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        7ĕ ǀĞ ĚŦƔ ƉĂnjĂƌĚĂŬŝ ĚĂƌĂůŵĂŶŦŶ LJĂͲ                                             In addi on to the contrac on in the
        ŶŦŶĚĂ ĂƌƚŵĂLJŦ ƐƺƌĚƺƌĞŶ ŵĂůŝ ŬƺůĨĞƚͲ                                            domes c  and  foreign  markets,  we
        ůĞƌůĞ ĚĞ ďĂƔ ĞĚĞďŝůŵĞŬ njŽƌƵŶĚĂLJŦnj͘                                             have to cope with the  nancial bur-
        dĞŵŵƵnj  ŝƟďĂƌŦLJůĂ  ŵĂůŝLJĞƚůĞƌŝŵŝnjĞ                                             dens that con nue to increase. As of
        ƺĐƌĞƚ  ĚƺnjĞŶůĞŵĞůĞƌŝ͕  ĂŬĂƌLJĂŬŦƚ  ĮͲ                                            uly, new elements such as wage ad-
        LJĂƚůĂƌŦ ǀĞ ǀĞƌŐŝ ĂƌƨƔůĂƌŦ Őŝďŝ LJĞŶŝ ƵŶͲ                                        justments, fuel prices and tax increas-
        ƐƵƌůĂƌ ĞŬůĞŶĚŝ͘ <ƵƌĚĂŬŝ ŶŝƐƉŝ ĂƌƨƔŦŶ                                           es were added to our costs. Although
        ŝŚƌĂĐĂƚĂ  ŽůƵŵůƵ  ĞƚŬŝƐŝ  ŬĂLJŦƉůĂƌŦŵŦͲ                                         the  posi ve  e ect  of  the  rela ve
        njŦ ŚĞŶƺnj ƚĞůĂĮ ĞĚĞŵĞŵŝƔ ŽůƐĂ ĚĂ͕                                               increase in the exchange rate on ex-
        LJĞŶŝ LJĂƨƌŦŵůĂƌĂ LJƂŶĞůŝŬ ƉŽnjŝƟĨ ĂLJͲ                                             ports has not yet compensated for our
                                                                                       losses,  the  statements  that  posi ve
        ƌŦŵĐŦůŦŒŦŶ ǀĞ ĚĞƐƚĞŬůĞƌŝŶ ƐƺƌĞĐĞŒŝŶĞ
                                                                                       discrimina on and support for new in-
        ĚĂŝƌ ĂĕŦŬůĂŵĂůĂƌ ŵĂŬŝŶĞ ŝŵĂůĂƚĕŦůĂͲ
                                                                                       vestments will con nue are important
        ƌŦ ŝĕŝŶ ƂŶĞŵůŝ͘  ŶŇĂƐLJŽŶ LJƺŬƐĞŬ ƐĞLJƌĞĚĞƌŬĞŶ ŬƵƌůĂƌŦŶ LJŝŶĞ LJĂͲ
                                                                 for machinery manufacturers. Although we are worried that the
        ƚĂLJ ďŝƌ ƐĞLJƌĞ ŐŝƌŵŝƔ ŽůŵĂƐŦ ďŝnjŝ ĞŶĚŝƔĞůĞŶĚŝƌƐĞ ĚĞ͕  džŝŵďĂŶŬ
                                                                 exchange rates have again entered a horizontal course while in-
        ŬƌĞĚŝůĞƌŝŶĚĞŬŝ ŐƂƌĞůŝ ƌĂŚĂƚůĂŵĂ ǀĞ DĞƌŬĞnj  ĂŶŬĂƐŦ͛ŶŦŶ LJĂƨƌŦŵ
                                                                  a on is high, the rela ve relief in  ximbank loans and the  en-
        ƌĞĞƐŬŽŶƚ ŬƌĞĚŝůĞƌŝŶŝ LJĞŶŝĚĞŶ ŚĂƌĞŬĞƚůĞŶĚŝƌŵĞ ǀĂĂĚŝ ƺŵŝƚ ǀĞͲ
                                                                 tral Bank’s promise to reac vate investment rediscount loans are
        ƌĞŶ ĚŝŒĞƌ ŐĞůŝƔŵĞůĞƌĚŝƌ͘ 7ƚŚĂůĂƨŶ ĚŝnjŐŝŶůĞŶŵĞƐŝ ŐĞƌĞŒŝŶĞ LJƂŶĞͲ
                                                                 other promising developments.   cial statements and e orts to
        ůŝŬ ƌĞƐŵŝ ďĞLJĂŶ ǀĞ ĕĂďĂůĂƌ ŝƐĞ͕ ŝƚŚĂůĂƩĂŶ ĞŶ ŵƵnjĚĂƌŝƉ ƐĞŬƚƂƌ
                                                                 rein in imports will be the issues that we will closely monitor and
        ŽůĂƌĂŬ LJĂŬŦŶĚĂŶ ŝnjůĞLJĞĐĞŒŝŵŝnj ǀĞ ĚĞƐƚĞŬ ǀĞƌĞĐĞŒŝŵŝnj ŬŽŶƵůĂƌ
                                                                 support as the sector that su ers most from imports.”
        ŽůĂĐĂŬƨƌ͘͟




















































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