863/MQ/+(. R'.((:(&3 %&1 /3) )800())9. R'.((:(&3

9& 5(,3/6() %&1 #693$/&' /& FOOYH 09&)3.%/&(1 -96/02 )-%0( 18( 39 9+6/'%3/9&) 9D )(*(.%6

:863/6%3(.%6 %&1 .('/9&%6 %'.((:(&3)H %&1 % D%)3 0$%&'/&' +8)/&()) (&*/.9&:(&3 ?R+8'%33%) %&1

=98)3%D%H FOON@; 5$( 08..(&3 -96/3/0%6 %&1 )(08./32 )/38%3/9&H D9669B/&' 3$( %D3(.:%3$ 9D 3$( FY3$

9D f%&8%.2 .(*9683/9& FO!!H $%) &('%3/*(62 %DD(03(1 3$( /&18)3.2; 7&0.(%)(1 3.%&)%03/9& 09)3)

%))90/%3(1 B/3$ )(08./&' 09&)/'&:(&3)H 1(6%2) /& )$/-:(&3)H %&1 1(6%2(1 '9*(.&:(&3 1(0/)/9&)

$%*( &('%3/*(62 %DD(03(1 3$( /&18)3.2 ?D908)/&' 9& 3$( (,-9.3) :%.C(3@; =9.(9*(.H 3$(.( $%*(

+((& /&0.(%)/&' B9../() 9D ):8''6(1 -.91803) -(&(3.%3/&' 3$( :%.C(3 ?R6 R$.%: &(B)-%-(.H

1%3(1 A9*(:+(. !!3$H FO!V@ 18( 39 3$( 6%, )(08./32 9& 3$( +9.1(.) B$/0$ $%) %6)9 %DD(03(1 3$(

/&18)3.2 ?D908)/&' 9& 3$( 19:()3/0 :%.C(3@; 5$( ()3/:%3() 9D ):8''6(1 /:-9.3) %.( &93

%*%/6%+6( +83 /3 B%) '8()) ()3/:%3(1 39 +( YO] 9D 3$( /:-9.3(1 <=> /& 4'2-3H B$/0$ /& '(&(.%6

$%*( +((& 9& % ./)/&' 3.(&1 )/&0( FOOY ?D/'8.( V@; 5$( 19B& 38.& /& FO!F )$9B& /& D/'8.( V /)

%))90/%3(1 B/3$ 3$( 1(*%68%3/9& 9D 4'2-3/%& -98&1 B$/0$ 399C -6%0( /& E(0(:+(. FO!F %) B(66

%) 3$( /&09:-6(3(&()) 9D 3$( *%68( D9. 3$( B$96( 2(%. 9D FO!V; 5$( $/'$(. 3$( 3.%&)%03/9& 09)3)

%))90/%3(1 B/3$ .(1 3%-( :(%)8.()H '9*(.&:(&3 +8.(%80.%02H %&1 $/'$ 09)3 /&-83) $%*( )$/D3(1

3$( /&0(&3/*() 39 /:-9.3 .%3$(. 3$%& 39 :%&8D%038.(;

<>D1)" O2 ED%A,>#+ 0*A6),- 6C 3"G,>H"- #+$ !'( .LMMRNLM?L/

761)@"c >(&(.%6 J.'%&/S%3/9& D9. 4,-9.3 %&1 7:-9.3 #9&3.96H Q9.(/'& 5.%1( U3%3/)3/0);



a

;103 ?3%".3"%$ @*,-#0(0

5$( B%'() /& 3$( /&18)3.2 19 &93 )((: 39 09&)3/383( % 8,A1% (00"$ /:-(1/&' 3$( /&18)3.2 D.9:

D698./)$/&'; W(3 /& .(6%3/*( 3(.:) B%'() /& 4'2-3 %.( $/'$(. 3$%& /3) 09:-(3/39.)H B$(.(%)

-.91803/*/32 /) 69B(.; Q9. (,%:-6(H /& 3$( 0%)( 9D b%&'6%1()$H B%'() %.( +(3B((& FYM[O] 69B(.

3$%& 4'2-3/%& B%'() %&1 -.91803/*/32 /) +(3B((& FYMYO] $/'$(. ?B%'() /& b%&'6%1()$ .%&'(

%.98&1 \a TUg B$(.(%) 3$(2 %.( +(3B((& !OO %&1 !FO TUg /& 4'2-3@; 5$( )%:( /) 3.8( D9. 93$(.09:-(3/39.) %) h/(3&%: %&1 7&1/% ?596+%H FO!V_ Z%))(:H FO!V@; E%3% 9& B%'() /& 3$( -8+6/0 %&1

-./*%3( )(039. )$9B %& (,3(&3 9D *%./%3/9& %) .(*(%6(1 +2 #R^=RU; U80$ *%./%3/9&) %.( -%.3/%662

18( 39 3$( 1/DD(.(&0() /& 0%3('9./S%3/9& 9D 6%+9.H %) B(66 %) 3$( 1(*%68%3/9& (DD(03); W(3H B$%3

098&3) $(.( /) 3$%3 B%'() 19 &93 09&)3/383( % :%I9. -.9-9.3/9& 9D 09)3)L )3.8038.( %&1 %.( &93

09&)/1(.(1 %) %& /:-(1/:(&3 /& 3$( <=> -./*%3( )(039. ?B$/0$ /) &93 3$( 0%)( /& 3$( 3(,3/6()

-8+6/0 )(039. B$(.( $/'$ B%'() %&1 69B -.91803/*/32 %.( :%I9. 09&0(.&)a@H ()-(0/%662 3$%3 *%68(

%11(1 -(. B9.C(. /& <=> $%) +((& 9& % ./)/&' 3.(&1H B$/0$ /) &93 3$( 0%)( 9D 3(,3/6()

19:/&%3(1 +2 3$( -8+6/0 )(039. %&1 )8DD(./&' D.9: (,0()) (:-692:(&3 ?=%1'(.H FOOY@; 5$(

.(6%3/*(62 $/'$ )90/%6 )(08./32 09&3./+83/9&)\ B$/0$ /&0.(%)( B%'( 6(*(6) ()-(0/%662 /& 3$( -8+6/0

)(039. %.( 0/.08:*(&3(1 +2 09&0681/&' 3(:-9.%.2 09&3.%03) D9. (:-692(() /& 3$( -./*%3( )(039.

B$/0$ 0%& (,3(&1 D9. D/*( .(&(B%+6( 2(%.); W(3H 3$( .(0(&3 3%6C) 9& /&0.(%)/&' 3$( :/&/:8:

B%'( /& '(&(.%6 B/3$983 %009:-%&2/&' :(%)8.() 39 (&$%&0( -.91803/*/32 B/66 &('%3/*(62 %DD(03

3$( 09:-(3/3/*( -9)/3/9& 9D 3$( /&18)3.2H ()-(0/%662 /& 6/'$3 9D 3$( 1(06/&/&' -.91803/*/32 %) %

.()863 9D 3$( .(08..(&3 9+)3%06() 39 3$( B9.C/&' (&*/.9&:(&3 /& 4'2-3;

R:9&' 3$( 93$(. 09)3 09:-9&(&3) %.( 3$( 19:()3/0 .%B 09339&H 09339& 2%.& %&1 D%+./0) B$9)(

09)3) %.( 09&)/1(.(1 09&)/1(.%+62 $/'$ /& 4'2-3; 5$(2 $%*( %0098&3(1 D9. &(%.62 !Y] 9D 393%6

:%&8D%038./&' 09)3) B$/0$ /) $/'$(. 3$%& 3$%3 -.(*%/6/&' /& 7&19&()/% %&1 58.C(2 ?U%C. %&1

R+1(6M`%3/DH FOOO@; 73 $%) %6B%2) .(:%/&(1 0$(%-(. 39 /:-9.3 09339& 2%.& %&1 D%+./0) D.9:

^%C/)3%& %&1 7&1/% 3$%& +82/&' 690%6 2%.& %&1 D%+./0) ?R:#$%:H FOO[@; U80$ )/38%3/9& $%)

+(09:( :9.( %083( %D3(. 3$( FY3$ 9D f%&8%.2H FO!! .(*9683/9& 18( 39 3$( /&0.(%)/&' 3.%&)%03/9&09)3) D%0/&' <=> :%&8D%038.(.); 5$( .(6%3/*(62 $/'$ 09)3 9D 19:()3/0 09339& /) 069)(62

%))90/%3(1 B/3$ 3$( '9*(.&:(&3%6 -96/0/() %19-3(1 /& 09339& -./0/&' %&1 .(:%/&) % :%I9.

+9336(&(0C %DD(03/&' &('%3/*(62 3$( 09:-(3/*(&()) 9D 3$( -8+6/0 )(039. D/.:) B$/0$ %.( D9.0(1 39

+82 /3; 7:-9.3%3/9& 9D 09339& 2%.& %&1 D%+./0) /) %DD(03(1 +2 % B/1( %..%2 9D &9&M3%./DD +%../(.)

B$/0$ %11 39 3$( 09)3) 9D -.91803/9&;

>=3$%*,- ;/,--$*4$0

5$( )/'&/&' 9D 3$( i8%6/D2/&' 7&18)3./%6 j9&() ?i7j@ ^.939096 +(3B((& 4'2-3H 7).%(6H %&1 3$( TU

/& E(0(:+(. FOO[ $%) )%*(1 4'2-3L) <=> /&18)3.2 D.9: 0966%-)/&' 18( 39 3$( $(%*2 9./(&3%3/9&

39B%.1) 3$( TU :%.C(3 ?B$/0$ 0%&&93 +( (%)/62 .(-6%0(1 +2 93$(. :%.C(3)@; 73 $%) '8%.%&3((1 %1832 D.(( :%.C(3 %00()) 9D 3$( 4'2-3/%& <=> (,-9.3) 39 3$( R:(./0%& :%.C(3H $(&0( $(6-/&'

3$( /&18)3.2 39 :%/&3%/& % 09:-(3/3/*( -9)/3/9& /& 9&( 9D 3$( :%I9. (,-9.3/&' :%.C(3) ?+(/&'

)$/(61(1 D.9: 93$(. )3.9&' '69+%6 (,-9.3(.) +2 3$( .(6%3/*(62 $/'$ 3%./DD) /:-9)(1 9& <=> /& 3$(

6

According to some estimates wages constitute around 80% of sales revenues on average in the public sector and do

not exceed 10% of sales in the private RMG sector.\ U90/%6 )(08./32 09&3./+83/9&) .(%0$(1 F[] 9D 3$( +%)/0 B%'(H %&1 !!] 9D 3$( *%./%+6( B%'( %66 -%/1 +2 3$(

(:-692(. %&1 ![] -%/1 +2 3$( (:-692((;



\

<>D1)" Q2 EGA6),- 6C 3"G,>H" <>I")-J K#)+J <#I)>@- #+$ !'(

.LMMSPMTNLM??P?L/

761)@"2 TA#5REU3%3 1%3%+%)(H %*%/6%+6( %3c

$33-cdd8&03%1)3%3;8&03%1;9.';

TU@; R*%/6%+6( )381/() ?<(D%%3H FOOa_ >$9&(/:H FOON@ 09&D/.: 3$( -9)/3/*( /:-%03 9D 3$( i7j 9&

-.()(.*/&' 3$( :%.C(3 %00()) 9D 3$( 4'2-3/%& <=> (,-9.3) /& 3$( TU :%.C(3; W(3H 3$( 69&' 3(.:

(DD(03 9D 3$( i7j $%) .(:%/&(1 P8()3/9&%+6( /& 3(.:) 9D /3) &('%3/*( /:-%03 9& (&$%&0/&' 3$(

19:()3/0 *(.3/0%6 /&3('.%3/9& 9D 3$( /&18)3.2 %&1 )98.0/&' 9D 4'2-3/%& /&-83)H B$/0$ .(:%/&)

%DD(03(1 +2 3$( %D9.(:(&3/9&(1 )3.8038.%6 -.9+6(:); 7& 93$(. B9.1)H 5$( i7j &('%3/*( (DD(03 9&

*(.3/0%6 /&3('.%3/9& 9D 3$( /&18)3.2 B/66 9&62 :%3(./%6/S( /D 93$(. -.9+6(:) $%*( +((& )96*(1; R)69&' %) 3$( 09:-(3/*(&()) 9D 3$( 4'2-3/%& /&18)3.2 .(:%/&) B(%CH 3$(& i7j %03) %) %&

/:-9.3%&3 )%D(32 *%6*( D9. 3$( )8.*/*%6 9D 3$( 4'2-3/%& <=> /& 3$( TU :%.C(3; 5$( (,3(&)/9& 9D

i7j) 39 /&0681( T--(. 4'2-3 '9*(.&9.%3() B%) 3$98'$3 9D 39 +( -9)/3/*( /& 3(.:) 9D %0$/(*/&'

1(*(69-:(&3%6 '9%6); W(3H 3$( 98309:( /& 3(.:) 9D D%039./() :9*/&' 3$(.( 9. 9-(&/&' &(B

%DD/6/%3() B%) 6/:/3(1 18( 39 B(%C /&D.%)3.8038.(H /&)8DD/0/(&3 3.%/&(1 6%+9.H %&1 :91()3 B9.C

(3$/0) -.(*%/6/&' 3$(.( ?596+%H FO!V@;

B,3$03 C$)$-1:8$*30 (* 3/$ 9*'"03%#

5$( FOOX '69+%6 D/&%&0/%6 0./)/)

.(-.()(&3(1 3$( D/.)3 &('%3/*(

(,9'(&98) )$90C D9. 3$( <=> /&18)3.2

%D3(. )/'&/&' 3$( i7j; 5$( D(%. 9D 69)/&'

09:-(3/*(&()) /& 3$( (,-9.3 :%.C(3)

$%) D9.0(1 :%I9. 4'2-3/%& 09:-(3/39.)

39 1(*%68( 3$(/. 08..(&0/() B$/0$ B%)

&93 :%30$(1 +2 % )/:/6%. 1(*%68%3/9& /&

3$( 4'2-3/%& 0%)(; 5$98'$ 3$/) :/'$3

$%*( $%1 % &('%3/*( /:-%03 9& 4'2-3L)

(,3(.&%6 -9)/3/9&H 3$( i7j $%) -6%2(1 %&

/:-9.3%&3 .96( /& -.()(.*/&' 3$( :%.C(3

%00()) 9D 4'2-3/%& <=> (,-9.3) /& 3$(TU :%.C(3 ?>$9&(/:H FOON@; 5$(

)(09&1 )$90C B$/0$ %DD(03(1 3$(

/&18)3.2 $%) +((& 19:()3/0H %&1 /3 B%) .(-.()(&3(1 /& 3$( &('%3/*( 0/.08:)3%&0() -.(*%/6/&'

%D3(. 3$( FY3$

9D f%&8%.2 .(*9683/9&; 5$( 9*(.%66 (,-9.3) 9D 3$( /&18)3.2 1(06/&(1 %&1 3$( i7j

(,-9.3) %6)9 1(06/&(1 ?D/'8.() [ %&1 Y@; 5$( B(%C )(08./32 -9)/3/9& ?B$/0$ 6(1 39 $/'$(.

3.%&)%03/9& 09)3) %3 .9%1)H -9.3 '%3()H %&1 069)/&' 9D JB'% -9.3 1(%6/&' B/3$ i7j@ %&1 3$( 6%+9.

%))90/%3(1 -.9+6(:) ?1(:9&)3.%3/9&)H 1(06/&/&' -.91803/*/32H %&1 %)C/&' D9. B%'( /&0.(%)()@

$%*( %DD(03(1 3$( /&18)3.2H B$/0$ B%) -%.3/%662 %009::91%3(1 +2 3$( 1(*%68%3/9& $%--(&/&' /&

E(0(:+(. FO!F; =9.(9*(.H 3$( )3%3( 9D D68, %DD(03/&' 3$( (09&9:/0 -96/02 :%C/&' /& 4'2-3 $%)

%DD(03(1 3$( %+/6/32 9D 3$( -6%2(.) /& 3$( :%.C(3 39 1/)08)) 3$(/. -.9+6(:) B/3$ .(6(*%&3 -96/02:%C(.); 5$( '9*(.&:(&3 $%) +((& .(3.(%3/&' D.9: )8--9.3/&' 3$( /&18)3.2 B$(.( %66 D%0/6/3/()

%&1 (,-9.3 )8--9.3 :(%&) $%*( +((& )3%66/&' %&1 (,3.% 09)3) $%*( +((& /:-9)(1; Q/&%662H 3$(

/&D69B 9D ):8''6(1 /:-9.3) 9D <=> $%) )8.'(1H B$/0$ $%) %DD(03(1 :%/&62 3$( /&D9.:%6 )(039.

D908)/&' 9& -.91803/9& D9. 3$( 690%6 :%.C(3 /& 4'2-3;



X

<>D1)" R2 ED%A,>#+ EGA6),- 6C 3"G,>H"- #+$ !"#$%N*#$" (#)*"+,- .LMMRNLM?L/

761)@"c >(&(.%6 J.'%&/S%3/9& D9. 4,-9.3 %&1 7:-9.3 #9&3.96H Q9.(/'& 5.%1( U3%3/)3/0);

59 )8: 8-H 3$( <=> /&18)3.2 )3/66 .(:%/&) $/'$62 -.93(03(1 8)/&' $/'$ 3%./DD) %&1 1/DD(.(&3 &9&M

3%./DD +%../(.)H %& %)-(03 B$/0$ $%) $%1 % &('%3/*( /:-%03 9& 09&)8:(.) %&1 /&*/3(1 % B/1(

-.%03/0( 9D ):8''6/&'; 5$( -.9+6(:) 9D 3$( /&18)3.2 .(:%/& 1((-62 .993(1 /& %)-(03) .(6%3(1 39

9*(.)3%DD(1 -8+6/0 )(039.H 6%0C 9D /&*()3:(&3)H -.9+6(:) %))90/%3(1 B/3$ %00()) 39 D/&%&0(H %&1

/&(DD/0/(&3 09339& -96/0/();

54% U#- 0, !"*#>+"$ V>CC>@1H, ,6 !"C6)* ,4" 0+$1-,)%9 ; W6H>,>@#H E@6+6*% W")-A"@,>8"2

R D866 09:-.($(&)/*( .(D9.: %'(&1% D9. 3$( )(039. %) B$96( B%) &(*(. %0$/(*(1; 5$( 0%)( $%)%6B%2) .(:%/&(1 )('.('%3(1 %:9&' 1/DD(.(&3 .(D9.: -6%&) 3$%3 B(.( .%3$(. 0$%.%03(./S(1 +2

+(/&' %1 $90 %&1 D908)(1 9& 0(.3%/& )(':(&3 9D 3$( /&18)3.2; R& 9*(.%66 )3.%3('/0 .(D9.: -6%&

3$%3 3%C() /& 09&)/1(.%3/9& 3$( 1/DD(.(&3 1/:(&)/9&) 9D 3$( /&18)3.2 /&0681/&' -./*%3( %&1 -8+6/0

)(':(&3)H 3$( *(.3/0%6 /&3('.%3/9& %)-(03)H 3$( 09&)8:(. *(.)8) -.9180(. %)-(03H 3$( 19:()3/0

9./(&3(1 *(.)8) (,-9.3/&' -.9180(.) 1/:(&)/9&H (30 .(:%/&(1 %+)(&3; 5$/) /) -%.3/%662 % .()863 9D

3$( :863/D8&03/9&%6 .96( 9D 3$( /&18)3.2 /& 3$( 4'2-3/%& )90/(32 B$(.( /&0681/&' %66 /3) (09&9:/0H

)90/%6H %&1 -96/3/0%6 1/:(&)/9&) /& 9&( .(D9.: -%0C%'( )((:) 39 +( 1/DD/0863H /D &93 %& /:-9))/+6(

3%)C; =9.(9*(.H 3$( .()-9&)/+/6/32 9D 1()/'&/&' % .(D9.: -6%& 3$%3 3%C() /& 09&)/1(.%3/9& 3$(

/&3(.()3) 9D %66 )3%C($961(.) 0%&&93 +( %))/'&(1 39 9&( :/&/)3.2; 5$( /&18)3.2L) /))8() %.(

1/DD8)(1 +2 &%38.( %&1 )-.(%1 %:9&' 1/DD(.(&3 :/&/)3./() %&1 '9*(.&:(&3%6 %'(&0/() B$(.(09339& /))8() %.( 9*(.)((& +2 3$( =/&/)3.2 9D R'./08638.( %&1 `%&1 <(06%:%3/9&H 3$( -8+6/0

)(039. B$/0$ 19:/&%3() )-/&&/&' %&1 B(%*/&' /) 9*(.)((& +2 3$( =/&/)3.2 9D 7&*()3:(&3H %&1

D/&%662 3$( -./*%3( )(039. B$/0$ 19:/&%3() 3$( -.91803/9& 9D <=> /) 9*(.)((& +2 3$( =/&/)3.2 9D

Q9.(/'& 5.%1( %&1 7&18)3.2; 7& :%&2 0%)() 3$( /&3(.()3) 9D 3$( 1/DD(.(&3 )3%C($961(.) 19 &93

09&*(.'( %&1 18( 39 3$( %+)(&0( 9D % &%3/9&%6 -9/&3 9D */(B D9. 3$( B$96( /&18)3.2H .(D9.:) %.(

%6B%2) /&09:-6(3(;



N

#9339& -96/0/() %&1 -./0/&' .(:%/& % :%I9. /))8( 3$%3 .(P8/.() % 09:-.($(&)/*( */(B; J& 3$(

9&( $%&1H 3$(.( /) % 8&/P8( -9)/3/9& D9. 4'2-3 /& -.9180/&' 69&' )3%-6( 09339&H B$/0$ $%) +((&

C&9B& $/)39./0%662 %) 3$( B$/3( '961H %&1 3$%3 /) 09:-(3(1 B9.61B/1( +2 .(6%3/*(62 D(B *%./(3/()

()-(0/%662 3$( R:(./0%& ^/:%; J& 3$( 93$(. $%&1H 3$( $/'$ -./0() 9D 09339& D/+.( B(.( %00(-3(1

+2 3$( )-/&&(.) %&1 B(%*(.) 39 C((- 3$(/. -.91803/9& 8&/3) 9-(.%3/&'H +83 3$(2 B(.( 8&%+6( 39

-%)) 3$( /&0.(%)( /& -./0() 39 3$(/. 19B&)3.(%: 08)39:(.) B$/0$ (&1(1 8- /& %008:86%3/&'69))(); 7& D%03 3$( -8+6/0 D/.:) B(.( D9.0(1 39 +82 09339& D/+.( %3 % $/'$ -./0(; 5$( -./*%3( D/.:)

B9.C/&' %) C&/33(.) %&1 B(%*(.) 3.2 39 1(-(&1 9& 3$( /:-9.3(1 09339& D/+.( 39 +( %+6( 39

09:-(3( /& 3$( (,3(.&%6 :%.C(3; 5$( -./*%3( )(039. /& <=> 0%&&93 09:-(3( B9.61B/1( /D 39

1(-(&1 9& 3$( 4'2-3/%& 69&' )3%-6( 09339&;

R&93$(. :%I9. -.9+6(: /& 3$/) /&18)3.2 /) 3$( .(D9.: 9D /3) -8+6/0 )(039.; 5$( '9*(.&:(&3 $%)

)39--(1 /&*()3/&' /& 3$/) )(039. )/&0( 3$( (%.62 !NNO) %) /3 )6%3(1 3$( D/.:) D9. -./*%3/S%3/9&; 5$(

)(039. 09&3%/&) % &8:+(. 9D k399 +/' 39 D%/6l 09:-%&/() /& 3$( 3(,3/6() )(039.H B$(.( 3$( $8'(

&8:+(. 9D B9.C(.) %&1 '(9'.%-$/0%6 09&0(&3.%3/9& 9D )80$ D/.:) ?%) /& =%$%66% 46 Z9+.%@

/:-6/(1 :%I9. 1/DD/0863/() /& 8&1(.3%C/&' -./*%3/S%3/9& D(%./&' D.9: &('%3/*( -96/3/0%6 %&1 )90/%6

09&)(P8(&0(); G(&0(H 3$( -8+6/0 )(039. .(D9.: )38:+6(1 B$(.( /3 /) )P8((S(1 +(3B((&

.(6%3/*(62 $/'$ B%'()H 9+6/'%39.2 -8.0$%)( 9D +82/&' (,-(&)/*( 09339&H 6%0C 9D &(B /&*()3:(&3)H

%&1 9*(.)3%DD/&';

U6X ,6 7#8" ,4" 0+$1-,)%

5$/) -%.3 B/66 3.2 39 D908) 9& 3$( )-(0/D/0 (DD9.3) &((1(1 39 (&$%&0( 3$( .96( 9D <=>; 73 19() &93

3%0C6( 3$( '(&(.%6 +8)/&()) (&*/.9&:(&3 %)-(03) %&1 :%0.9(09&9:/0 /))8() 3$%3 083 %0.9)) %66

/&18)3./() %&1 )(039.);

D,)$ , .18:%$/$*0()$ %$21%8 :-,* 21% 3/$ 6/1-$ 0$.31%

5$( -6%& )$9861 3%0C6( )(*(.%6 %)-(03) /&0681/&' 3$( %19-3/9& 9D % &(B 09339& -96/02 B$/0$)$9861 (&098.%'( 3$( -.91803/9& 9D 93$(. 32-() 9D 09339& D/+.( ?:(1/8: %&1 )$9.3 )3%-6(@H

B$/6( %669B/&' )80$ 32-() 39 +( (%)/62 /:-9.3(1 B/3$983 :%C/&' 3$( )-/&&(.) %&1 /:-9.3(.)

/&08. $8'( 09)3); =9.(9*(.H 3$( -6%& )$9861 3%0C6( (&$%&0/&' 9D -.91803/*/32 3$.98'$ 3.%/&/&'

%&1 (180%3/9& /& )(.*/0(M.(6%3(1 )C/66) )80$ %) P8%6/32 09&3.96H .(3%/6 1/)3./+83/9&H %&1 1()/'&;

=9)3 /:-9.3%&362H 3$( -6%& )$9861 1(%6 B/3$ 3$( /66) 9D 3$( -8+6/0 )(039. +2 (&)8./&' 3$(

%*%/6%+/6/32 9D &((1(1 /&*()3:(&3; >(9'.%-$/0%6 (,3(&)/9& 9D -6%&3/&' 09339& %&1 /&068)/9& 9D

&(B '(9'.%-$/0%6 %.(%)H %) D9. i7j /& T--(. 4'2-3 &((1 39 +( 09:-6(:(&3(1 +2 -.9*/1/&' 3$(

&((1(1 /&D.%)3.8038.( ?.9%1)H $93(6)H (30;@ %&1 8-'.%1/&' 9D -.91803/*/32 9D 6%+9.; 5$( (,/)3/&'

A%3/9&%6 U3.%3('2 9D 3$( 5(,3/6() 7&18)3.2c h/)/9& 9D FOFY D9. 3$( B$96( )(039. )$9861 +(

(&D9.0(1;

E,F$ 2(*,*.$ ,),(-,!-$

5$( :%I9./32 9D D/.:) /& 4'2-3 $%*( +((& )8DD(./&' D.9: % 0.(1/3 0.8&0$ %))90/%3(1 B/3$ 3$(

.(6803%&0( 9D +%&C) 39 -.9*/1( 09.-9.%3( 69%&) 18( 39 3$( '699:2 (09&9:/0 )/38%3/9&;

=9.(9*(.H 3.%1( D/&%&0( $%) %6B%2) +((& %+)(&3; 5$( #(&3.%6 b%&C )$9861 8&1(.3%C( )-(0/D/0

/&/3/%3/*( 39 )8--9.3 :%I9. (,-9.3/&' /&18)3./() /&0681/&' <=>H ()-(0/%662 /& 3$( %D3(.:%3$ 9D

3$( FY3$ 9D f%&8%.2 F!! .(*9683/9& B$(.( -.9*/)/9& 9D D/&%&0( +(0%:( :9.( 09&)3.%/&(1 1()-/3(



!O

3$( 8.'(&3 &((1 D9. /3; R*%/6%+/6/32 9D D/&%&0( /) %:9&' 3$( :9)3 /:-9.3%&3 09&)3.%/&3) D%0/&' 3$(

/&18)3.2 %3 3$/) )3%'( 9D 3/:(; U9:( )9.3 9D #(&3.%6 b%&C '8%.%&3(( D9. +%&C) -.9*/1/&' 69%&) 39

)-(0/D/0 /&18)3./() )$9861 +( -.9*/1(1 39 (&)8.( -.()(.*/&' 3$(/. (,-9.3 -93(&3/%6;

C$,- 6(3/ 3/$ $=(03(*4 3%,'$ ,4%$$8$*30 ,*' *$413(,3$ !$33$% %"-$0 12 1%(4(*

5$(.( /) % &((1 39 .(&('93/%3( 3$( .86() 9D 9./'/& B/3$ 3$( 4TH B$/0$ $%) +((& .()3./03/*( %&1$%*( -.(*(&3(1 3$( 4'2-3/%& (,-9.3(.) D.9: 83/6/S/&' 3$(/. (,-9.3 -93(&3/%6 /& 3$( 4T :%.C(3;

=9.(9*(.H &9 )(./98) :9*() B$(3$(. 9& +($%6D 9D (,-9.3(.) 9. '9*(.&:(&3) $%*( +((&

8&1(.3%C(& 39 :%C( 8)( 9D 3$( -9)/3/*( -93(&3/%6 (DD(03) 9D 1/%'9&%6 08:86%3/9& 9D .86() 9D

9./'/& 8&1(. 3$( %8)-/0() 9D R'%1/. %'.((:(&3H %63$98'$ )9:( )381/() $%*( )$9B(1 3$%3 3$(

-93(&3/%6 (,-(03(1 '%/&) D.9: )80$ 08:86%3/9& %.( .%3$(. :91()3 ?>$9&(/:H FOOV@; 5$/) D908)

9D (,-9.3(.) )$9861 0$%&'( /& 3$( D838.( B$(.(+2 3$( R:(./0%& :%.C(3 /:-9.3%&0( )$9861 +(

-.()(.*(1 +83 3$( %33(&3/9& )$9861 +( 1(*93(1 39 B$(.( 3$( 4'2-3/%& (,-9.3) (&I92 %

09:-(3/3/*( %1*%&3%'( &93 .(6%3(1 39 3%./DD -.(D(.(&0(); G(&0( 3$( /))8( 9D '(9'.%-$/0%6

-.9,/:/32 39 3$( 4T %&1 3$( %+/6/32 39 08:86%3( /&-83) ?D9. (,%:-6( 8)/&' 3$( 58.C(2M4'2-3 D.((

3.%1( %.(% 9. R'%1/. %'.((:(&3)@ )$9861 +( +(33(. 83/6/S(1 ?R6MR29832H FO!O@;

G1."0 1* *$6 *(./$0

4'2-3 )$9861 )3%.3 D908)/&' 9& &(B &/0$() /& 3$( D/(61 9D )9 0%66(1 3(0$&/0%6 3(,3/6()X; 5$/) 32-(

9D /&18)3.2 /) )3/66 $/'$62 09&0(&3.%3(1 /& 1(*(69-(1 098&3./(); >/*(& 3$( 09:-(3/3/*( %1*%&3%'(

3$%3 4'2-3 (&I92) .('%.1/&' 6%+9. %&1 '(9'.%-$/0%6 -.9,/:/32 39 3$( 4T %&1 '/*(& 3$%3 93$(.

:%/& 09:-(3/39.) %.( D908)/&' 9& 3$( 3.%1/3/9&%6 3(,3/6() 3$(& 4'2-3 )$9861 3%C( 3$( 6(%1 +2

'(33/&' (&'%'(1 B/3$ 3$( .(3%/6 1/)3./+839.) /& 3$( 1(*(69-(1 098&3./() %&1 $%*( % :%.C(3 )$%.(

/& 3$( '69+%6 :%.C(3; 5$( -.9,/:/32 39 3$( 4T /) )3/66 &93 B(66 83/6/S(1 %&1 3$( -$(&9:(&9& 9D

k6(%& .(3%/6/&'l B$(.( -.9,/:/32 39 3$( :%.C(3 -6%2) % 0./3/0%6 .96( /) )3/66 &93 (DD/0/(&362 83/6/S(1

/& 4'2-3;

>*/,*.$ 0"!.1*3%,.3(*4 ,*' (*3$4%,3$ ?E>0

59 B/1(& 3$( )09-( 9D )8+09&3.%03/&' /& 3$( <=> /&18)3.2H )(*(.%6 )3(-) %.( &((1(1; 5$( D/.)3 /)

39 0.(%3( % 09:-.($(&)/*( 1%3%+%)( 3$%3 /) )$%.(1 %:9&' 1/DD(.(&3 -6%2(.) /& 3$( :%.C(3H 3$(

)(09&1 /) 39 8-'.%1( 3$( 0%-%+/6/3/() 9D U=4) /& 3$( )(039.H %&1 3$( 3$/.1 /) 39 -.9*/1( :%30$

:%C(.) B$/6( -.9*/1/&' /&0(&3/*() ?3$.98'$ :(%&) 9D (,-9.3 )8--9.3 9. D/&%&0/&' )0$(:()@ D9.

09&3.%039.) %&1 )8+09&3.%039.) 39 I9/& (DD9.3)H B/3$ 3$( 863/:%3( '9%6 9D 0.(%3/&' D8&03/9&%6

068)3(.)@; =9*/&' 39 T--(. 4'2-3 /) % )3(- /& 3$( ./'$3 1/.(03/9& B$(.( 068)3(.) )$9861 +(

()3%+6/)$(1 3$(.( :%C/&' 8)( 9D *%)3 :%I9./32 9D 6%&1 %&1 %*%/6%+/6/32 9D 0$(%- 6%+9.; G9B(*(.

39 )800((1 3$(.( /) %& 8.'(&3 &((1 39 (&$%&0( P8%6/32 9D 6%+9. %&1 (&)8.( 3$( %*%/6%+/6/32 9D

/&D.%)3.8038.( %&1 -8+6/0 83/6/3/(); 7& 93$(. B9.1)H /&3('.%3/&' U=4) /& 3$( *%68( 0$%/& &((1)-.81(&3 %03/9&) 39 (&)8.( /3) )800()) %&1 $(6- 8-'.%1/&' 3$( /&18)3./%6 068)3(.) 699C(1 D9. ?R6M

R29832H FO!O@;

X k3$9)( 3(,3/6( :%3(./%6) %&1 -.91803) :%&8D%038.(1 -./:%./62 D9. 3$(/. 3(0$&/0%6 %&1 -(.D9.:%&0( -.9-(.3/()

.%3$(. 3$%& D9. 3$(/. %()3$(3/0 9. 1(09.%3/*( 0$%.%03(./)3/0)l ?J4#EH FOO[@



!!

H,.F-$ $=:1%3 %$-,3$' :%1!-$80

5$( (,-9.3(.) 9D <=> )8DD(. -.9+6(:) %))90/%3(1 B/3$ 1832 1.%B +%0C %&1 3(:-9.%.2

%1:/))/9&; 5$9)( %.( .(08..(&3 -.9+6(:) 3$%3 $%*( %6B%2) $%--(&(1 %&1 $%*( 0$%&'(1 )6/'$362

B/3$ 3$( 0$%&'( 9D '9*(.&:(&3 9DD/0/%6) /& 0$%.'( %&1 /& D%03 $%*( +((& (,3.%*%'%3(1 %D3(. 3$(

FY3$

9D f%&8%.2 FO!! .(*9683/9&H B$(.( 3$( 1(6%2 9D -%2/&' (,-9.3 )8--9.3 I9/&(1 3$( )(3 9D-.9+6(:); 5$(.( /) % &((1 D9. ()3%+6/)$/&' %& /&)3/383/9&%6 )(38- 39 %*9/1 3$( 1/)0.(3/9&%.2

-9B(. (,(.0/)(1 +2 '9*(.&:(&3 9DD/0/%6) B$9 0$%&'( 3$( .86() %&1 %DD(03 &('%3/*(62 3$(

/&18)3.2;

5)$%.18$ -,.F 12 :"!-(. 0$%)(.$0 ,*' (*2%,03%".3"%$ (* (*'"03%(,- I1*$0 ,*' J9K ,%$,0

5$( /&068)/9& 9D T--(. 4'2-3 /& i7j) %&1 (&$%&0/&' 3$( .96( 9D /&18)3./%6 S9&() &((1 39 +(

%009:-%&/(1 +2 )(./98) (DD9.3) 39 8-'.%1( 3$( P8%6/32 9D -8+6/0 )(.*/0() -.9*/1(1 ?(;';

(6(03./0/32H B%3(.H $98)/&' D%0/6/3/() 39 B9.C(.)H (30@H /&D.%)3.8038.( ?.9%1)H -9.3)H .%/6H $93(6)@;

!"C")"+@"-2

R+8'%33%)H `8/) %&1 R$:(1 =98)3%D% ?FOON@H m 7&3(.&%3/9&%6 E(*(69-:(&3) /& 3$( 5(,3/6( %&1

#693$/&' 7&18)3./()c #$%66(&'() D9. R.%+ #98&3./()mH TAE^;

R6MR29832H 7:%& ?FO!O@H k5(,3/6( >69+%6 #9::91/32 #$%/&)c 4DD/0(&02 %&1 7&18)3./%6 T-'.%1/&'

/& 4'2-3lH 4#4U K9.C/&' -%-(. A9; !aO; #%/.9c 4'2-3/%& #(&3(. D9. 409&9:/0 U381/();

R:#$%: ?R:(./0%& #$%:+(. 9D #9::(.0( /& 4'2-3@ ?FOO[@H k5$( 3(,3/6() %&1 0693$/&' /&18)3.2

/& 4'2-3lH ?R8'8)3@; #%/.9H 4'2-3c b8)/&()) U381/() %&1 R&%62)/) #(&3(.H 5$( R:(./0%& #$%:+(.

9D #9::(.0( /& 4'2-3;

#(&3.%6 R'(&02 D9. ^8+6/0 =9+/6/S%3/9& %&1 U3%3/)3/0)H U3%3/)3/0%6 W(%. b99C ?FO!V@; R*%/6%+6( %3c

$33-cddBBB;0%-:%);'9*;('d-1Dd46(03.9&/0]FOU3%3/0]FOb99CFO!Vd%.%+/0dB(%3$(.d8&3/36(1!dB

(%3$(.;%)-,

#(&3.%6 b%&C 9D 4'2-3H 5/:( U(./()H b9^ %&1 4,3(.&%6 E(+3H R*%/6%+6( %3

$33-cddBBB;0+(;9.';('d4&'6/)$d409&9:/0e<()(%.0$d5/:(eU(./()d

#(&3.%6 b%&C 9D 4'2-3H 5/:( U(./()H ^9-86%3/9&H `%+9. Q9.0( %&1 T&(:-692:(&3 <%3( R*%/6%+6(

%3 $33-cddBBB;0+(;9.';('d4&'6/)$d409&9:/0e<()(%.0$d5/:(eU(./()d

Q%BS2H U%:/$%H %&1 A%1% =%))981 ?FOOV@H k 5$( D838.( 9D 4'2-3n) 3(,3/6() %&1 0693$/&' (,-9.3)/& 6/'$3 9D &(B /&3(.&%3/9&%6 3.%1/&' .86()lH 4#4U K9.C/&' ^%-(.H &9; Xa; #%/.9H 4'2-3c 4'2-3/%&

#(&3(. D9. 409&9:/0 U381/()

>$(.S/ ?FOOa@H U3.%3('2 %&1 R03/9& ^6%& ^.9I(03 D9. 3$( 4'2-3/%& 5(,3/6( %&1 #693$/&' 7&18)3.2;



!F

>$9&(/:H R$:(1 Q; ?FOOV@H k<86() 9D J./'/& %&1 3$(/. 7:-%03 9& 4'2-3 B/3$/& 3$( 09&3(,3 9D 3$(

4TM=(1 ^%.3&(.)$/- R'.((:(&3lH L1"%*,- 12 M1%-' H%,'$H f8&( FOOV h96; V\ A9; VH --; YN\M

aFF;

>$9&(/:H R$:(1 Q; ?FOON@H mE/DD(.(&3 =(%&) 39 U%*( 3$( 4'2-3/%& 5(,3/6() %&1 #693$/&'

7&18)3.2 D.9: 3$( Q/&%&0/%6 #./)/)mH -9)/3/9& -%-(. 8&1(.3%C(& D9. 3$( <(%12 =%1( >%.:(&3)

4,-9.3/&' #98&0/6 %&1 3$( 7&18)3.2 =91(.&/S%3/9& #(&3(.;

Z%))(:H =9$%:(1 ?FO!V@ 3(6(-$9&( /&3(.*/(B 9& 3$( [3$

9D E(0(:+(.H FO!V;

Z$(/.M46ME/&H G%&%%H %&1 G91% 46 U%2(1 ?!NN\@H k ^93(&3/%6 /:-%03 9D % D.(( 3.%1( %'.((:(&3

B/3$ 3$( 4T 9& 3$( 4'2-3/%& 3(,3/6( /&18)3.2lH 4#4U K9.C/&' ^%-(.H &9; !a; #%/.9H 4'2-3c

4'2-3/%& #(&3(. D9. 409&9:/0 U381/();

Z$(/.M46ME/&H G%&%%H %&1 =%%:98& R+1(6 Q%33%$ ?FOOO@H k 5(,3/6() %&1 0693$/&' /& 3$(

=(1/3(..%&(%& .('/9&c J--9.38&/3/() %&1 0$%66(&'() 9D .(38.&/&' 3(,3/6() %&1 0693$/&' 39 >R55

1/)0/-6/&(lH 4<Q K9.C/&' ^%-(.H &9; FOOX; #%/.9H 4'2-3c 409&9:/0 <()(%.0$ Q9.8:;

=%1'(.H E%& ?FOOY@H k 4'2-3 %D3(. 3$( =863/MQ/+(. R..%&'(:(&3c >69+%6 %--%.(6 %&1 3(,3/6(

)8--62 0$%/&) %) % .983( D9. /&18)3./%6 8-'.%1/&'lH K9.C/&' ^%-(.H &9; YMX; K%)$/&'39&H E;#;c

7&)3/383( D9. 7&3(.&%3/9&%6 409&9:/0);

=(3B%662H =%&%6 %&1 A/$%6 46M=/'$%.+/6 ?FOON@H m5$( Q/&%&0/%6 #./)/) %&1 /3) 7:-%03 9& 3$(

7&18)3./%6 U(039.m -%-(. -.()(&3(1 %3 3$( 09&D(.(&0( (&3/36(1 H/$ ?1.(,- 98:,.3 12 3/$ G(*,*.(,-

;%(0(0 1* 3/$ >4#:3(,* >.1*18# ,*' 3/$ E$,*0 31 @--$)(,3$ (3 H 9.'%&/S(1 I9/&362 +2 #4<QUH TAE^H

U90/%6 #9&3.%03 #(&3(. ?7EU#@H %&1 Z9&.%1 R1(&8%.H #%/.9H R-./6 FOON;

=/&/)3.2 9D ^8+6/0 4&3(.-./)() ?FOOV@H k<(D9.: 9D 3$( 4'2-3/%& U-/&&/&' %&1 K(%*/&' %&1 5(,3/6(

7&18)3.2c ^.9'.()) %&1 #$%66(&'() R$(%1lH U3812 -.()(&3(1 39 3$( 4T =/))/9& /& 4'2-3

J4#E ?FOO[@H k R &(B B9.61 :%- /& 3(,3/6() %&1 0693$/&'c R1I8)3/&' 39 0$%&'(lH ^%./)H Q.%&0(c

J.'%&/S%3/9& D9. 409&9:/0 #99-(.%3/9& %&1 E(*(69-:(&3;

^/'%39H =/./% %&1 R$:(1 Q; >$9&(/: ?FOOa@H m4'2-3 RD3(. 3$( 4&1 9D 3$( =863/-6(MQ/+(.

R'.((:(&3c R #9:-%.%3/*( <('/9&%6 R&%62)/)mH 4#4U K9.C/&' ^%-(. A9; !![H #%/.9c 4'2-3/%&

#(&3(. D9. 409&9:/0 U381/();

<(D%%3H R:%6 ?FOOa@H mR))())/&' 3$( 7:-%03 9D 3$( i7j ^.939096 9& 4'2-3n) 5(,3/6( %&1 #693$/&'7&18)3.2mH 4#4U K9.C/&' ^%-(. A9; !!VH #%/.9c 4'2-3/%& #(&3(. D9. 409&9:/0 U381/();

U%C.H =9$%:(1 Q;H %&1 `9+&% =; R+1(6M`%3/D ?FOOO@H k7&3(.&%3/9&%6 09:-(3/3/*(&()) 9D 4'2-3L)

3(,3/6( /&18)3.2lH ;>GN? >.1*18(. ?3"'($0 ![; #%/.9H 4'2-3c #(&3(. D9. 409&9:/0 %&1 Q/&%&0/%6

<()(%.0$ %&1 U381/();



!V

596+%H =%'12 ?FO!V@H :/:(9 %&1 3(6(-$9&( /&3(.*/(B 9& 3$( FO3$ 9D A9*(:+(.H FO!V;

TA#5REU3%3 1%3%+%)(H %*%/6%+6( %3c $33-cdd8&03%1)3%3;8&03%1;9.';

Documents

PB11 RMG Industry