Ayana Proposal 1 TOURISM INVESTMENT

Assessing tourism as a means for investment

encouragement in Arbaminch town

ARBAMINCH UNIVERSITY

College of Business and Economics

Department of Tourism Management

By: Ayana Urgessa

Advisor: Wagnew .E

April /2013

Arba Minch Ethiopia

TABLE OF CONTENT’S

Contents Pages

Chapter one---------------------------------------------------------------------------------------------------------------------1

1-Introduction------------------------------------------------------------------------------------------------------------------1

1.1-Background of the study----------------------------------------------------------------------------------------------1

1.2-Statement of the problem---------------------------------------------------------------------------------------------2

1.3-Basic research questions-----------------------------------------------------------------------------------------------2

1.4-Objective of the Study--------------------------------------------------------------------------------------------------2

1.4.1-General objective of the study----------------------------------------------------------------------------------3

1.4.2-Specific objective of the study----------------------------------------------------------------------------------3

1.5-Scope of the Study------------------------------------------------------------------------------------------------------3

1.6-Limitations of the study-----------------------------------------------------------------------------------------------4

1.7-Significances of the study---------------------------------------------------------------------------------------------4

1.8- Conceptual frame work----------------------------------------------------------------------------------------------5

Chapter Two-------------------------------------------------------------------------------------------------------------------6

2-Litreature Review--------------------------------------------------------------------------------------------------------6

2.1-Defining Tourism---------------------------------------------------------------------------------------------------6

\2.1.1-Investment-----------------------------------------------------------------------------------------------------7

2.1.2-Types of investment------------------------------------------------------------------------------------------7

2.2-Investment in Ethiopia--------------------------------------------------------------------------------------------13

2.2.1-Factors encouraging investment in Ethiopia-----------------------------------------------------------14

2.3-Investment in Arbaminch town--------------------------------------------------------------------------------14

Chapter Three----------------------------------------------------------------------------------------------------------------15

3-Research Methodology and Design---------------------------------------------------------------------------------15

3.1-Background of the study area----------------------------------------------------------------------------------15

3.2-Research Design--------------------------------------------------------------------------------------------------16

3.3-Sources of Data--------------------------------------------------------------------------------------------------16

3.4-Sampling Design and Technique-----------------------------------------------------------------------------17

3.5-Data Gathering Method---------------------------------------------------------------------------------------17

3.6-Population of the Study----------------------------------------------------------------------------------------17

3.7-Method of Data Interpretation-------------------------------------------------------------------------------17

3.8-Time Budget------------------------------------------------------------------------------------------------------18

3.9-Cost Budget-------------------------------------------------------------------------------------------------------19

List of Reference Material---------------------------------------------------------------------------------------20

CHAPTER ONE

1. INTRODUCTION

1.1 Background of the study

Tourism is not only largest, it is fast growing industry involves many economic and social

sectors making it an excellent development vector. Not, surprisingly, surveys have also shown

that tourism is high priority industry for the investment promotion agencies throughout the

world. (Endolk, 2006). Tourism is not single industry rather it is a composites of activities,

service and industries that deliver a travel experience; transportation, accommodation and

drinking establishment’s shops, entertainment activities, facilities and other hospitality service

available for individuals or groups that are travelling away from home (Geoldner, 2009). It

encompasses all providers of visitors and visitor selected services. Finally tourism is the sum

total of tourist expenditures within the border of an action or political subdivision or a

transportations centered economic areas of contiguous states. The tourism industry defined by

the consumption patterns and behaviors of tourists, people who travel and stay at locations

outside their usual environment generate tourism activity. Tourism investment is can also be

defined as any investment that expands and upgrades the supply of domestic and international

tourism product, services and experiences related to the tourism industry (Donald, 1995).

Tourism in Ethiopia accounted for 5.5% of the country GDP during 2006, having barely

increased 2% over the previous year (CSA, 1997). In Ethiopia historical site and memorial place

like battle of Adowa, Lalibela rock hewn church, Gondar palace of Atse Fasiledes, Semen

teraroch National Park and other are considered as the main tourism potential of the country.

Even though having this historical and natural tourism potential, tourism investment in Ethiopia

is at an infancy stage.

Due to this, government bodies and society as a whole on debate to ensure significance of

tourism investment for the development of the country (FCT, 2000).

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Currently, however, promising results are observed with government due to emphasis for the

development and effective utilization of these resources. Tourist inflow is getting better and so is

the income from the sector. Yet, there is serious shortage of facilities and infrastructures and the

sector is in huge demand of both domestic and foreign investment, private investors can take part

in promotional activities, construction of facilities service provision tour operation and tour

guide (FCT, 2003).

1.2 Statement of the p roblem

Tourism is one of the most drivers of global economy, since it is the most recently growing

industry on the world. Tourism investment is the generator of economic impact for a city, a state.

In other line, tourism investment is the stimulator through globalization point (Geoldner, 2009).

Here in Ethiopia as we said the development of tourism investment and its significant importance

to the national economy performance is hindered by some potential problems.

Firstly: - Due to poor and underdeveloped infrastructural facilities around tourist destinations

Secondly:- Lack of promotion related tasks and

Lastly :- The tourism industry by itself haven’t bear the desired fruit in all aspects.

Based up on the above facts here under this study the core problem of this study would have

been deals with the role of tourism in investment promotion and expansion, as well as assessing

the stage of the impact of the above three problems on tourism investment in Arba Minch town.

In addition to this, the study will answer the following research questions as the end:-

1.3 Basic Research q uestions

1. What is the role of tourism for investment facilitation and encouragement?

2. How tourism can be used as means to encourage investment?

3. What are the factors that encourage tourism investment?

4. Are these factors are available in Arba Minch town.

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5. How far the factors like poor and underdeveloped infrastructure, lack of promotion and others

are affect the expansion and bearing the fruit of the tourism investment in Arba Minch town?

1.4 Objectives of the s tudy

1.4.1 General objectives

The overall objective of the study is to assess how tourism used for investment encouragement in

Arba Minch town and forwarding potentials recommendations and solution to identified

problems.

1.4.2 Specific objectives of the study

To assess how and what tourism plays its role in investment encouragement and

promotion.

To assess how tourism can be used as investment encourages investment in Arba Minch

town.

To assess factors those encourage tourism investment in Arba Minch town and their

availability in the town.

To assess the impact of factors like poor and underdeveloped infrastructure, inefficient

promotional activities and the likes on the fruit of various tourism investments in Arba

Minch town.

1.5 Scope of the study

The scope of the study will be held at manageable size because of time and resource constraints.

As per this, the study will focus on role of tourism infrastructure for promoting investment in

Arba Minch town. The study will also include the following explanatory variables such as :-

investment and its type, motivators of investors, factors encourage and discourage investment,

tourism potential in Arba Minch town and its role for tourism investment promotion and

encouragement. In addition to these the study will include tourism related investors in Arba

Minch town such as:- paradise lodge, Arba Minch tourist Hotel, Green land hotel, Bekele Mola

hotel and Soma lodge.

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The researcher will also use purposive sampling design to select respondents (samples) from the

target population in order to draw the general facts on the subject matter under consideration.

1.6 Limitation of the study

Conducting study on tourism as means for investment encouragement in place where full tourism

potential can generate a huge income. As per to this the study will delimited at Arba Minch

town, this will make that the fruits of the study can’t be used as a solution tool for the same

issues in destination where there is full tourism potential more that Arba Minch town.

In addition to the above facts, the researcher will face problems such as:- lack of information in

primary data, lack of time and budget.

1.7 Significance of the study

The following bodies will benefit from conducting research on ‘tourism as a means for

investment encouragement. These are:-

Government bodies-The government will use the fruit of the study as a raw material in his

policies and strategies towards tourism and investment sector. Also in addition to this, it will

benefit him, essence government to compare and contrast problems in tourism investment and to

give priority to alleviate the potential problems. So as to generate the huge income from the

sectors.

Privates (Investors)-It motivates them, to invest more through providing the clear picture and

potential facts about the destination tourism resources. It can serve as the raw input to their

strategic plan so as to reduce operational loss and business failurity through providing the exact

and reliable information.

For destination society-

It creates huge temporary as well as permanent job opportunity.

It reduce unemployment at meaningful amount

The expansion of urbanization through increasing hotel construction, lodge

construction and also integration in construction technology.

It improves the society’s living standard, thorough creating huge job opportunity

and increasing the income.

It can make the destination become more desired location in all other aspects.

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For the researcher

It can be used as additional knowledge in the field of tourism and investment.

For academicians

It can be an addition to the existing knowledge.

It can act as the raw material for the further research under such topic.

1.8 Conceptual frame work of the study

The following diagram show the conceptual frame work of the study

Source: - own, completion, 2005.

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Tourism investment

Tax revenue generation

main source of income

generation

imployement generation

balance of payment

incoregment of enterpreneur

activity

improved standared of

the life

In frastructer devlopment

Improvment of the economice structure of the

country

CHAPTER TWO

2. LITERATURE REVIEW

2.1 Tourism

Tourism is now the largest industry in the world with tourist spending on estimated 127.8 billion

dollars in 1986 on trips outside their own countries (WTO, 1987). Tourism is commonly though

and referred to, as an ‘industry’. An industry is generally regarding as group of establishments

engaged in the same kind of productive activities. Typically, industries are classified in

accordance with the goods and services that they produce.

Tourism is the fast growing industry that encourage investment infrastructure. If tourists

become interested in destination and the destination growth will be increased by better

infrastructure, then the government and other investors should provide or improve infrastructure

(Khunou, 2009). Tourism sector is one of the priority sector of the investment climate advisory

service for investment generation and regulatory simplification. Some institutions like

UNCTAD, as well as the world economic forum strongly believe this sector can boost

competitiveness, expand economic opportunities and provide a pathway to prosperity in client

countries (Kusi. H, 2011).

The ability of tourism destination to attract investment is influenced by complex numbers of

characteristics such as government regulation, procedure and incentives (attractiveness of the

taxation policies, regarding local and foreign investment and imports), the resource and

convenience offered (e.g. Attractions, transportation access, hospitality, medical and other

services, pricing, etc), marketing characteristics (visitors tests and preferences, disposal income,

propensity to travel, proximity to destination etc), political stability of the destination to market

and promote itself effectively, only if this combine to allow investor to earn an adequate return

on their investment. By the year 2020 maximum investment will be made by the industrialist,

traders, business man, Multinational Corporation and joint venture on the investment sector

(A.K Roina and S.K Agorwa, 2004).

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2.1.1 Investment

Definition of investment

It is an asset or item that is purchased with the hope that it will generate income or appreciate in

the future.

In an economic sense, an investment is the purchase of goods that are not consumed today but

used in the future to create wealth. In finance, an investment is a monetary asset purchased with

the idea that the asset will provide income in future or appreciate and be sold at higher price.

‘Investment is the current commitment of dollar for a period of time in order to derive future

payment that will compensate the investor for time of the funds are committed, the expected rate

of inflation and the uncertainty of future payment’ (Frank, 2000)

According to investopedia explains investment: it is the building of factory used to produce

goods and the investment one makes by going to college or university is both examples of

investment in the economic sense. In the financial sense investment, include the purchase of

bonds, stocks or real-estate property. Be sure not to get making an investment and speculating

confused. Investing usually involves the creation of wealth where as speculating is often a zero-

sum game: wealth is not created. Although speculators are often making informed decisions.

Speculators cannot usually categorized as traditional investing. Investment in economics refers to

economic activity that forgoes consumption today, with purpose of increasing output in the

future. It includes spending on tangible assets such as house as well as intangible investment,

such as education.

2.1.2 Different types of investment

Depending on the level of income to invest and type of equipment to be invested on:- There are

different categories of investment. The following are some types of investment.

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Fig1 types of investment

Source: investopedia.com (WWW.investopedia.com) assesses date Nov 23/2013@5:30 local

time

investment

authonomous

induced

financial

realplanned

unplaned

gross

net

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1. Autonomous investment

Investment, which does not change with the changes income level, is called as autonomous

investment.

Autonomous investment remains constant irrespective of income level. Which means even if the

income is low, the autonomous investment remains the same? It refers to the investment made on

houses, roads, public building and other parts of infrastructure. The government normally makes

such a type of investment.

2. Induced investment Investment, which changes with the change in the income level, is

called induced investment. Induced investment is positively related to the income level.

That is, at high level of income entrepreneurs are induced to invest more and vice-versa.

At high level of income, consumption expenditure increases, this leads to an increase

investment of capital goods in order to produce more consumer goods.

3. Financial investment

Investment made in buying financial instruments such as a new shares, bonds, securities, etc. Is

considered as a financial investment. However, the money used for purchasing existing financial

instruments such, as old bonds, old shares etc. cannot be considered as financial investment.

It is mere transfer of financial asset from one individual to another. In financial investment,

money invested for buying of new shares and bonds as well as debentures have a positive impact

on employment level, production and economic growth.

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4. Real investment

Investment made in new plant and equipment, construction of public utilities like schools, roads

and real ways etc, is considered as real investment. Real investment in new machine tools, plant

and equipments purchased factory buildings etc. Increase employment, production and economic

growth of nation. Thus real investment has a direct impact on employment generation, economic

growth etc.

5. Planed investment

Investment made with a plan in several sectors of the economy with specific objectives is called

as planned or intended investment. Planed investment can also be called as intended investment

because investors while making investment make a concrete plan of his investment.

6. Unplanned investment

Investment that has been done without any planning is called unplanned or unintended

investment. In unplanned type of investment, investors make investment randomly without

making any concrete plans. Hence, it can also be called as unintended investment. Under this

type of investment, the investor may not consider the specific objectives while making

investment decision.

7. Gross investment

Gross investment means the total amount of money spent or creation of new capital assets like

plant and machinery, factory building etc. It is the total expenditure made on new capital assets

in a period.

8. Net investment

Net investment is gross investment less (minus) capital consumption (depreciation) during a

period of time: usually a year. It must be noted that a part of the investment is meant for

depreciation of the capital asset or for replacing a worn-out capital asset. Hence, it must be

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deducted to arrive at net investment.

What motivate investors?

‘Investors are motivated to invest in the private rental market for a number of reasons. These

include financial factors, personal goals and household circumstance. Many investors use their

own measures of quality and personal preference when selecting dwelling even though they will

not be willing in the property. Investors perceive property as long term, safe and stable

investment that is low risk and will produce guaranteed returns. Investing rather than rental yield

and this is how succeed is measured.

Sentimentality and informality characterize investor’s approaches to the housing market.

Property is considered familiar, relatively easy to invest in (not mysterious and complex

like other investment) and same ting a lots of people do.

Age and personal circumstances (that is retirement), rather than market factors, appear to

be the dominant considerations for those who had recently sold property or where

intending to sell in the immediate future (Christopher, 2012).

As share market commentary stated there are two main things motivate investors: making good

profit and getting good money in short time.

Making good profit

To make the best profit from the market is the ultimate aim of the investors and so they put their

efforts to invest in the right stock and that too at the right time. The investors aim that the main

idea behind investing in the stock online is to save a lot of time and also get good profits without

having to go out. Therefore, this helps them to remain quite confident of their investment in the

market.

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Getting good money in short time

Another motivator factor of investors to invest in the stock market is because they feel that they

can earn good amount of profit in every short period of time. They would be able to feel that they

have made the best out of their effort in getting their investment done in the right stocks. It is

important to set some share tips that can always make them to take the right decision without any

worries. If they cannot make the right decision when the condition of the market is good then

they would not be able to make any right amount of profit from their investment.

Factors that affect investment

Before making an investment decision, an investor would be doing some careful analysis. This is

vital in order to avoid any disastrous consequences that would result in losing all or part of the

money invested. In order to get a clearer picture, it is better to look at the factor affecting

investment decisions. These factors must be viewed in light of the investor requirement and

circumstances. (Roger,1993). As this person suggested there are variety of factors that affect the

development of investment on the world. These factors are -

Risk: risk is the important factor that can affect investment. There are many components

to risks such as market risk, interest rate risk, business risk and country risk.

In basic terms the risk to an investor as we discussed earlier, is that he/she will end up losing all

or part of the money invested. The amount of risk on investor is prepared to take will vary from

one person to another depending on their attitudes to risk. Some are risk aversive and do not like

to take high risks and on the other hand, there are some others who are risk takers and would not

hesitate to enter in to riskier project.

Return on investment: the return on investment is another important criteria when

making an investment decision. The higher the potential return offered by an investor, the greater

the risk involved. The return from the investment could come in the form of cash flows such as

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sales revenue, interest and dive dance, etc or an increase in the capital invested such as an

increase in the share price or unit trusts. The nature of the return desired by the investor

will be strong indicator in the investment decision.

Liquidity: liquidity of the investment is another factor, which deals in how fast the

investor could convert the investment in to cash (liquid) without losing much value of

investment. Suppose the share market is going through rough period and if shareholder has to

sales same sales immediately, he/she may have to sell them at price below the purchase price

thus incurring a loss. Liquidity is closely related to the market prices and having a strong market

indicates that the liquidity for those assets are high.

2.2 Investment in Ethiopia

Soon after the Ethiopian people’s revolutionary democratic front /EPDRF/, government assumed

office in 1991; it started to deal with economy shattered by civil wars, massive famines and

legacy of rigid Marxist style policies and institutions. The chosen development strategy has been

one of the agricultural development strategy has been one of the agricultural development led

industrialization. It was supported by wide ranging macro stabilization and structural reforms.

Moreover taking advantage of the peace dividend, the government of Ethiopia embarked on a

massive demobilization that permitted drastic cussing defense expenditures from over 10 percent

of gross domestic product (WB, 2006)

Investment climate in Ethiopia

Investment climate modifies the level of investment development and its factors of conditions in

the country. The world bank of Washington, DC, stated that investment climate refers to the

totality of macroeconomics, political, policy and institutional conditions in a country that

together with structural forces, determine private investment, enterprise performance and

growth. It consists of factors that act as an incentive in starting and running business such as. But

do not limited to financial service, government regulation, labor relations, conflict resolution and

infrastructural service. The structural factors that play an important role in the outcomes of

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investment climate include geography and level of development.

The majority of investment climate variables are prone to change and can in fact be improved

through appropriate policy reform once their weakness are pinpointed (WB, 2006).

2.2.1 Factors encourage investment in Ethiopia

Market size: Ethiopia is one of the most popular countries in horn of Africa. Next to this

Ethiopia is a number of common market for eastern and southern Africa countries (COMESA),

which is original trading group in cooperating 20 countries a huge domestic original market,

other things remains the same, is attractive for local investment. It needs easy entry opportunity

and the opportunity to understand market condition and it also attractive for foreign investment.

Natural resource availability: Ethiopia is the blessed and wealthy country in natural

resource, especially mineral resource. It resource is not yet an exploited one. As united

conference for investment and innovation suggested, the mining sector currently contributed to

less than 5% of industrial output. The excessiveness of resource attracts investors to invest in the

area.

Political stability: It is globally obvious that political instability disturb the socio-

economic of the country. Accordingly, Ethiopia been has indicated under instable country prior

1987. But not now the inverse is visible. Recently the economic condition and political stability

of the country is attracting not only domestic, foreign investors to invest on different sector. This

indicate that political stability can encourage and dis-courage investment in one area (WB,

2006).

2.3 Investment in Arbaminch town

Investment in SNNP is highly on its developing process. On the same line, Arbaminch is one

town in SNNPR and promoting investment project. Accordingly, the above idea, investment

project is widely spreading Arbaminch town recently, target investment include, constriction of

recreational and tourist game areas, a variety of restaurant and hotel, asphalt road and etc

(GGIB,2005).

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Factors encourage investment in Arbaminch town

It is known that, in a very area there are factors that promote the development of investment. It is

important to understand how same factors can affect human capitals. This is one route by which

investment can have consequence for long term economic development an attractive investment

in developing economics needs to conceder to factor that can promote investment. The same to

this there are same condition in Arbaminch town that encourage investment. Same factors are:-

- Strategic location, political and social stability, abundant and cheap labor force, simple

investment procedure, wide market opportunity, great potential for tourism development,

infrastructural, such as rode (including international airport, financial institution, poor

water supply, healthy center, electricity, postal service and etc…) (GGIB,2005).

CHAPTER THREE

3. Methodology

3.1. Background of the study area

3.1.1. LOCATION

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

3.1.2. Demography of the study area

Based on 2007 census conducted by the CSA this town has total population of 74,879 of whom

39,208 are man and 36,671 women. the Majority of inhabitants practiced Ethiopian orthodox

Christianity with 56.04% of the population reporting that believe 38.47% were protestant and

4.16% were Muslim in addition in the 1994 national census reported this town had a total

population of 4020 of whom 20096 were males and 19924 were females (Mathew, 2009).

Topography of the study area

Arbaminch town is located 505 KM south of Addis Ababa in Gamo Gofa zone in the south

nation nationalities and peoples region, (SNNPR). It is situated in Great Rift Valley at an

elevation of about 1285 meters above sea levels. The total area of the town is estimated about

1095 hectares and it lies at altitude of 1,300 meters above sea levels (SNNPRIEMP, 2011).

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Climate of the study area

Arbaminch town is warm year around with moderate climate during winter, it lies at altitude of

1300maters above sea levels, hens its average temperature is 29% C and this makes the city been

warm year around. Its average annual rain fall is 900 MM (Mathew, 2009).

Fauna and flora of the study area

The divers climate topography water and forest resources of the country have provided a wide

range of environments for supporting grate varieties of fauna and flora. So far, 277 species of

mammals and 847 species of birds have already been distinguished, of species of mammals and

16 birds are peculiar to Ethiopia (Ashenafi 2010).

3.2. Research d esign

The research design that used to conduct this study will be disruptive, historic and explanatory

process. The rationality behind this is such design help the researcher to analysis and interprets

data collected, especially from primary data source. In addition, the nature and objective of the

problem that to be studied and also the means of obtaining information are most important factor

that should be consider during selecting research design, (Allan, 2007).

3.3. Source of data

The data that will be used for this study where gained from varies sources. The sources are both

primary and secondary. The primary data will be collected from subject people through survey

method. The survey method will be contains both questioner and interview schedules. The

secondary data will be collected from published and un-published of varies books like

international business, magazines effect of tourism on development tourism policy practice and

philosophy. The primary data will be target collected from culture and tourism bureau Gamo

Gofa zone, investment bureau and private tourism related activity investor in Arbaminch town

using questioner and interview

3.4 Sampling Design and Techniques

In this study, the researcher intended to use non-scientific system of sampling. Among non

scientific method perceive or judgmental technique will be employed in order to select an

individual’s for the seek of response for data required. The rationales were purpose (judgmental)

sampling have a greater economic value in reducing cost, it requires less time, it is judgmental as

to the researcher so it is convenient and it also requires less skill (Greener,2008).

3.5. Data Gathering Techniques

To conduct this research, the researcher will use both questioner and interview data collection

methods. The questioner will be prepared based on the questions regarding the varies aspects of

the topic of the study. The rationale behind application of question were direct observation will

be possible because of distance and time limitation. The questions in the questioner will contain

both open and close-ended questions. The purpose of open-ended questions will be collected

direct response from the sample about the problem standing from his personal feeling about the

problem and it also allows the respondent to respond the questions in detailed manner. Whereas

closed indeed questions needed to collect “to the point” response regarding the problem under

consideration .

3.6 Population of the Study

The target groups that included under this study will be Gamo Goffa zone culture and tourism

office employs and managers, investment bureau employers and private investors who were

engaged on tourism investment in ArbaMinch town this will include hotel owners such as

Arbaminch Tourist hotel, Paradise lodge, Swyness or Green land hotel and Bekele Mola and the

likes.

3.7 Method of Data Interpretation

Depending on the nature of basic research, questions and data gathered from relevant sources,

statistical techniques of frequency distribution and percentage would be employed in order to

analyze quantitative and qualitative data. The rationale behind using such method is it can

condense and summarize large amount of data in a useful format and it describes or variables

types and it facilitate graphic representation of data and permit cautions comparison of data sets.

(Alan, 2007).

3.8 Work plan(Time Budget)

№ Time interval month

Activities April May June

1 Proposal approval

2 Draft of literate review

3 Questioners and interview

preparation

4 Data collection

5 Organizing and processing

data analysis

6 Arranging collected data

7 Interpreting collected data

8 Reporting final data daft

completion of research

9 Submission of the final

copy

10 Presentation of the paper

3.9 Budget allocation

№ Budget description

Unit and measurement

Amount Unit Total

1 Stationary cost Birr Cent Birr Cent

1.1 Paper Pocket 2 150 00 300 00

1.2 Not book Number 2 30 00 60 00

1.3 Pane Number 10 4 00 40 00

1.4 Ruler Number 1 1 00 5

1.5 Binder cost Number 1 10 00 30

2 Food tea and coffee

Times Not limited Not known

00 600 00

3 Transport cost Times Not limited Not known

00 200 00

4 Printing of final research report

Page and times

50x2 = 100 5 00 500 00

5 Other cost 500 00 500 00

Total 116 686 00 2235 00

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