• No results found

Pilot export verpakking Surinaamse groenten en de Surinaamse gekoelde keten : project Surituin, Pakgroen

N/A
N/A
Protected

Academic year: 2021

Share "Pilot export verpakking Surinaamse groenten en de Surinaamse gekoelde keten : project Surituin, Pakgroen"

Copied!
35
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)







)YDQGH*HLMQ$ ):DJHQLQJHQ1HGHUODQG

*GHO3UDGR/993DUDPDULER6XULQDPH

.YDQ:LMN332/HO\VWDG1HGHUODQG

-DQXDUL

3LORWH[SRUWYHUSDNNLQJ6XULQDDPVHJURHQWHQHQGH

6XULQDDPVHJHNRHOGHNHWHQ

3URMHFW6XULWXLQ3DNJURHQ



(2)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85  

3LORWH[SRUWYHUSDNNLQJ6XULQDDPVH

JURHQWHQHQGH6XULQDDPVH

JHNRHOGHNHWHQ

3URMHFW6XULWXLQ3DNJURHQ

)YDQGH*HLMQ$ ):DJHQLQJHQ1HGHUODQG *GHO3UDGR/993DUDPDULER6XULQDPH .YDQ:LMN332/HO\VWDG1HGHUODQG   5DSSRUW

(3)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9RQGHUGHHOYDQ:DJHQLQJHQ85 

&RORIRQ

     +HWNZDOLWHLWVPDQDJHPHQWV\VWHHPYDQ$JURWHFKQRORJ\ )RRG,QQRYDWLRQV %9LVJHFHUWLILFHHUGGRRU6*6,QWHUQDWLRQDO&HUWLILFDWLRQ6HUYLFHV((69RS EDVLVYDQ,62 7LWHO 3LORWH[SRUWYHUSDNNLQJ6XULQDDPVHJURHQWHQ $XWHXU V  $ ):DJHQLQJHQ)YDQGH*HLMQ /993DUDPDULER0HYU*'HO3UDGR 332/HO\VWDG.YDQ:LMN $ )QXPPHU  ,6%1QXPPHU  3XEOLFDWLHGDWXP -DQXDUL  $JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9 32%R[ 1/$$:DJHQLQJHQ 7HO   (PDLOLQIRDJURWHFKQRORJ\DQGIRRG#ZXUQO ,QWHUQHWZZZDJURWHFKQRORJ\DQGIRRGZXUQO  ‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9YHUVLH $OOHUHFKWHQYRRUEHKRXGHQ1LHWVXLWGH]HXLWJDYHPDJZRUGHQYHUYHHOYRXGLJGRSJHVODJHQLQHHQJHDXWRPDWLVHHUG JHJHYHQVEHVWDQGRIRSHQEDDUJHPDDNWLQHQLJHYRUPRIRSHQLJHZLM]HKHW]LMHOHNWURQLVFKKHW]LMPHFKDQLVFKGRRU IRWRNRSLHsQRSQDPHQRIHQLJHDQGHUHPDQLHU]RQGHUYRRUDIJDDQGHVFKULIWHOLMNHWRHVWHPPLQJYDQGHXLWJHYHU'H XLWJHYHUDDQYDDUGWJHHQDDQVSUDNHOLMNKHLGYRRUHYHQWXHOHIRXWHQRIRQYRONRPHQKHGHQ $OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHGVWRUHGLQDUHWULHYDOV\VWHPRIDQ\QDWXUHRUWUDQVPLWWHGLQDQ\IRUP RUE\DQ\PHDQVHOHFWURQLFPHFKDQLFDOSKRWRFRS\LQJUHFRUGLQJRURWKHUZLVHZLWKRXWWKHSULRUSHUPLVVLRQRIWKHSXEOLVKHU7KHSXEOLVKHU GRHVQRWDFFHSWDQ\OLDELOLW\IRULQDFFXUDFLHVLQWKLVUHSRUW  

(4)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

6DPHQYDWWLQJ

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|UGLQHHUGHNHWHQ%LMHHQODQJHUNHWHQYHUEOLMI]DOGHEDVLVNZDOLWHLWYDQKHWSURGXFW VWHUNYHUEHWHUGPRHWHQZRUGHQ2YHULJHQVNDQGLWRRNGRRUJHEUXLNWHPDNHQYDQYHUSDNNLQJHQ GLHLVROHUHQ]RDOVGH36 SRO\VW\UHHQ YHUSDNNLQJRSXLWGUXNNHOLMNHYRRUZDDUGHGDWKHWSURGXFW JHNRHOGLQGHYHUSDNNLQJZRUGWJHEUDFKW(HQELMNRPHQGYRRUGHHOYDQGH36YHUSDNNLQJLVGH QRRG]DDNPDDU]HNHURRNKHW´JHYRHOµ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

(5)

‹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

(6)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

,QKRXGVRSJDYH

6DPHQYDWWLQJ   ,QOHLGLQJ   9HUSDNNLQJVSLORW   9DULDEHOHQ   3URGXFW   'RRVW\SH   :HOHQQLHWNRHOHQYRRUYHUSDNNHQ   ([SRUWHXU   5HVXOWDWHQ   7HPSHUDWXXU   .ZDOLWHLW.RXVHEDQG   .ZDOLWHLW6RSURSR   *HNRHOGHNHWHQ   ,QOHLGLQJ   ,QLWLsOHSURGXFWNZDOLWHLW   +XLGLJHVLWXDWLHHQPRJHOLMNKHGHQ   %HUHNHQLQJHIIHFWHQYDQNRHOHOHPHQWHQLQYHUSDNNLQJ   7HFKQLVFKHLQULFKWLQJ   .RHOIDFLOLWHLWHQQDELMSURGXFWLH   &HQWUDOHNRHOIDFLOLWHLWHQ   9HUSDNNLQJHQJHNRHOGHNHWHQ   'LVFXVVLHHQFRQFOXVLH  

(7)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

 ,QOHLGLQJ





 $OVRQGHUGHHOYDQKHW6XULWXLQSURMHFWLVGHHOSURMHFW 3DNJURHQ JHULFKWRSGH´2SWLPDOLVDWLH H[SRUWYHUSDNNLQJµ'HRIILFLsOHSURMHFWWLWHOLV´'XXU]DPHYHUSDNNLQJYRRU6XULQDDPVH H[SRUWJURHQWHQµ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·ORQGHUOHLGLQJYDQ'KU*RSDOWH+HOHQD&KULVWLQD GLWULFWV:DQLFD 6XULQDPH QDDUGHILUPD1RHSDWH'HQ+DDJ  /DQJVGH]HZHJKDUWHOLMNGDQNYRRULHGHUVPHGHZHUNLQJ  

(8)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

 9HUSDNNLQJVSLORW

%LMGHRS]HWYDQGHYHUSDNNLQJVSURHILVJHNR]HQYRRUGHYROJHQGHYDULDEHOHQ  3URGXFW  'RRVW\SH  :HOHQQLHWNRHOHQYRRUYHUSDNNHQ  ([SRUWHXU  9DULDEHOHQ  3URGXFW   'HSURGXFWHQYRRUGHSURHI]LMQ.RXVHEDQGHQ6RSURSR.RXVHEDQGLVJHNR]HQYDQZHJHGH NZDOLWHLWVJHYRHOLJKHLGLQGHNHWHQ6RSURSRLVJHNR]HQYDQZHJHKHWEHODQJYDQGLWSURGXFWDOV 6XULQDDPVH[SRUWSURGXFWULFKWLQJ1HGHUODQG 2RUVSURQNHOLMNZDVKHWGHEHGRHOLQJKHWSURGXFWYDQpp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

(9)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85   )RWR  2YHU]LFKWYHUSDNNLQJVYDULDQWHQELMDDQNRPVWLQ:DJHQLQJHQH[SRUWNHWHQ  :HOHQQLHWNRHOHQYRRUYHUSDNNHQ  $OVEHODQJULMNHYDULDEHOHLVGHKHOIWYDQGHSURGXFWKRHYHHOKHLGYRRUKHWPRPHQWYDQYHUSDNNHQ JHNRHOG1HWDOVYRULJMDDUJHEHXUGHGLWGRRUJHEUXLNWHPDNHQYDQLMVZDWHU'RRU]RZHOGH ZDWHUWHPSHUDWXXUDOVGHSURGXFWWHPSHUDWXXUWHPHWHQLVHHQEHHOGJHNUHJHQYDQGH DINRHOVQHOKHLGYDQKHWSURGXFW 9RRUGHNRXVHEDQGLVJHVWUHHIGQDDUHHQSURGXFWWHPSHUDWXXUYDQ &%LM6RSURSRLVHHQ SURGXFWWHPSHUDWXXUYDQ &DDQJHKRXGHQ'LWLVXLWHLQGHOLMNJHUHDOLVHHUGPHWHHQZDWHULMV WHPSHUDWXXUYDQRQJHYHHUWRW & *H]LHQGHWLMGVGUXNYRRUDOELMGHWZHHGHH[SRUWSURHINDQKHWNRHOHIIHFWELMHQNHOH EHKDQGHOLQJHQWHJHQYDOOHQ2PGLWLQEHHOGWHEUHQJHQ]LMQYDQDOOHEHKDQGHOLQJHQ WHPSHUDWXXURSQDPHVJHPDDNWJHGXUHQGHGHYROOHGLJHNHWHQ'XVYDQKHWPRPHQWYDQ YHUSDNNHQWRWKHWEHRRUGHOLQJVPRPHQWYDQGHNZDOLWHLWLQ1HGHUODQG  ([SRUWHXU 9RRUGHYHUSDNNLQJVSURHILVJHEUXLNJHPDDNWYDQWZHHYHUVFKLOOHQGHEHVWDDQGHH[SRUWNHWHQV  ([SRUWNHWHQ ]DWHUGDJRNWREHUYDQGHILUPD*RSH[,QW·OROY'KU*RSDOWH+HOHQD &KULVWLQD 'LVWULFW:DQLFD QDDUGHILUPD1RHSDWH'HQ+DDJ 

(10)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85  ([SRUWNHWHQ ZRHQVGDJRNWREHUYDQGHILUPD1L]DDPROY'KU,EUDKLPWH3DUDPDULER QDDUGHILUPD$0$5,PSRUWWH'HQ+DDJ  'HYHUVFKLOOHQWXVVHQGHWZHHNHWHQV]LMQQLHWJURRW(FKWHUYRRUKHWYHUJURWHQYDQGH EHWURNNHQKHLGYDQGHVHFWRULVKHWZHQVHOLMNJHZHHVWGH]HSURHIQLHWWRWppQH[SRUWHXUWH EHSHUNHQ,QEHLGHJHYDOOHQLVGHRUJDQLVDWLHRSGHORFDWLHLQKDQGHQJHZHHVWYDQ/99'H SURGXFWNHWHQODDW]LFKDOVYROJWEHVFKULMYHQ  • 'HRRJVWJHEHXUWLQGHRFKWHQGYDQGHH[SRUWGDJ6RSURSRZRUGWLQSODVWLFYXLOQLV]DNNHQ JHRRJVW.RXVHEDQGZRUGWLQERVVHQRQYHUSDNWJHRRJVW • $DQYRHUELMH[SRUWHXUJHEHXUWLQEXVMHVHQLQRSHQDXWR·V SLFNXS  • 'HDDQYRHUYDQ6RSURSRLVHHUGHUGDQYDQNRXVHEDQG/DDWVWJHQRHPGHZRUGWPHHVWDOYDQDI XXUSDVDDQJHYRHUG • 'HSURGXFWHQZRUGHQRSGHH[SRUWORFDWLHYLVXHHOEHRRUGHHOGHQXLWJH]RFKW2SEHLGH ORFDWLHVLVKHWSURGXFWRQJHZDVVHQYHUSDNW • 'HKHOIWYDQKHWSURGXFWZRUGWLQLMVZDWHUJHNRHOGGHDQGHUHKHOIWEOLMIWGURRJHQZRUGW YHOGZDUPYHUSDNW • 1DKHWDINRHOHQLVKHWSURGXFW]RJRHGPRJHOLMNJHGURRJG • +HWYHUSDNNHQJHEHXUWWXVVHQHQXXU • 1DYHUODGHQLVKHWSURGXFWRPVWUHHNVXXUJHUHHGYRRUKHWLQNODUHQRS=DQGHULM • 'HYOXFKWYHUWUHNWRPRQJHYHHUXXU$DQNRPVWLQ1HGHUODQGLVRPRQJHYHHUXXU ORFDOHWLMG 1/ 1DKHWXLWNODUHQZRUGWKHWSURGXFWWXVVHQXXUHQXXURSJHKDDOG ELMGHLPSRUWHXUVLQ'HQ+DDJ+HWSURGXFWLVKLHUQDLQ:DJHQLQJHQLQHHQNRHOFHO  &  JHSODDWVWHQLVKHWGHYROJHQGHRFKWHQGEHRRUGHHOG •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

(11)

‹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

(12)

‹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wQYORHGLVGRRUGHNOLPDDWEHKHHUVLQJLQKHWYOLHJWXLJ 

(13)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85  9RRU6RSURSRLVYRRUGH36YHUSDNNLQJHYHQHHQVHHQWHPSHUDWXXUUHJLVWUDWLHXLWJHYRHUG,Q RQGHUVWDDQGHJUDILHNLVGLWZHHUJHJHYHQYRRUGHWZHHH[SRUWNHWHQV   )LJXXU 9HUORRSYDQWHPSHUDWXXULQ36YHUSDNNLQJJHNRHOG  HQRQJHNRHOG  YRRU  6RSURSRYRRUH[SRUWNHWHQ OLQNV HQ UHFKWV   ,QGH]HJUDILHNHQLVYRRUEHLGHNHWHQVHHQVRRUWJHOLMNHIIHFWWH]LHQ2RNLVKHWEHHOGYHUJHOLMNEDDU PHWGHUHJLVWUDWLHELMNRXVHEDQGLQGH36YHUSDNNLQJ2RNKLHULVWH]LHQGDWGHNZDOLWHLWYDQ DINRHOHQLQGHWZHHGHH[SRUWSURHILHWVPLQGHULVJHZHHVW  .ZDOLWHLW.RXVHEDQG 'HUHVXOWDWHQYDQGHNZDOLWHLWEHRRUGHOLQJ]LMQVDPHQJHYDWSHUSURGXFW'HUHVXOWDWHQZRUGHQ ]RZHOWRHJHOLFKWPHWEHKXOSYDQIRWR·VHQJUDILHNHQYRRUGHEHODQJULMNVWHNZDOLWHLWVEHYLQGLQJHQ 'HNZDOLWHLWYDQ.RXVHEDQGLVEHRRUGHHOGELMRQWYDQJVWLQ:DJHQLQJHQRQJHYHHUXXUQDKHW PRPHQWYDQLQSDNNHQ 'HNZDOLWHLWEHRRUGHOLQJYDQ.RXVHEDQGLVYRRUDOJHULFKWRSKHWRSWUHGHQYDQEHVFKDGLJLQJHQ DIZLMNLQJHQLQNOHXUHQKHWRSWUHGHQYDQURHVWYHUNOHXULQJHQURWHQVFKLPPHOSUREOHPHQ,Q RQGHUVWDDQGHIRWR·VLVYRRUGHYHUVFKLOOHQGHYHUSDNNLQJVYDULDQWHQHHQNZDOLWHLWVEHHOGWH]LHQQD KHWRSHQHQYDQGHYHUSDNNLQJ9DQGHHHUVWH]HQGLQJLVHHQNZDOLWHLWVEHHOGRYHUGHYDULDQWHQ YDVWJHOHJG%LMGHWZHHGHH[SRUWNHWHQ]LMQDOOHHQGHH[FHVVHQYDVWJHOHJG    )RWR  9HUSDNNLQJHQPHWNRXVHEDQGDDQNRPVW1HGHUODQG

(14)

‹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·V ]LMQJHPDDNWYDQGHH[SRUWNHWHQ 

(15)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85   )RWR .RXVHEDQGJHNRHOG  HQRQJHNRHOG  DDQNRPVW1HGHUODQG36   )RWR .RXVHEDQGJHNRHOG  HQRQJHNRHOG  DDQNRPVW1HGHUODQGSDSULNDGRRV 

(16)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85   )RWR .RXVHEDQGJHNRHOG  HQRQJHNRHOG  DDQNRPVW1HGHUODQG6WDQGDDUG QHW]DN   %LQQHQGHEHKDQGHOLQJHQZRUGHQJURWHYHUVFKLOOHQLQNOHXUZDDUJHQRPHQ'HHOV]LMQGH]H YHUVFKLOOHQELQQHQGHERVZDDUWHQHPHQGHHOVOLJJHQGHYHUVFKLOOHQMXLVWWXVVHQGHERVVHQ0HW RQGHUVWDDQGHDIEHHOGLQJZRUGWGLWGXLGHOLMNJHPDDNW   )RWR 6SUHLGLQJLQNZDOLWHLWHQNOHXUELQQHQppQEHKDQGHOLQJELMDDQNRPVW1HGHUODQG

(17)

‹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

(18)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85  JHPDDNW'HYHUVFKLOOHQKDQJHQRQGHUDQGHUHDIYDQGHSRVLWLHYDQGHERVLQGHYHUSDNNLQJ 2QGHULQ]LMQGHSUREOHPHQPHWVFKLPPHORQWZLNNHOLQJJURWHUGDQERYHQLQGHGRRV   )RWR .RXVHEDQGJHNRHOG  QDGDJHQXLWVWDOXLW36YHUSDNNLQJ   )RWR .RXVHEDQGJHNRHOG  HQRQJHNRHOG  QDGDJHQXLWVWDOXLWSDSULNDGRRV 

(19)

‹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

(20)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85  +LHUQDDVWLVQDGDJHQRRNQDDUURHVWYRUPLQJJHNHNHQ,QRQGHUVWDDQGHWDEHOLVGLWPHWHHQ VFRUH  XLWJHZHUNW'HRQJHNRHOGH36YHUSDNNLQJLVQLHWPHHULQGHEHRRUGHOLQJYDQGH]H NZDOLWHLW]DNHQPHHJHQRPHQRPGDWKLHUKHWEHGHUILQGHYRUPYDQERVURW ]LHJUDILHN DO ZDV  )RWR 5RHVWYRUPLQJQDXLWVWDOGDJHQ   )LJXXU 5RHVWQDXLWVWDOGDJHQLQGLYHUVHYHUSDNNLQJVYRUPHQJHNRHOG  HQRQJHNRHOG  YRRU NRXVHEDQGH[SRUWNHWHQ OLQNV HQ UHFKWV  

(21)

‹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·VJHPDDNW'HDOJHPHQHNZDOLWHLWLV JRHG'HGR]HQKHEEHQGHNHWHQUHGHOLMNRYHUOHHIG%LMGHJDQJEDUHYHUSDNNLQJ UHFKWV LVWH]LHQ GDWKHWNDUWRQQDDUEXLWHQLVJHZHNHQ   )RWR 9HUSDNNLQJHQPHW6RSURSRDDQNRPVW1HGHUODQG  9DQHONREMHFW]LMQHHQDDQWDOYUXFKWHQEHRRUGHHOGRSXLWZHQGLJHNZDOLWHLW2SRQGHUVWDDQGH IRWR·VLVKHWEHRRUGHOLQJVPRPHQWQDXXUZHHUJHJHYHQYDQ]RZHOGHJHNRHOGHDOVRQJHNRHOGH YDULDQW 

(22)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85   )RWR 6RSURSRJHNRHOG  HQRQJHNRHOG  DDQNRPVW1HGHUODQG36   )RWR 6RSURSRJHNRHOG  HQRQJHNRHOG  DDQNRPVW1HGHUODQGSDSULNDGRRV   )RWR 6RSURSRJHNRHOG  HQRQJHNRHOG  DDQNRPVW1HGHUODQGVWDQGDDUG  'HNOHXUYHUVFKLOOHQ]LMQRSPRPHQWYDQEHRRUGHOHQ]HHUEHSHUNWHQZRUGHQYRRUDOYHURRU]DDNW GRRUQDWXXUOLMNHYDULDWLH'HYUXFKWHQ]LMQHYHQHHQVEHRRUGHHOGRSLQZHQGLJHNZDOLWHLW+LHUELM ]LMQJHHQDIZLMNLQJHQJHFRQVWDWHHUG

(23)

‹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sOHNZDOLWHLW ULMSKHLGELMRRJVW KLHUDOVEHODQJULMNVWHRRU]DDNDDQWHZLM]HQ %LQQHQGHREMHFWHQ]LMQGHNZDOLWHLWYHUVFKLOOHQ]HHUJURRW

(24)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85   )RWR 6RSURSRJHNRHOG  HQRQJHNRHOG  QDGDJHQXLWVWDOXLW36   )RWR 6RSURSRJHNRHOG  HQRQJHNRHOG  QDGDJHQXLWVWDOXLWSDSULNDGRRV   )RWR 6RSURSRJHNRHOG  HQRQJHNRHOG  QDGDJHQXLWVWDOXLW6WDQGDDUGYHUSDNNLQJ    

(25)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

,QRQGHUVWDDQGHJUDILHNZRUGWDOOHUHHUVWGHJURQGNOHXUZHHUJHJHYHQLQHHQEHRRUGHOLQJVJHWDO  JURHQWRW JHHO +LHUELMLVGHYROJHQGHNODVVHLQGHOLQJDDQJHKRXGHQ

 6FRUH

JURQGNOHXU 9HUJHOLQJYDQRSSHUYODNWH %HHOG

 1LHWYHUJHHOG     RSSHUYODNWHYHUJHHOG   RSSHUYODNWHYHUJHHOG   YHUJHHOG     YHUJHHOG     YHUJHHOG    ,QGH]HJUDILHN]LMQRRNGHZDDUQHPLQJHQQDGDJHQ DOOHHQGHWZHHGHH[SRUWNHWHQ HQGDJHQ XLWVWDORSJHQRPHQ$OQDGDJHQ H[SRUWNHWHQ LVGHYHUJHOLQJIOLQNWRHJHQRPHQ   )LJXXU .OHXUEHRRUGHOLQJQDXXUHQQDHQXLWVWDOGDJHQLQGLYHUVHYHUSDNNLQJVYRUPHQJHNRHOG  HQRQJHNRHOG  YRRU6RSURSRH[SRUWNHWHQ OLQNV HQ UHFKWV 

(26)

‹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wQYORHGRILVGRRUGHODJHUHSURGXFWWHPSHUDWXXUGHEHVFKDGLJLQJPDNNHOLMNHU RSJHWUHGHQ8LWHUDDUGNDQRRNGHRYHUPDDWDDQYRFKWWRWKHWSUREOHHPKHEEHQJHOHLG  

(27)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

 *HNRHOGHNHWHQ

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sOHSURGXFWNZDOLWHLW %LMNZDOLWHLWYHUEHWHUHQGHPDDWUHJHOHQLVKHWEHwQYORHGHQYDQGHLQLWLsOHNZDOLWHLW]HHUEHODQJULMN 8QLIRUPLWHLWYDQKHWSURGXFWLVEHODQJULMN'LWJHOGWQLHWDOOHHQYRRUGHYRUPNOHXUPDDW EHVFKDGLJLQJHQPDDURRNYRRUPLQGHU]LFKWEDUHHLJHQVFKDSSHQ]RDOVULMSKHLGHQEHZDDUSRWHQWLH 'HEHYLQGLQJHQPHWGH6XULQDDPVHSURGXFWHQ.RXVHEDQGHQ6RSURSROHUHQGDWHUJURWH YHUVFKLOOHQEHVWDDQLQGHLQLWLsOHNZDOLWHLW9RRUDOLQGHXLWVWDOSURHYHQEOLMNHQGHYHUVFKLOOHQLQ KRXGEDDUKHLG]HHUJURRW %LMNRXVHEDQGEOLMNW]RZHOELMKHWLQ]HWWHQYDQGHYHUSDNNLQJVSLORWDOVELMDDQNRPVWLQ1HGHUODQG HHQJURRWYHUVFKLOWH]LMQWXVVHQGHKHUNRPVWHQ1LHWDOOHHQYHUVFKLOOHQGHXLWZHQGLJHNZDOLWHLW YDQGHERQHQLQGH]LQYDQPDDWJHOLMNKHLGLQPDDWNOHXUULMSKHLG ERRQGLNWH RRNGH EHZDDUSRWHQWLHZRUGWKLHUGRRUEHwQYORHG %LM6RSURSRLVGHVFKLOJHYRHOLJKHLGYDQKHWSURGXFWHHQ]HHUEHODQJULMNSUREOHHP-XLVWGLUHFWQD GHRRJVWWUHGHQYHHOEHVFKDGLJLQJHQRS'HNHX]HYRRUGH´RRJVWYHUSDNNLQJµLQGHYRUPYDQ HHQYXLOQLV]DNHQKHWWUDQVSRUW]LMQGHEURQ%LMGLWSURGXFW]DOKHWEHSHUNHQYDQ VFKLOEHVFKDGLJLQJHQYHHONZDOLWHLWVYRRUGHHOJHYHQ(YHQWXHHONDQEHVORWHQZRUGHQQDKHWNRHOHQ KHWSURGXFWYHUJHOLMNEDDUPHWGH1HGHUODQGVHNRPNRPPHUWHJDDQVHDOHQ  %LMKHWLQULFKWHQYDQHHQJHNRHOGHNHWHQYRRUNZDOLWHLWVSURGXFWHQ]DOODQJVYHUVFKLOOHQGHZHJHQ JHZHUNWPRHWHQZRUGHQDDQGHLQLWLsOHNZDOLWHLWYDQSURGXFWHQ+RRJVWZDDUVFKLMQOLMNLVGH ]DDGNZDOLWHLWYDQKHWSURGXFWGHEDVLV=RQGHUGXLGHOLMNKHLGRYHUGH]DDGNZDOLWHLW]DODOELMGH RSJURHLYHUVFKLOLQNZDOLWHLW YRUPULMSKHLGNOHXURQWZLNNHOVWDGLXP RQWVWDDQ

(28)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85  ,QGHRRJVWIDVH]DO]RZHOELM6RSURSRDOVELM.RXVHEDQGGHIUHTXHQWLHYDQRRJVWPRPHQWHQDDQ KHWJHZDVVWDQGPRHWHQZRUGHQDDQJHSDVW7LMGHQVGHLQSDNSURHIKHEEHQZHHUYDUHQGDWGH VSUHLGLQJLQNZDOLWHLWELQQHQHHQKHUNRPVWHQRUPJURRWNDQ]LMQ%LMpp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·QJHKHHOJHHQJHEUXLNYDQKHWYRRUGHHOYDQFRQGLWLRQHUHQ :HOEHVWDDWGHPRJHOLMNKHLGRS=DQGHULMJHEUXLNWHPDNHQYDQHHQNRHOKXLVRPKHWSURGXFWYRRU YHU]HQGLQJDIWHNRHOHQ+LHUZRUGWDOOHHQELMXLW]RQGHULQJJHEUXLNYDQJHPDDNW.RVWHQDVSHFWHQ HQORJLVWLHNHDVSHFWHQVSHOHQKLHUHHQGXLGHOLMNHURO 'HKXLGLJHH[SRUWNHWHQEHSHUNW]LFKWRWGDJYHUVSURGXFWGDW]RVQHOPRJHOLMNDDQJHYRHUGZRUGW RS=DQGHULM'LWEHWHNHQWGDWSURGXFWLQGH YURHJH RFKWHQGJHRRJVWZRUGWHQXLWHLQGHOLMNWXVVHQ GHHQXXUODWHUDDQNRPWLQGHWRNRLQ1HGHUODQG,QGHRQGHUVWDDQGHWDEHOLVGHNHWHQLQ WLMGZHHUJHJHYHQ 

%HVFKULMYLQJ /RNDOHWLMG 1/WLMG $EVROXXW JHPLGGHOG 

2RJVW WRWXXU WRWXXU 7 

9HUSDNNHQ WRWXXU WRWXXU 7  7UDQVSRUWHQODGHQ

=DQGHULM WRWXXU WRWXXU 7 

6WDUWYOXFKW XXU XXU 7 

(LQGHYOXFKW XXU XXU 7 

$DQNRPVWWRNR WRWXXU WRWXXU 7  XXU 

%HRRUGHOLQJNZDOLWHLWNHWHQSURHI 7   ,QGHKXLGLJHNHWHQLVZHLQLJWRWJHHQWLMGRPKHWSURGXFWDIWHNRHOHQ'RRUHFKWHUKHWSURGXFW HHQGDJHHUGHUWHRRJVWHQZRUGHQYHUVFKLOOHQGHYRRUGHOHQEHKDDOG  KHWSURGXFWNULMJWGHNDQVRPPHWQRUPDOHNRHOWHFKQLHNHQRSWLPDDODIJHNRHOGWH ZRUGHQ  GRRUGHDDQZH]LJKHLGYDQNRHOFHOOHQNDQKHWSURGXFWRRNRSHHQZDUPHUPRPHQWRS GHGDJZRUGHQJHRRJVWRQGHUYRRUEHKRXGGDWKHWSURGXFWZHO]RVQHOPRJHOLMNYDQ KHWODQGZRUGWYHUZLMGHUG

(29)

‹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

(30)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85  YORHLVWRIQDDUJDV GRRUPDDNWLVHYHQHHQVZDUPWHQRGLJ9RRULMVVSUHNHQZHRYHU VWROOLQJVZDUPWH  6WROOLQJVZDUPWHLMV       N-NJ  (QNHOHFKHPLVFKHPLGGHOHQ RDSRO\PHUHQ VFKLMQHQHHQVWROOLQJVZDUPWHHQRIHHQZDUPWH LQKRXGWHKHEEHQGLHWRWPDDOKRJHUOLJWDOVLMV+LHUPHHNDQYRRUHHQJHOLMNNRHOHQGHIIHFWGXV ELMQDGHKHOIWPLQGHUPDWHULDDOQRGLJ]LMQZDWRQGHUDQGHUHLQGHWUDQVSRUWNRVWHQNDQVFKHOHQ (FKWHUGLWPDWHULDDO]DOLQNRVWSULMVGXLGHOLMNGXXUGHU]LMQ  2Ppp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½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

(31)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85   9ORHU 'HYORHUPDJZRUGHQJHwVROHHUGPDDUQRGLJLVKHWQLHW,VROHHUPHWPLQLPDDOFP385 SODWHQRIFP36'HYORHUGLHQWYODNHQJODGWHZRUGHQDIJHZHUNWPHWHHQYHUGLFKWH EHWRQYORHU'H]HPRHWJHVFKLNW]LMQYRRUKHWJHZLFKWGDWHURSZRUGWJHSODDWVW   ,VRODWLH 'HFHOOHQGLHQHQUXLPWHZRUGHQJHwVROHHUG1LHW]R]HHUYDQZHJHSURGXFWHLVHQPDDU YRRUQDPHOLMNYDQZHJHFRQGHQVSUREOHPHQELMWHZHLQLJLVRODWLHHQYDQZHJHKHWEHSHUNHQYDQ HQHUJLHYHUEUXLN&RQFUHHW]DOPLQLPDDOPP385 3RO\XUHWKDDQ SDQHOHQRIPP36 SRO\VW\UHHQWHPSH[SLHSVFKXLP PRHWHQZRUGHQWRHJHSDVW%LMVDQGZLFKSDQHOHQ LVRODWLH PHWDDQZHHU]LMGHHHQVWDDOSODDWGLHQHQGHQDGHQJRHGDIJHNLWWHZRUGHQ%LMDQGHUH LVRODWLHPDWHULDOHQGLHQWGHEXLWHQ]LMGHYDQGHFHOWH]LMQYRRU]LHQYDQHHQJHVORWHQ GDPSODDJ=RQGHUGH]HGDPSODDJEHVWDDWHHQUHsHOULVLFRGDWGHLVRODWLHQDWZRUGWHQKLHUPHH ]LMQLVRODWLHZDDUGHYHUOLHVW9DQRYHULJHPDWHULDOHQLVRRNHHQLVRODWLHZDDUGHEHNHQGPDDUOLJW GH]HODJHUGDQYDQJHQRHPGHPDWHULDOHQ+LHURPLVYRRUGH]HPDWHULDOHQYDDNHHQYHHO JURWHUHGLNWHQRGLJ   'HXU 'HFHOPRHWXLWHUDDUGYRRU]LHQZRUGHQYDQHHQJHw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

(32)

‹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

(33)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

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w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wQYORHG]LMQGRRUKHWNRHOHQYDQKHWSURGXFWPHWZDWHU:DDUVFKLMQOLMNKHHIWKHWSURGXFWDOVGLW GURRJJHNRHOGZRUGWPLQGHUNZDOLWHLWVSUREOHPHQLQGH]HYHUSDNNLQJ'XLGHOLMNLVZHOGDWGLW SURGXFWYRRUKHWYHUSDNNHQLQGH36YHUSDNNLQJPRHWZRUGHQJHNRHOG

(34)

‹$JURWHFKQRORJ\ )RRG,QQRYDWLRQV%9/LGYDQ:DJHQLQJHQ85 

 'LVFXVVLHHQFRQFOXVLH

'HNZDOLWHLWYDQ6XULQDDPVH.RXVHEDQGHQ6RSURSRNDQRSYHOHUOHLPDQLHUHQZRUGHQYHUEHWHUG 'XLGHOLMNLVGDWKHWRSORVVHQYDQHHQHQNHORQGHUGHHOYDQGHNHWHQZDDUVFKLMQOLMN]RQGHUKHW JHZHQVWHHIIHFWEOLMIW'HNZDOLWHLWZRUGWLPPHUVGRRUHHQRSHHQVWDSHOLQJYDQ]DNHQEHw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w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

(35)

‹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´KLJKYDOXHSURGXFWµHQ KLHUQDDUPRHWZRUGHQJHKDQGHOG8QLIRUPHULQJYDQGHNZDOLWHLWLVQDDVWKHWLQULFKWHQYDQGH JHNRHOGHNHWHQ]HNHU]REHODQJULMN0RJHOLMNELHGWKHWLQULFKWHQYDQNRHOFHOOHQZHOPRJHOLMNKHGHQ RPUHODWLHINOHLQHUHSURGXFWLHKRHYHHOKHGHQWHEXQGHOHQWRWDI]HWKRHYHHOKHGHQPHWHHQJURWHUH JHOLMNKHLGLQPDDWHQNZDOLWHLW +LHUQDDVWYHUGLHQWKHWGHDDQGDFKWRPKHWSURGXFWRRNRS=DQGHULMWHNXQQHQNRHOHQRIRP EHWHUHDIVSUDNHQWHPDNHQPHWGHOXFKWYHUYRHUGHURYHUKHWNOLPDDWDDQERRUG'HWHPSHUDWXXU OLMNWLQYOXFKWSHULRGHIOLQNEHwQYORHGWHNXQQHQZRUGHQ ILJXXU GRRUGHNOLPDDWUHJHOLQJDDQ ERRUG

Referenties

GERELATEERDE DOCUMENTEN

Voor het natuurbeleid heeft dat de volgende consequenties: • een structurele beschikbaarheid van een grote diversiteit aan natuur is niet alleen van belang voor de natuur

Verandering blyk eerder ’n proses van opbou te wees, van heropbou, waarin ook die kerk as rolspeler (kritiese kollaborateur) in ’n samelewing mag deelneem deur in die eerste plek

In hierdie navorsing sal 'n relevante literatuur- studie gedoen word wat deur onderhoude met lidmate van die Nederduitse Gereformeer- de Kerk aangevul sal word om die nodige teorie

Die pype w at graag deur die Rooiborsswael gebruik word, is so min as 0 ,4 m in deursnit en om daar in te kom beteken dat die navorser op sy maag mbet inskuuren op

Table 5: Respondents who experienced behaviour undermining the victim as a person Act Number of respondents who were victims (n=999) Percentage of respondents who were victims

With the South African government low-cost housing framework of sustainable development, clear guidelines (South Africa, Department of Human Settlements: 2009), for

Further research on how probiotic supplementation affects the severity and prevalence of gastrointestinal related symptoms in children with ASD probiotic supplementation is thus

Patients with probable substance use were referred to an on-site social worker for an alcohol, smoking and substance involvement screening test (ASSIST), a brief motivational