Do High International Telecom Rates Buy Telecom Sector Growth?

7/30/2019 Do High International Telecom Rates Buy Telecom Sector Growth?

http://slidepdf.com/reader/full/do-high-international-telecom-rates-buy-telecom-sector-growth 1/16

]C\GOEM

XJXD\

Ec% :<";9Ecydbld| <8:<

FC NOMN OEVD\EJVOCEJA VDADKCB \JVD[ LT_

VDADKCB [DKVC\ M\C]VN3Je Dbxo|okja Oeyd{vomjvoce ci vnd [defd|"Xj{ \tad

Ly Dao Fct|jfc

Vnd cxoeoce{ d~x|d{{df oe vno{ ]c|goem Xjxd| j|d vnd jtvnc|‟{ jef fc ecv |dx|d{devckoja xc{ovoce{ ci vnd Bd|kjvt{ Kdevd| c| Mdc|md Bj{ce Teoyd|{ov%



:

Fc nomn oevd|ejvoceja vdadkcb |jvd{ lt vdadkcb {dkvc| m|c}vn3 Je dbxo|okjaoeyd{vomjvoce ci vnd {defd|"xj{ |tad

Dao Fct|jfcBd|kjvt{ Kdevd| jef Fdxj|vbdev ci Dkcecbok{

Mdc|md Bj{ce Teoyd|{ovdaofct|jfcHmbjoa%kcb

Jl{v|jkvVnd xc{{olad d~vde{oce ci vnd vdadxnced {{vdb‟{ ‑{defd| " xj{‒ |tad vc vnd Oevd|edv o{ jkcevdevoct{ oevd|ejvoceja xcaovokja o{{td tefd| kce{ofd|jvoce jv vnd ]c|af Kceid|dekd ceOevd|ejvoceja Vdadkcbbteokjvoce .]KOV/% Vno{ xjxd| d~jboed{ }ndvnd| nomnd| oevd|ejvoceja vdadxnced |jvd{ {txxc|v c| obxdfd vdadkcb {dkvc| m|c}vn oe vnd |dkdoyoemkctev|% Ov t{d{ fjvj ce oevd|ejvoceja vdadxnced |jvd{ i|cb vnd T[ i|cb :??<"<8:8 vcd~xajoe m|c}vn oe ic|dome vdadkcb {dkvc|{ ft|oem vnd {jbd xd|ocf% O ioef vnjv nomnd| oevd|ejvoceja kjaaoem |jvd{ j|d kc||dajvdf }ovn {ac}d| m|c}vn oe vnd vdadkcb {dkvc|! }nokn

{tmmd{v{ vnjv kctev|od{ j|d ecv x|obj|oa t{oem nomnd| knj|md{ vc ioejekd jffovocejad~xje{oce% Vnd{d ioefoem{ kj{v fctlv ce x|cxc{ja{ vnjv }ctaf d~vdef {defd|"xj{ vc vndOevd|edv {dkvc|%

@DA kcfd{0 C:! A>! I4

mailto:[email protected]





;

]noad ov o{ fd{o|jlad ic| fdydacxoem kctev|od{ vc obx|cyd vndo| vdadkcbbteokjvoceoei|j{v|tkvt|d{! jef }noad {tkn obx|cydbdev |dzto|d{ |dydetd{! {obxad kajob{ vnjvjffovoceja |dydetd{ mded|jvd fdydacxbdev {nctaf ld yod}df {gdxvokjaa% Vndfdydacxbdev aovd|jvt|d x|cyofd{ etbd|ct{ kctevd|d~jbxad{% Ic| d~jbxad! [jkn{ jef]j|ed| .<88:/ ioef vnjv |d{ct|kd"|okn kctev|od{ m|c} bc|d {ac}a vnje cvnd| kctev|od{

dyde vnctmn ejvt|ja |d{ct|kd{ x|cyofd jbxad |dydetd vc mcyd|ebdev{% Ic|dome jof o{jecvnd| d~jbxad ci j |dydetd {ct|kd vnjv nj{ ecv adf vc m|c}vn% Dj{vd|a .<88;/ j|mtd{vnjv mcyd|ebdev"vc"mcyd|ebdev jof o{ ecv diidkvoyd oe x|cftkoem dkcecbok m|c}vn! jefF`jegcy dv ja% .<88>/ ioef vnjv ic|dome jof kjt{d{ j fdvd|oc|jvoce ci xcaovokja oe{vovtvoce{%J keokja oevd|x|dvjvoce ci vnd{d ioefoem{ o{ vnjv atbx {tb{ ci mtj|jevddf |dydetd bjgdvnd |d{oftja kajobjev{ ci vnd{d |dydetd{ bc|d kcekd|edf }ovn bjoevjoeoem vndo| xc{ovoce{vnje }ovn fdydacxoem cvnd| {ct|kd{ ci |dydetd! {tkn j{ m|c}oem vnd vj~ lj{d vn|ctmndkcecbok fdydacxbdev% Vnd d~xdef |dajvoyda bc|d |d{ct|kd{ jef ded|m ncafoem cevc xc}d| vnje m|c}oem vnd dkcecb% \dydetd{ vnjv j|d ecv kac{da aoegdf }ovn {d|yokd x|cyo{oce vdef vc k|djvd }njv Jkdbcmat jef \cloe{ce .<8:</ kjaa ‑d~v|jkvoyd‒ oe{vovtvoce{%

Vno{ xjxd| d~jboed{ }ndvnd| nomnd| oevd|ejvoceja vdadkcbbteokjvoce knj|md{obxjo| m|c}vn j{ ejvt|ja |d{ct|kd jef ic|dome jof |dydetd fc! c| }ndvnd| vnd {txxc|vm|c}vn j{ x|cxcedev{ ci {defd|"xj{ |tad{ kajob% Ov t{d{ fjvj ce oevd|ejvoceja vdadxnced|jvd{ oe vnd Teovdf [vjvd{ i|cb :??< vn|ctmn <8:8 vc d~xajoe m|c}vn oe ic|dome vdadkcb{dkvc|{ ft|oem vnd {jbd xd|ocf% O ioef vnjv nomnd| oevd|ejvoceja kjaaoem |jvd{ j|d kc||dajvdf}ovn {ac}d| m|c}vn oe vnd vdadkcb {dkvc|! }nokn {tmmd{v{ vnjv kctev|od{ j|d ecv x|obj|oat{oem nomnd| knj|md{ vc ioejekd jffovoceja d~xje{oce% Vnd{d ioefoem{ kj{v fctlv ce x|cxc{ja{! aogd vnd DVEC x|cxc{ja! vnjv }ctaf oe {cbd }j d~vdef {defd|"xj{ |tad{ vcvnd Oevd|edv {dkvc|% Oi nomnd| {defd| xd|"boetvd knj|md{ oe vnd vdadxnced {dkvc| j|dkc||dajvdf }ovn ac}d| vdadkcb m|c}vn oe |dkdoyoem kctev|od{! vnde jl{dev cvnd| dyofdekd!}d {nctaf d~xdkv vnjv nomnd| {defoem"xj|v fjvj knj|md{ oe vnd Oevd|edv {dkvc| }oaa ja{cadjf vc ac}d| cyd|jaa vdadkcb m|c}vn oe vnd yd| kctev|od{ vnd{d x|cxc{ja{ {ddg vc ndax%

Fjvj

O t{d xtlaoka jyjoajlad fjvj i|cb vnd IKK‟{ oevd|ejvoceja lt|djt vc kjaktajvd vndjyd|jmd xd|"boetvd ic|dome xjbdev ic| j vdadxnced kjaa i|cb vnd Teovdf [vjvd{ vc cvnd| kctev|od{ i|cb :??< vc <8:8%6 Vnd jyd|jmd xd|"boetvd |jvd fdkaoed{ {tl{vjevojaa cyd| vobd {jbxad xd|ocf% Oe :??<! vnd maclja jyd|jmd |jvd }j{ &8%9=9! }noad oe <8:8! ov }j{&8%868%4 Vnd k|c{{"{dkvoceja yj|ojvoce o{ btkn bc|d d~v|dbd! nc}dyd|% Oe :??;! T%[%kcbxjeod{ xjof &6%<4; xd| boetvd vc Bjfjmj{kj|! jef oe :??<! &6%::= vc Jimnjeo{vje% Oe

6 Fjvj kje ld fc}eacjfdf l dj| jv nvvx0##v|je{ovoce%ikk%mcy#}kl#ojvf#oeva%nvba% O t{d vjlad J: i|cb vnd[dkvoce 6;%9: Oevd|ejvoceja V|jiiok Fjvj \dxc|v{ jef foyofd vnd xjctv i|cb T%[% vdadkcb kcbxjeod{ vcic|dome vdadkcb kcbxjeod{ l vnd etbld| ci boetvd{ vc djkn ic|dome kctev|% O t{d xd|"boetvd |jvd{ |jvnd| vnje |dydetd xd| kjxovj ldkjt{d IKK fjvj ce xjbdev{ j|d aobovdf vc kjaa{ vc jef i|cb vnd Teovdf [vjvd{%Kce{dztdeva! jeja{o{ vnjv t{d{ |dydetd{ vnjv c|omoejvd oe vnd Teovdf [vjvd{ cea }ctaf kjxvt|d ecv cea j‑nomn |jvd‒ knj|jkvd|o{vok! ltv ja{c j ‑vod{ vc vnd Teovdf [vjvd{‒ knj|jkvd|o{vok! }nokn kctaf ov{dai f|oyd

vdadkcb oeyd{vbdev%4 Nd|d jef vn|ctmnctv vnd xjxd|! jaa fcaaj| iomt|d{ j|d kce{vjev <888 fcaaj|{%

http://transition.fcc.gov/wcb/iatd/intl.html






6

|dkdev dj|{! xjbdev{ vc Kjejfj njyd ldde j|ctef &8%88> xd| boetvd% Iomt|d : {nc}{vnd xd|"boetvd ic|dome xjctv ic| foiid|dev kctev|od{ cyd| vnd {jbxad xd|ocf% \jvd{ j|dnomnd| jef bc|d yj|ojlad lcvn }ovnoe jef jk|c{{ kctev|od{ oe vnd ldmoeeoem ci vnd xd|ocf!jef ac}d| jef bc|d kce{o{vdev vc}j|f vnd def ci vnd xd|ocf%

O t{d MFX jef vdadkcb fjvj i|cb vnd ]c|af Ljeg ‟{ ]c|af FdydacxbdevOefokjvc|{%9 B gd yj|ojlad{ ic| jfcxvoce ci vdadkcb {d|yokd{ oekatfd io~df vdadxncedaoed{ xd| :88 xdcxad! bcload {tl{k|oxvoce{ xd| :88 xdcxad! Oevd|edv t{d|{ xd| :88 xdcxad!jef io~df l|cjfljef {tl{k|old|{ xd| :88 xdcxad% Macljaa! io~df vdadxnced aoed{ {vj|v jv:8%6 xd| :88 xdcxad oe :??<! xdjg jv :?%6 oe <884! jef fdkaoed vc :=%> oe <8:8% Bcload{tl{k|oxvoce{ {g|ckgdv i|cb 8%6 xd| :88 xdcxad oe :??< vc ==%: oe <8:8% Maclja Oevd|edvt{jmd }j{ tebdj{t|df oe :??<% Ov |o{d{ i|cb id}d| vnje 8%; t{d|{ xd| :88 xdcxad oe :??;vc <?%4 oe <8:8% Maclja fjvj ce l|cjfljef {tl{k|old|{ o{ bo{{oem ic| {dyd|ja dj|{ dj|aoe vnd {jbxad! ltv {tl{k|old|{ |o{d i|cb 8%8 xd| :88 xdcxad oe :??> vc =%= oe <8:8%Iomt|d{ < vn|ctmn 4 {nc} vnd k|c{{"kctev| yj|ojvoce cyd| vobd oe io~df"aoed vdadxnced{!bcload xnced{! Oevd|edv t{d|{! jef io~df l|cjfljef {tl{k|oxvoce{! |d{xdkvoyda% Vnd{d

iomt|d{ {nc} vnjv vnd|d o{ kce{ofd|jlad yj|ojvoce oe vdadkcb jfcxvoce jk|c{{ kctev|od{%L|cjfa {xdjgoem! jfcxvoce ci io~df"aoed vdadxnced{ nj{ ecv knjemdf btkn cyd| vnd{jbxad xd|ocf! ltv bcload kdaataj| {tl{k|oxvoce{ jef Oevd|edv t{d|{ njyd d~xd|odekdfd~xac{oyd m|c}vn oe bje kctev|od{% L|cjfljef {tl{k|oxvoce{ njyd ja{c m|c}e! vnctmn oeid}d| kctev|od{ jef ldmoeeoem jv j ajvd| fjvd%

9 Fjvj j|d jyjoajlad jv nvvx0##fjvjljeg%}c|afljeg%c|m#%

http://databank.worldbank.org/






4



9



=

Jmjoe! vnd|d o{ kce{ofd|jlad k|c{{"{dkvoceja yj|ojvoce oe vdadkcb t{jmd xjvvd|e{%Bc|d fdydacxdf kctev|od{ vdef vc njyd bc|d io~df vdadxnced aoed{% J{ iomt|d 9 {nc}{! vndTeovdf [vjvd{ ldmoe{ vnd {jbxad xd|ocf jv 44%4 aoed{ xd| :88 xdcxad% Vno{ iomt|d xdjg{ oe<888 jv 9>%: jef fdkaoed{ vc 6>%= l <8:8% Bcload {tl{k|oxvoce{ |o{d i|cb 6%; vc >?%? xd| :88 xdcxad cyd| vnd {jbxad xd|ocf! jef Oevd|edv t{d|{ |o{d i|cb :%= vc =6%<% T%[%

l|cjfljef {tl{k|old|{ {vj|v jv 8%; xd| :88 xdcxad oe :??> jef |o{d vc <=%9 oe <8:8% Oekcev|j{v! fdydacxoem kctev|od{ oe {tl"[jnj|je Ji|okj njyd id}d| io~df aoed vdadxnced{ oe lcvn jl{catvd jef |dajvoyd vd|b{% Oe :??<! vnd jyd|jmdf :%8 aoed{ xd| :88 xdcxad7 oe <8:8!:%6 .{dd iomt|d =/% Vnd d~xac{oce oe bcload {tl{k|oxvoce{ njxxdedf bc|d {tffdea oe {tl"[jnj|je Ji|okj% Jv vnd ldmoeeoem ci vnd {jbxad xd|ocf! vnd|d }d|d 8%8 bcload{tl{k|oxvoce{ xd| :88 xdcxad! jef vnd|d }d|d id}d| vnje :%8 j{ ajvd j{ :???% Nc}dyd|!vno{ etbld| |c{d vc 64%: l <8:8% Oevd|edv t{jmd jef l|cjfljef {tl{k|old|{ }dev i|cbpd|c jv vnd ldmoeeoem ci vnd {jbxad vc :8%8 jef 8%< xd| :88 xdcxad! |d{xdkvoyda! l <8:8%



?

m|c}vn oe djkn vdadkcb {dmbdev cyd| vnd {jbd xd|ocf% Ic| d~jbxad! iomt|d > {nc}{ j{kjvvd|xacv ci m|c}vn oe vnd io~df vdadxnced {dmbdev yd|{t{ vnd jyd|jmd ic|dome xjctv vcdjkn kctev| cyd| vnd {jbxad xd|ocf% Oi nomnd| |jvd{ adf vc oek|dj{df vdadkcb {dkvc| m|c}vn! vnde ced bomnv d~xdkv vnd kctev|od{ ce vnd |omnv {ofd ci vnd m|jxn vc kat{vd| oe vndvcx njai! jef kctev|od{ oe vnd adiv {ofd ci vnd m|jxn vc kat{vd| oe vnd lcvvcb njai% Nc}dyd|!

vnd|d j|d id} kctev|od{ oe vnd vcx"|omnv ztjf|jev! jef vnd v|def aoed o{ kac{d vc iajv% Vno{|d{tav {tmmd{v{ vnjv vnd|d o{ aovvad |dajvoce{nox ldv}dde oevd|ejvoceja kjaaoem knj|md{ jefoeyd{vbdev oe vnd io~df aoed vdadxnced {{vdb%

Nc}dyd|! oi }d accg jv vnd kctev|od{ vnjv njf vnd bc{v edmjvoyd m|c}vn oe io~dfaoed vdadxnced{! {tkn j{ Ioeajef! [}dfde! jef Fdebj|g! ov ldkcbd{ jxxj|dev vnjv m|c}vnoe io~df vdadxnced aoed{ oe vno{ xd|ocf nj{ aovvad vc fc }ovn kjxovja kce{v|joev{% Vnd{d j|d}djavn kctev|od{! jef vnd fdkaoed oe io~df vdadxnced aoed{ bt{v ld ftd vc {tl{vovtvoceoevc bcload xnced{ jef cvnd| vdknecacmod{% Kce{dztdeva! iomt|d ? xd|ic|b{ vnd {jbdjeja{o{ ic| bcload kdaataj| {tl{k|oxvoce{%

Vnd|d o{ j kadj| edmjvoyd kc||dajvoce ldv}dde m|c}vn oe bcload kdaataj|

{tl{k|oxvoce{ jef oevd|ejvoceja xd|"boetvd xjctv{% Vno{ o{ x|daoboej| dyofdekd vnjvnomnd| |jvd{ j|d j{{ckojvdf }ovn ac}d| bcload m|c}vn! ecv nomnd| m|c}vn j{ {defd|"xj{jfyckjvd{ kajob%

Iomt|d :8 |dxdjv{ vnd jeja{o{ ic| m|c}vn oe Oevd|edv t{d|{ jef iomt|d :: fcd{ ov ic| l|cjfljef {tl{k|old|{% Cekd jmjoe! vnd|d o{ j kadj| edmjvoyd kc||dajvoce ldv}dde m|c}vnoe djkn vdadkcbbteokjvoce {dkvc| jef oekcboem oevd|ejvoceja kjaaoem |jvd{% Jmjoe! vno{kc||dajvoce o{ cea x|daoboej| dyofdekd jmjoe{v vnd nxcvnd{o{ vnjv nomnd| |jvd{ adjf vcm|djvd| vdadkcb {dkvc| m|c}vn ldkjt{d }d njyd ecv dv kcev|caadf ic| je cvnd| ijkvc|{%



:8



::

]d kje xd|ic|b vnd {jbd jeja{o{ t{oem {vjvo{vokja |dm|d{{oce jef jff kcev|ca{ ic| cvnd| ijkvc|{% Vjlad < {nc}{ vnd |d{tav{ ci CA[ |dm|d{{oce{ dztoyjadev vc vnd x|dyoct{ict| iomt|d{! jtmbdevdf }ovn j kcev|ca ic| bdje |dja MFX xd| kjxovj cyd| vnd {jbxad xd|ocf% Ov ja{c |te{ je dztoyjadev |dm|d{{oce ce j kce{v|tkvdf vdadkcb {dkvc| oefd~!kcbxc{df ci vnd {tb ci vnd cvnd| ict| vdadkcb {dkvc| kcbxcedev{% Kcdiiokodev{ j|d oe

lcaf oi vnd j|d {vjvo{vokjaa {omeoiokjev jv vnd 4 xd|kdev adyda! jef O |dxc|v |clt{v {vjefj|fd||c|{ oe xj|devnd{d{%

Oe dyd| |dm|d{{oce oe vjlad <! vnd d{vobjvdf diidkv ci xd|"boetvd ic|dome xjctv{ce vdadkcb {dkvc| m|c}vn o{ edmjvoyd! javnctmn vnd diidkv ce io~df vdadxnced aoed{ o{ ecv{vjvo{vokjaa {omeoiokjev% Oe ec kj{d o{ vnd|d je {txxc|v ic| vnd kajob vnjv nomnd| |jvd{ adjfvc bc|d vdadkcb {dkvc| m|c}vn% J &: xd| boetvd nomnd| jyd|jmd kjaaoem |jvd cyd| vno{ xd|ocf }ctaf ld d~xdkvdf vc |d{tav oe j|ctef 48 id}d| bcload {tl{k|oxvoce{! ;? id}d| Oevd|edv t{d|{! jef :; id}d| l|cjfljef {tl{k|old|{ xd| :88 xdcxad l vnd def ci vnd xd|ocf%

Vjlad <

Knjemd oevdadxnced aoed{ xd| :88 xdcxad

Knjemd oe bcload{tl{k|oxvoce{ xd| :88 xdcxad

Knjemd oeOevd|edv t{d|{ xd| :88 xdcxad

Knjemd oe io~df l|cjfljef{tl{k|old|{ xd| :88 xdcxad

Vdadkcb oefd~.{tb ci io|{v 6fdxdefdevyj|ojlad{/

Xd|"boetvdic|dome xjctv

"<%>;8?6<.<%=>44:=/

"6?%4;:;9

.:>%?>9<=/";?%;48=9

.=%::?<9</":<%9<:84

.<%>8>6;</"?9%>:;=

.<<%><94=/

Etbld| ci kctev|od{

:>; :== :>8 :>< :=;

\ < 8%8<?; 8%<4=9 8%9669 8%=6>6 8%4;:;



:<

Kcev|ca{0 bdje |dja MFX xd| kjxovj cyd| vnd {jbxad xd|ocf

Vjlad ; {nc}{ vnd |d{tav{ ci |dm|d{{oce{ vnjv ja{c kcev|ca ic| |dmoce ci vnd }c|af%Vno{ kcev|ca o{ obxc|vjev ldkjt{d ov bj kc{v bc|d vc ciid| {d|yokd oe c| vc {cbd |dmoce{ci vnd }c|af% Ic| d~jbxad! kctev|od{ oe vnd Ckdjeoj |dmoce bomnv knj|md bc|d vc jkkdxv j

kjaa i|cb vnd Teovdf [vjvd{! ltv vno{ nomnd| knj|md bj {obxa |diadkv vndo| nomnd| kc{v{ ci x|cyofoem vnd kceedkvoce! ecv je {c|v ci d~v|jkvoyd oe{vovtvoce{% Kcev|caaoem ic| |dmoce{jaac}{ t{ vc bc|d diidkvoyda kcbxj|d kctev|od{ vc vndo| edomnlc|{! }nc bj {nj|d{oboaj| kc{v{ ci x|cyofoem {d|yokd%

Vjlad ;

Knjemd oevdadxnced aoed{ xd| :88 xdcxad

Knjemd oe bcload{tl{k|oxvoce{ xd| :88 xdcxad

Knjemd oeOevd|edv t{d|{ xd| :88 xdcxad

Knjemd oe io~df l|cjfljef{tl{k|old|{ xd| :88 xdcxad

Vdadkcb oefd~.{tb ci io|{v 6fdxdefdevyj|ojlad{/


"%69<98?.<%9;=:;9/

"<<%64>8=

.<8%4<4/";<%:;4<>

.=%>=96?:/"9%=6;6?>

.<%;98;84/"4?%;44?

.<<%>49?</

Etbld| ci kctev|od{

:>; :== :>8 :>< :=;

Jf`t{vdf\ <

8%::88 8%;?88 8%=6=9 8%><:4 8%949;

Kcev|ca{0 bdje |dja MFX cyd| vnd {jbxad xd|ocf! |dmoce ftbb yj|ojlad{

Vnd |d{tav{ ci vnd{d |dm|d{{oce{ kcevoetd vc ioef ec {txxc|v ic| vnd nxcvnd{o{ vnjvnomnd| xd|"boetvd |jvd{ adjf vc jffovoceja vdadkcb {dkvc| m|c}vn% Vnd d{vobjvdf diidkv ci xd|"boetvd ic|dome xjctv{ kcevoetd{ vc ld edmjvoyd oe dyd| kj{d! javnctmn ic| bcload{tl{k|oxvoce{ ov o{ ec acemd| {vjvo{vokjaa {omeoiokjev% Vnd diidkv ce Oevd|edv jfcxvoce|dbjoe{ {v|cem% J &: xd| boetvd nomnd| jyd|jmd kjaaoem |jvd cyd| vnd {jbxad xd|ocf }ctaf ld d~xdkvdf vc |d{tav oe j|ctef ;< id}d| Oevd|edv t{d|{ jef = id}d| l|cjfljef {tl{k|old|{ xd| :88 xdcxad l vnd def ci vnd xd|ocf%

_dj|"vc"dj| knjemd{

J bc|d {cxno{vokjvdf |dm|d{{oce bcfda kje ld t{df vc accg bc|d kac{da jv dj|"vc"dj| knjemd{ oe djkn vdadkcb {dmbdev oe |d{xce{d vc |jvd{ jef MFX xd| kjxovj oe vnjvdj|% Vjlad 6 {nc}{ vnd |d{tav{ ci {tkn |dm|d{{oce{ vnjv ltoaf ce vnd |dm|d{{oce{ {nc}e oevjlad ;% Oe jffovoce vc kcev|caaoem ic| |dmoce! vnd ed} |dm|d{{oce{ ja{c kcev|ca ic| dj| diidkv{! ldkjt{d vnd kc{v ci fdxacoem ed} vdadkcbbteokjvoce {d|yokd{ yj|od{ l dj|%Ldkjt{d l|cjfljef fjvj j|d jyjoajlad ce je jeetja lj{o{ ic| id}d| dj|{ vnje vnd cvnd| yj|ojlad{! O kce{v|tkv j ‑aovd‒ vdadkcb oefd~ vnjv d~katfd{ l|cjfljef fjvj% Ioejaa! oec|fd| vc jycof jffovoceja {vjvo{vokja {omeoiokjekd {obxa ce vnd lj{o{ ci t{oem bc|d fjvj xd| kctev|! O kat{vd| vnd {vjefj|f d||c|{ l kctev|%

Vjlad 6

Knjemd oevdadxncedaoed{ xd|

Knjemd oebcload

{tl{k|oxvoce{

Knjemd oeOevd|edvt{d|{ xd|

Knjemd oeio~df

l|cjfljef

Vdadkcboefd~ .{tb

ci io|{v 6

Vdadkcboefd~ aovd

.{tb ci io|{v



:;

:88 xdcxad xd| :88 xdcxad

:88 xdcxad {tl{k|old|{ xd| :88 xdcxad

fdxdefdevyj|ojlad{/

; fdxdefdevyj|ojlad{/


"%6>6?6;

.%8><?484/":%66:449 .%66;<844/

":%;;=:4? .%44<9:=?/

%896>894.%69<=>4</

":;%;;:4>

.<%=89486/"9%=96<6;

.:%9=;=??/

Etbld| ci kctev|od{ :>4 :>4 :>4 :>6 :>; :>4

Vcvjacl{d|yjvoce{

;!;>= ;!;49 <!==< :!99; :!9:8 <!=46

Jf`t{vdf \ 8%8>?> 8%<9:: 8%<6?= 8%64?8 8%:9=6 8%<6=4

Kcev|ca{0 jeetja |dja MFX xd| kjxovj! |dmoce ftbb yj|ojlad{! dj| ftbb yj|ojlad{

T{oem vnd{d jeetja fjvj! jaa {vjvo{vokjaa {omeoiokjev kcdiiokodev{ ce xd|"boetvdic|dome xjctv kcevoetd vc ld edmjvoyd% J &: xd| boetvd nomnd| |jvd o{ d~xdkvdf vc |d{tavoe 8%4 id}d| io~df vdadxnced aoed{! :%6 id}d| bcload {tl{k|oxvoce{! jef :%; id}d| Oevd|edvt{d|{ xd| :88 xdcxad! ic| dyd| dj| vnjv vnd nomnd| |jvd o{ oe xajkd%

Vnd kcdiiokodev ce xd|"boetvd ic|dome xjctv ic| l|cjfljef {tl{k|old|{ o{ ecv

{omeoiokjev% Vno{ |d{tav bjgd{ {de{d }nde l|cjfljef jkkd{{ jef vdadxnced {d|yokd j|dyod}df j{ {tl{vovtvd{% ]nde oevd|ejvoceja kjaaoem |jvd{ j|d nomn! kce{tbd|{ bj njydbc|d fdbjef ic| l|cjfljef Oevd|edv jkkd{{ {oekd ov jiic|f{ vndb vnd jloaov vc t{d i|ddycokd cyd| Oevd|edv x|cvckca .YCOX/ {civ}j|d! {tkn j{ [gxd! vc bjgd oevd|ejvoceja kjaa{%Vno{ {tl{vovtvoce diidkv kctaf ld cii{dvvoem j fdkaoed bc|d mded|jaa oe vdadkcb {dkvc| oeyd{vbdev% Oi {c! vnde vnd |dm|d{{oce fcd{ ecv |djaa kjxvt|d vnd edmjvoyd diidkv{ ci nomnd| |jvd{ ce l|cjfljef oeyd{vbdev! {oekd vnd l|cjfljef jfcxvoce vnjv o{ ckkt||oem o{ jkvtjaa}daij|d"|dftkoem ‖ xdcxad oe vnd |dkdoyoem kctev| j|d ldoem xt{ndf oevc {xdefoem|dajvoyda bc|d ce vdadkcbbteokjvoce vnje vnd }ctaf aogd vc%=

Ajmmdf bcfda

Vnd |dm|d{{oce{ oe vnd x|dyoct{ {dkvoce kjeecv |tad ctv vnd xc{{oloaov ci |dyd|{dkjt{jaov% Ov kctaf ld vnd kj{d vnjv nomn oevd|ejvoceja |jvd{ vcfj |jo{d |dydetd vc itefd~xje{oce ci vnd vdadkcb {dkvc| oe vnd itvt|d! adjfoem vc ac}d| |jvd{ jef nomnd| jfcxvoceci {d|yokd{ oe vnd itvt|d xd|ocf% Vno{ ldnjyoc| }ctaf mded|jvd edmjvoyd kc||dajvoce{ ldv}dde |jvd{ jef m|c}vn! j{ {dde oe vnd x|dkdfoem {dv ci |dm|d{{oce{% Oe c|fd| vc vd{v ic| vno{ xc{{oloaov! O jtmbdev vnd lj{ok bcfda }ovn ajm{ ci b x|obj| oefdxdefdev yj|ojlad!vnd xd|"boetvd ic|dome xjctv% Oi nomn |jvd{ vcfj j|d t{df vc itef d~xje{oce oe vnd itvt|d!vnde ajmmdf yjatd{ ci vnd |jvd kcdiiokodev {nctaf ld xc{ovoyd ‖ vnjv o{! nomn |jvd{ vcfj{nctaf kc||dajvd }ovn nomn m|c}vn j id} dj|{ i|cb ec}% Oe jffovoce vc vnd kt||dev"dj|

fjvj ce |jvd{! O oekatfd vn|dd ajm{ ci vnd |jvd yj|ojlad% Vjlad 4 {nc}{ vnd |d{tav{ ci vnd{d|dm|d{{oce{%

= Oe vno{ obxc|vjev |d{xdkv! j {defd|"xj{ |tad ic| vnd Oevd|edv kctaf ld d~xdkvdf vc ld }c|{d vnje j {defd|" xj{ |tad ic| vdadxnced kjaa{% ]nde oevd|ejvoceja vdadxnced |jvd{ j|d nomn! xdcxad kje ko|ktbydev vnd nomnd| |jvd{ vn|ctmn Oevd|edv {d|yokd{% Ltv }nde oevd|ejvoceja Oevd|edv v|je{id| |jvd{ j|d nomn! vnd|d o{ ecv .dv/ jejavd|ejvoyd vdknecacm vnjv kje ld {tl{vovtvdf ic| Oevd|edv {d|yokd! jef xdcxad }oaa ld ic|kdf vc xj vnd |jvd{oi vnd }o{n vc kcbbteokjvd oevd|ejvocejaa%



:6

Vjlad 4

Knjemd oevdadxnced

aoed{ xd| :88 xdcxad

Knjemd oebcload

{tl{k|oxvoce{

xd| :88 xdcxad

Knjemd oeOevd|edv

t{d|{ xd| :88 xdcxad

Knjemd oeio~df

l|cjfljef{tl{k|old|{

xd| :88 xdcxad

Vdadkcboefd~ .{tb

ci io|{v 6

fdxdefdevyj|ojlad{/

Vdadkcboefd~ aovd

.{tb ci io|{v

; fdxdefdevyj|ojlad{/


"%;;>99;:

.%:<9<84=/":%=>>46=

.%4=;6<>4/"%<=>:4<=.%6;><66>/

%84684;9.%68<96<6/

";%=?869<.6%68:?<4/

"6%8=4=<

.:%8=<<=;/

: ajm "%<;<496<.%:9:98<4/

"%6<==4:<.%688>?>;/

"%498?<4<.%;894;86/

"%:<><<4?.%;4=668</

":%8=8>;=.;%=?64<4/

":%9;86::.%=:===9/

< ajm{ "%8=664<:.%:>44:>4/

"%<6>=<4:.%;::>9>4/

"%;:?>?>6.%<4=??</

%;49<>?.%<<>8:4:/

"<%?<98;:.:%=6<4:>/

"%?<6:64=.%99;<>66/

; ajm{ "%89?=446.%8=>64::/

":%:4=9>?

.%6<;=?44/":%<::69

.%;6>>?<>/"%<<6=6?;.%<8>?<;=/

"9%=89886

.<%<<=9:;/";%8=48=>

.%>:99>=:/

Etbld| ci kctev|od{

:>4 :>4 :>4 :>6 :>; :>4

Vcvjacl{d|yjvoce{ <!>4= <!>69 <!9:? :!99; :!9:8 <!98<

Jf`t{vdf \ 8%8>=> 8%<:;= 8%<4;= 8%64>6 8%:=9< 8%<6<<

Kcev|ca{0 jeetja |dja MFX xd| kjxovj! |dmoce ftbb yj|ojlad{! dj| ftbb yj|ojlad{

Vnd{d ajmmdf |dm|d{{oce{ x|cyofd {cbd dyofdekd vnjv vnd diidkv ci oevd|ejvocejakjaaoem |jvd{ ce vdadkcb {dkvc| m|c}vn o{ kjt{ja% Cekd jmjoe! jaa ci vnd {vjvo{vokjaa{omeoiokjev kcdiiokodev{ ce xd|"boetvd ic|dome xjctv j|d edmjvoyd! oekatfoem ce vndajmmdf yj|ojlad{% J{ j |d{tav! vno{ jeja{o{ x|cyofd{ dyofdekd jmjoe{v j {kdej|oc oe }nokn|jvd{ j|d vdbxc|j|oa nomn vc jkktbtajvd itef{ ic| oeyd{vbdev! jef vnde ac}d|df jivd| vnd{tkkd{{ita oeyd{vbdev o{ bjfd% Oe jffovoce! vnd {omeoiokjekd ci vnd edmjvoyd kcdiiokodev{ce {dyd|ja ci vnd ajmmdf yj|ojlad{ obxaod{ vnjv vnd diidkv ci nomn |jvd{ kctaf aj{v ic| bje

dj|{%

Fo{kt{{oce0 Vdadkcb! Oe{vovtvoce{! jef M|c}vn

B |d{tav{ kcev|jfokv vnd nxcvnd{o{ vnjv vnd jloaov vc knj|md bc|d ic| oevd|ejvoceja Oevd|edv v|jiiok o{ jaa vnjv o{ eddfdf vc ltoaf ctv vdadkcbbteokjvoce{oei|j{v|tkvt|d oe xcc| kctev|od{% Nomn oevd|ejvoceja vdadxnced kcaadkvoce |jvd{ njyd ecv adfvc m|djvd| ltoafctv jef jfcxvoce ci vdadkcbbteokjvoce{ oei|j{v|tkvt|d oe vnd xj{v v}cfdkjfd{% Ov {ddb{ teaogda! vnd|dic|d! vnjv jfcxvoem j {defd|"xj{ bcfda ic| Oevd|edvv|jiiok }ctaf oek|dj{d ltoafctv ci Oevd|edv oei|j{v|tkvt|d vcfj%

[defd|"xj{ |tad{ jaac} mcyd|ebdev{ vc d~xc|v {cbd ci vndo| {vjvtvc| vj~ lt|fde%]noad ov o{ tefd|{vjefjlad }n {cbd mcyd|ebdev{ bomnv ld djmd| vc obxadbdev {tkn j xcaok! ov fcd{ ecv icaac} vnjv vnd |dydetd i|cb {tkn j xcaok }oaa mc vc ndax |d{ofdev{ ci vnd vj~"d~xc|voem kctev|% [tkn itefoem! oe kcbloejvoce }ovn oe{vovtvoce{ vnjv iteeda|d{ct|kd{ vc jkvoyovod{ vnjv x|cbcvd vnd mded|ja }daij|d! kctaf obx|cyd vdadkcboei|j{v|tkvt|d! ltv }d kjeecv vjgd {tkn oe{vovtvoce{ ic| m|jevdf% [cbd kctev|od{ fce‟vnjyd mccf oe{vovtvoce{ oe vnd io|{v xajkd! jef cvnd|{ bomnv! jv vnd bj|moe! {tiid|



:4

oe{vovtvoceja fdvd|oc|jvoce i|cb vnd jyjoajloaov ci je d~vd|eja |dydetd {ct|kd vnjv o{aj|mda tekc||dajvdf }ovn vnd ndjavn ci vnd fcbd{vok dkcecb%

Ov o{ edyd|vndad{{ kadj| vnjv xcc| kctev|od{ eddf {cbd goef ci ioejekoem vc {txxc|vvnd d~xje{oce ci vndo| vdadkcb edv}c|g{% Vc bj~obopd vnd x|cljloaov vnjv |dydetd{ fc|djkn oei|j{v|tkvt|d x|c`dkv{! vnd jeja{o{ oe vno{ xjxd| x|cyofd{ {cbd {txxc|v ic| v}c

xc{{olad javd|ejvoyd{ vc j {defd|"xj{ xcaok% Io|{v! ldedycadev mcyd|ebdev{ {nctaf ijyc| {{vdb{ vnjv iteeda |d{ct|kd{ fo|dkva vc oei|j{v|tkvt|d x|c`dkv{! |jvnd| vnje advvoem vndb xj{{ vn|ctmn vnd xtlaok c| ztj{o"xtlaok {dkvc|% [obxa jaac}oem x|oyjvd io|b{ vc oeyd{v oevndo| c}e oei|j{v|tkvt|d {{vdb{ jkkcbxao{nd{ vno{ mcja! j{ fcd{ ic|dome jof oe }nokn vndfcec| kctev| c| oe{vovtvoce bjejmd{ vnd kce{v|tkvoce fo|dkva% [dkcef! mcyd|ebdev{{nctaf |da j{ btkn j{ xc{{olad ce fcbd{vok |dydetd ic| oei|j{v|tkvt|d x|c`dkv{% Oevd|ejaioejekoem k|djvd{ j vomnvd| aoeg ldv}dde vnd oekdevoyd{ ci mcyd|ebdev{ jef vnd eddf{ ci vnd xtlaok! }nokn kctaf adjf vc vnd ldvvd| oe{vovtvoce{ vnjv kctev|od{ eddf vc m|c} oe vndio|{v xajkd%

\did|dekd{

Jkdbcmat! Fj|ce jef @jbd{ \cloe{ce% ]n Ejvoce{ Ijoa0 Vnd C|omoe{ ci Xc}d|!

X|c{xd|ov! jef Xcyd|v% K|c}e Lt{oed{{ .<8:</%

F`jegcy! [obdce! @c{d M% Bcevjayc! jef Bj|vj \deja"Ztd|ca% ‑Vnd kt|{d ci jof%‒ @ct|eja ci Dkcecbok M|c}vn! Yca% :; .<88>/! xx% :9? ‛ :?6%

Dj{vd|a! ]oaaojb% ‑Kje ic|dome jof lt m|c}vn3‒ @ct|eja ci Dkcecbok Xd|{xdkvoyd{! Yca%:=! Ec% ; .[tbbd| <88;/! xx% <; ‛ 6>%

[jkn{! @dii|d jef Jef|d} ]j|ed|% ‑Vnd kt|{d ci ejvt|ja |d{ct|kd{%‒ Dt|cxdje

Dkcecbok \dyod}! Yca% 64 .<88:/! xx% ><= ‛ >;>%

]ccfkckg! Loaa jef Yo`j Jfnogj|o% ‑[t|yd ci knj|jkvd|o{vok{ ci Oevd|edv kj||od| oevd|kceedkvoce jm|ddbdev{!‒ Xjkgdv Kadj|oem Nct{d! Bj <! <8::!nvvx0##}}}%xkn%edv#|d{ct|kd{#xjxd|{#xdd|oem"{t|yd#XKN"Xdd|oem"[t|yd"<8::%xfi%

Do High International Telecom Rates Buy Telecom Sector Growth?

Documents

Transcript of Do High International Telecom Rates Buy Telecom Sector Growth?