We are pleased to publish the lecture held today by Professor Marazzi in the context of the Master degree in management - MIBE, at the prestigious University
of Pavia entitled: "Business Law and Cultural Management. The legal environment of international business managing cultural differences."
The topic of the lecture focuses on the legal framework applicable to international business transactions and on managing cultural differences in a global context, through an analysis of real case studies.
We are pleased to share with you in attachment, the article "Evolution never stops in the pharma industry" wrote by Fabio Marazzi and published on the scientific journal Pharma and Chimicals,released during the DCTA (Drug, Chemical and Associated Technologies Association) meeting, one of the high level of the sector, in which the Pharma and chemical world meet to share and implement projects and new technologies.
The pharmaceutical industry is still undergoing significant changes with a strong trend toward personalized medicine, new types of therapies, new types of products and production processes.
On these topics Marazzi & Advisors was asked to give his opinion with a strong experience in serving the pharmaceutical industry by providing insights, in a multidisciplinary contribution between legal, scientific, and new business and services for pharmaceutical operators.
We are pleased to share with you an outline about Azerbaijan. The document describes business opportunities in the country and measures to support foreign investment in priority sectors. In fact, the country which had a strong development starting from the 2000, presents several business opportunities for foreign investor. Government streamlined the regulation, thus creating a business friendly environment and new incentive schemes have been approved, in order to promote new foreign investments.
We are pleasant to inform you that Prof. Fabio Marazzi, Marazzi & Advisors senior managing partner, and Dr. Alberto Mina, Marazzi & Advisors institutional relations and business development, will be speakers tomorrow, March 22, at the Azerbaijan round table "Investment opportunities in the country" organized by Confindustria, Assolombarda Milan Monza and Brianza.
Focus is to present the opportunities that the country has to offer in the agro-alimentar sector.
Azerbaijan infact, is going through a period of transformation of the national economy with the fundamental objective of reducing dependence of the Azerbaijani economy from foreign. Special attention is turned to the agribusiness sector, which has competitive advantages, in particular:
- innovative agricultural production;
- chemicals for agriculture;
- milk network.
The agri-food sector represents a great investment opportunity that will be shown during an interactive Round Table with an overview on the country and a focus on the opportunities and best strategies to approach the Azerbaijani market in the specific sector.
To participate you need to register (Alessandra Salina:firstname.lastname@example.org)
(Abstract of workshop during Smau Padova 2016, 10th-11th March)
Abstract of the interview to Nicolò Ghibellini, partner Marazzi & Advisors member of IBL, and Dr. Beniamino Lo Presti, Studio Varé Lo Presti member of IBL, respectively experts on legal and tax issues relating to e-commerce, speakers at SMAU 2016 in Padova.
Nicolò Ghibellini: "The market is increasingly competitive and constantly changing and modernizing, thus calling for a correct approach when entering the web. The need for direct and clear support on legal requirements to fully tap into the world of e-commerce is therefore growing.
Most of the companies today understand that the online dimension has permeated the daily life and that opportunities are not limited to commercial platforms but that the web can also be used as a tool to deliver services with ease, rapidity, speed and intuitiveness.
My work" continues Ghibellini "is therefore to thoroughly investigate the matter and define the scope and rules to follow to make an e-commerce website in accordance with law, protecting the companies and at the same time respecting the rights of users / consumers that were close to the web requiring absolute security, speed 'and simplicity.
Our duty as specialists in the field is therefore to specify the rules for the creation of the website, with particular attention to the protection of corporate know-how and security in data management (for the protection and respect for privacy), as well as reliability in 'service delivery (order management, delivery, ...). Marketing and legal fairness go hand in hand in the web world and digitalization. "
Dr. Beniamino Lo Presti remarks that: "tax rules are relevant in the regulatory environment of e-commerce, with regard to, in addition to domestic discipline, Article 5 of the OECD Convention. And 'significant meaning the necessary attention to the allegations made during the investigation, given the potential configuration of a permanent establishment, and the resulting and consequent fulfillment.
Tax authorities and law enforcement tend to increasingly recognize e-commerce as an elusive phenomena (a judgement often ungrounded and un-motivated), inhibiting and sometimes severely punishing an activity which by its very nature is characterized by a significant business potential.
The purpose of the initiative is to discuss, in addition to the undisputed e-commerce business opportunities, possible solutions aimed at overcoming the potential pitfalls generated by tax assessments, often caused by a regulatory framework which is not immediately and easily applicable, in this way avoiding potential obstacles to the development of a valuable and productive tool for companies, which are increasingly waving towards the adoption of effective and innovative methods for the acquisition of new markets.
We are pleased to share with you the article "Existe-t-il une simplification à l'Italienne" of Fabio Marazzi for the French magazine Pouvoirs Locaux, a quarterly of the "Institute de la gouvernance territoriale et de la décentralisation".
The Institute is a think tank that deals with the public governance and consists of a network composed by 60 members including Regional councils, City councils, inter-municipal bodies and companies.
We are pleased to inform you that Fabio Marazzi, Senior Managing Partner of Marazzi & Advisor, has been invited as speaker at the next edition of "UnBound London", which will be held from 30 November to 2 December 2015. Chaired by Yossi Vardi, Unbound London is the most exciting festival of innovation in the UK linking leaders and companies in the growth phase and digital ecosystems worldwide.
The focus will be on innovation and digital future with creative insights on consumer connected, the creativity of communication and the Internet; two days of networking between brands and multinational companies with disruptive technology to fuel innovation and growth.
Fabio Marazzi expert in international law will share information about: How Italy is trying to boost innovation: the new regulatory framework.
Further information on the event can be found at the following link :
We are pleased to inform you that Stefano Migliore, - Managing partner of Exco Consulting - and member of I-Business & Law, a network of consulting firm created by Marazzi & Advisors will participate as speaker at the event: South Africa: which opportunities together with Andrea Noris partner of Marazzi & Advisors.
The event will be held on Thursday, 26th November from 9.30 am to 4.30 pm, in Turin and will be organized by the Turin Chamber of Commerce. The presentation will be focused on the different steps needed to enter and operate successfully the South African market.
Further information on the event can be found at the following link:https://www.to.camcom.it/sudafrica-quali-opportunità
For those interested in participating , it is possible to access the event with free entry by sending an email to: email@example.com@to.camcom.it
Switzerland represents one of the most interesting markets in Europe to create a new company. The Confederation has a strategic location at the center of Europe, high skilled workforce, a corporate law and a bureaucracy that facilitate company activites. Switzerland in fact scores high in International rankings such as Wold Bank Doing Business 2016.
The creation of a new Aktiengesellschaft (AG) company, (roughly equivalent to a Corportation) it's really fast and usually it takes just one or two weeks and the shareholders are liable only for the capital subscribed.
The labor regulation provided for simplified procedure in case of workers dismissal (if compared to other coubtries located in Europe) and social security contributions amount to 15%-20% of gross salary.
Following, we provide a description about the creation of a new company (NewCo) in the Canton Ticino, one of the 26 Cantons in Switzerland and the closest to Italy. The strategic reasons for the investment and the establishment of a NewCo in Canton Ticino can be summarized as follows:
- Effective corporate rate tax 19,5% of net profit
- Value-added (IVA) 8% the lowest in Europe.
Luciano Radici senior advisor- to Marazzi & Advisors for the Brazilian market has recently relocated back to Brazil after a two year period spent in the USA, where he launched a start-up in the oil and gas and construction industries. His previous permanence in Brazil lasted over six years from 2007 to 2013. While resident in Brazil his responsibilities were to manage textile industrial operations and supervising an engineering plastics’ company, where he represented the enterprises in their perspective associations. He was a member of GEI (Gruppo Esponenti Italiani), a group of Italian managers formed with the intent to help Italian companies successfully grow within the Brazilian economy. More importantly in 2009 he was appointed as a vice director to CIESP (Centro das Industrias do Estado de São Paulo) for the São Jose do Campos chapter; this association is the biggest entity that represents the industrial sector in Latin America.
Question: On September 9 th , Standard and Poor’s downgraded Brazil debt to non-investment grade, what could be the impact on existing investments and perspective investors? What are, in your opinion, the perspectives for Brazil’s economy in the medium to long term?
L.R. : What happened on September 9 th was inevitable and a situation that had been in the making since Luiz Inácio Lula da Silva’s second presidential term. The nation had bet on a persisting high value to their export commodities, an internal growth based on credit, high government spending, and an increase of participation to the economy of lower income households through a widespread program of income redistribution. Furthermore, the country’s reputation has been damaged by the discovery of widespread corruption within major government sectors of the economy, and lack of transparency.
Like any country that invests poorly and spends irrationally, at some point someone has to cover the bill.
The impact on current investor’s in Brazil has already taken place. The foreign companies that invested in the major industries and commodities market have already seen most of its investment value decrease both in equity terms, as well as the value in foreign currency as the Brazilian Real today is at its lowest value to the US dollar since its creation in 1994. I expect that further outflows of capital will occur when the Moody’s and Fitch will follow the S&P’s downgrade, but this should primarily now affect funds that require more than one of the big rating companies to divest. The good news is, that for perspective investor’s, this also represents an opportunity to “buy in” to an important developing economy at a discounted price.
Despite the current situation, Brazil continues to have a huge potential both as a consumer market and one rich in resources; it is going to rebound when the conditions are right. In the medium term, much of the uncertainty will continue to persist as the political environment is unstable and the government is unable to formulate an economic strategy for the medium to long term. Although this would suggest that companies’ interested in putting a foot in the country should wait, I argue the contrary; now is the time to wisely investigate all the opportunities the country presents. In the long run Brazil will continue on its growth path, but I would be careful in defining exactly what that means in months or years; the political standstill needs to be resolved for that to be clear.
Question: Talking about investing in Brazil we often hear about “ Custo Brasil” . Is there any method to offset this cost? Did you support investors giving them advice to reduce the costs to operate in Brazilian market?
L.R.: This is a question that hits at the heart of Brazil as an opportunity, or Brazil as a nightmare for a foreign direct investor. The “ Custo Brasil ” is not determined only by the costs as defined by the income statement, but it goes a lot further and it involves the labor market, the different regions, and the complex fiscal system as well as the tendency of the government to constantly review incentives and taxation, thereby creating significant distortions in the market economy.
From an income statement perspective it’s like any other country; today with the devaluation of the Real even some industries that might have found its local operating costs high could now be considered adequate for their business. The economic crisis has positively impacted this aspect of the cost of doing business; real estate prices are down, workers’ expectations are lower, and resource availability has grown.
The real “ Custo Brasil ” is a more settle one, but one that normally determines success in the long term. One should not adventure into Brazil without the assistance of an expert advisor. They need to be able to analyze the needs of the company as they pertain to the importation of goods and equipment, their local availability, logistics, and the fiscal impact of sourcing from different areas. The location of the target clientele is also important, as states apply differentiated taxes depending on the industries and type of enterprises and the entities’ location within the federal union. More importantly, a company has to be able to have a clear idea of the final fiscal impact of all its transactions so to minimize the hidden “ Custo Brasil ” on its operations. This might be news to the readers, but once one has done its homework correctly, Brazil might be a good place to do business after all.
I cannot stress enough the importance of doing this work before one enters into the country.
Question: What are the most interesting sectors in Brazil for foreign companies?
L.R.: Unless you are a Fortune 500 or Blue Chip company, I would not recommend investing in Brazil in the oil and gas, mining, automotive, textiles, communications, or real estate markets at this time. This is also true for smaller businesses that primarily serve these major markets as “ Custo Brasil ” might be harder to reduce as they generally play on a global market level. These are the markets that have been hit by the current political and economic crisis; inversely other markets have been positively impacted. Interestingly enough, the markets where medium to small Italian businesses thrive are the ones that present the best opportunities.
Companies that have a high quality and/or brand recognition in Italy should consider investing in Brazil. This for Italian companies is great news, 25% of Brazilians are of Italian origins and they are concentrated in the southern richer part of the nation. They love everything that is associated with Italy and have an innate sense of good taste. Brazil varies a lot from north to south and one might believe to be in a different country altogether when in Curitiba or in Salvador. Also, today’s spending by social classes has changed little and increased our companies’ opportunities. The richer classes (A and B) represent 30% of the population in the big cities and are responsible for 60% of growth; the top 5% represent 20% of overall spending. The rest of the population is also attracted by all that is “Italian”, and another general trait that Brazilians have is positive for Italian retail companies; they love to be seen and will normally spend more than they can afford.
Other companies that should consider investing in Brazil are companies that have a unique technical product. Crisis are by definition also opportunities where even big companies are looking for a more efficient and technical solution to their challenges. Normally these are found in small to medium size enterprises that have been serving solutions to big industries for decades, but have been too small or badly supported to venture out of their comfort zone. Also in this respect Italy has many companies that fall into this category, and have a tradition of backyard innovations in the tooling, mechanics and machinery industry only to name a few. Companies that serve the aviation, farming and agriculture, and infrastructure are just a few examples of industries that could benefit from the innovation and uniqueness of our industrial products.
If the reader is thinking I am talking about their business, I hope my message is clear, start considering Brazil for your company; there is no better time to start than today. For more information we kindly invite you to write an email at the following address: firstname.lastname@example.org
Colombia, is experiencing a process of development started in 2002, which makes the country one of most interesting investment destination in a continent where other countries such as Brazil have begun a period of recession. The country has had a Gdp growth since 2002 and even during the global financial crisis (2008-10) the economy expanded by 3% per year. The increase in Gdp determined also a decrease in unemployment from 15,6% in 2002 to 9% in 2014.
The segment of population below poverty line has almost halved compared to 2002, while middle class increased, reaching 31% of the population in 2014, a potential market of 12 million people. Gdp per capita in the period 2005-14 increased from 2.700 Us Dollar to 7.780 supporting a growth in private consumption that will continue in the next four years at a rate of 4,7%. During 2014-18 according to World Bank, growth is forecasted at 4% per year period outpacing others Latin American countries that will grow at 2% per year.
World Bank' Doing Business 2015 ranks Colombia as the 34th best country in the world for doing business ahead of all countries in South America, even more developed ones such as Chile, Mexico and Brazil which is ranked 120th.
Foreign direct investment has reached an average of 16 Bn. U.s. Dollars per year in 2012-14, while the country has increased exports; amounting to 54 Bn. U.s. Dollar in 2014 compared to 13 Bn. in 2002, thanks also to trade agreements signed with 45 countries in the world.
Colombia offers also tax incentives to attract new investments and to create new jobs. In fact, the regulation allows for an income tax and payroll contribution discount for a period of two or three years depending on condition described below.
If the company hire employees under 28 years and/or new women employees above 40 years old, (unemployed by more than a year), there will be incentives for a period of two years per employees. If the company hire a person certified in disability, displacement or reintegration the benefit will last for three years. The country also hosts several Special Economic Zones in which the corporate income tax is reduced, import duties are not levied while giving the possibility to sell products manufactured in the Sez also on the local market.
The most interesting sectors for investment are: automotive, cosmetics and toiletries, building materials, agribusiness, Ict and fashion industry.
The remote control on the workers is a complex and debated issue. The complexity comes from the fact that the legal implications are manifold, in terms of privacy legislation and regarding the requirements imposed by Law 300 of 1970 (the Italian Workers' Statute).
The topicality of the subject is determined by the "Jobs Act" Legislative Decree, the implementation of which, will change the Italian labor laws impacting on Article. 4 of the Statute of workers.
The Privacy Guarantor has been concerned by the problem, obviously with greater attention to the protection of personal data rather than the employment relationship in the strict sense.
The Guarantor admits the possibility to process workers data by means such as instruments of remote control (e.g. GPS), provided, of course, the specific and express consent of the employee; the authorization of the worker is not required if an agreement with the Labor Unions representatives is joined or in case there is an authorization from the Territorial Directorate of Labour (DTL).
The same Guarantor then stated that, in any case, the remote control activity can not become a continuous monitoring of the employees since in this way the control purpose would illicitly prevail on the purpose of better organization, efficiency and safety of work (aspects that justify the adoption of similar means). As mentioned above, this arrangement must then be coordinated with the Workers' Statute requirements, legislation considered only incidentally by the Privacy Authority.
The Article. 4 of Law n. 300 of 1970, in force until today, allows the use of equipment aimed at controlling workers only after an agreement with Labor Unions or an authorization by DTL.
As before reported, due to the upcoming implementation of the Jobs Act, the mentioned provision of the Workers' Statute , will change. In particular, concerning the necessary arrangements, the labor reform distinguishes between use of audiovisual equipment and working tools / badge, as summarized below.
a) audiovisual equipment and tools that may remotely monitoring the workers' activity
These types of instruments, necessary to improve efficiency and safety at work, continue to be deemed invasive; therefore, it remains the need of a preliminary agreement with Labor Unions (even with the most relevant representatives at national level) or, alternatively, with a previous authorization obtained By the DTL or the Ministry of Labour.
b) Tools used by the employee to carry out his job and to record accesses and attendance
This is the area in which the reform will intervene with more strength, allowing companies to monitor the activities of their employees through Personal Computers and badge, without any special required authorization (considering, of course, the requirements on privacy ).
At the same time, this aspect of the reform is the one that will result in major interpretative doubts because, at least in the current version of the Act, it is not entirely clear when a tool is to be allowed for recording access / attendance and not also the remote control.
It is possible to say that, despite the vast echo the Jobs Act has, many companies will not find in it the expected answers, especially in the field of remote controls by means of technological tools (the GPS, for example, which should continue to be subject to the requirements of the "old" art. 4). In fact, as mentioned, the company will have to obtain an authorization by Labor Union Representatives and DTL which (in particular, the latter) not always implement an homogenous and clear praxis, remaining to date substantial differences in interpretation, depending on the Directorate to which the company made the request.
Nowadays it is almost unthinkable that a company do not promote its business and products online. However, not every E-commerce site is well organized; in this contribution we will deal with the ecommerce regulatory aspects, i.e. the rules that necessarily must be followed to implement an e-commerce activity according to law.
Firstly it is necessary to specify that the term ecommerce refers to a particular procedure thanks to which, a private entity or enterprise, can purchase goods or receive services, using internet. If goods and services are immaterial (eg. Software or service / remote maintenance), we will have direct ecommerce, whose genesis and execution take place all on line. But when the object of the transaction is goods or materials services, some of the transaction steps have to take place necessarily offline, having to resort to traditional methods of delivery. In general, it is also possible to distinguish between e-commerce Business to Business (B2B) and ecommerce Business to Consumer (B2C); in B2B the contractual parties are exclusively companies while in B2C the relationship is between a professional entity and a consumer.
In both the cases, the general provisions of contracts will apply. Besides, provisions for consumer protection must be added in case of b2c. In this last case it is necessary to mention the recent regulations introduced by the EU directive 2011/83/CE in force since June 2014 (Legislative Decree n. 21 of 2014). This regulation introduces important innovations to consumer protection, such as the strengthening of pre-contractual information requirements, the extension of the deadline for exercising the right of withdrawal to 14 days instead of the previous 10, the possibility of returning the goods even if deteriorated and the prohibition to increase the price in case of payment by means other than cash.
The conclusion of on line contracts could be made through exchange of e-mails, i.e. through point&click tool that allows to conclude a contract by filling the appropriate form provided on the website provider. It's also allowed the completion of the agreement by means of the executions of the contract, as for example in the case of the insertion by the purchaser of the data relating to the payment.
By definition internet is a reality without geographical borders. This feature, even if it involves an undoubted value, it poses some problems in practical terms about identification of the law applicable to contracts concluded by means of electronic communication and, more generally, to e-commerce. In the field of ecommerce and international contracts, many doubts arise about the applicable law and jurisdiction, due to the complex reference regulatory framework, hyper-structured, at a national and supranational level. The main issues to be addressed when you consider the inherent supranational dimension of ecommerce can be summarized as follows: what law is applicable for the formal validity of the contract? What law regulates the rights and obligations of the parties? Which judge will have jurisdiction over disputes that can arise in connection with an e-commerce contract? To answer this questions, there is no univocal rule but, from time to time, we will have to tap into a plurality of European law sources.
The Country's economic growth is expected to continue with an increase in gross domestic product at an estimated rate of 3.8% on average per annum in the 2015-19 period thanks to increased domestic demand, the growth of the non-oil sector and expansionary fiscal policy.
In fact, with regard to the oil sector, despite the Country's continuing with the expansion programme, thanks to the modernisation of the extraction techniques and continued opening of the exploration wells by foreign firms, the sector growth rate is gradually slowing. The impact on the economy is nevertheless lower than it would have been in the past since the energy sector now only represents 45% of the economy while the non-energy sectors are the drivers for the Country's growth. In fact, in the coming years, the Country will continue to invest in many infrastructure projects (ports, airports, railways), while the tourism sector and the development of the manufacturing sector will continue to grow.
The progress of private and public investments in the infrastructure sector is based on one hand on the expansion of the national railway network and on the other on the development of ports and airports in various parts of the Country. As for the Oman Railway Company (ORC), it has launched a railway development project aimed at increasing its cargo handling capacity by integrating the new industrial and service sectors that are emerging in the Country. The railway line, designed by the Italian company Italferr, once completed will cover about 2,244 kilometres and will be divided into three main lines: from the border of Oman with the UAE to Muscat, from the southern part of the country to the port of Duqm, and from Salalah to the border with Yemen. Work on the first phase of the project should begin in the first half in 2015. As far as other infrastructures are concerned, the Country is implementing several projects including the special financial area of the new city of Duqm, (which includes the construction of a port) the first phase of which was completed in 2013, a logistics centre, an airport, an industrial zone and tourist infrastructure. Other projects under way are the construction of the hospital of Salalah (Salalah Medical City) and the expansion of the port in the same city and the expansion of the airport in Muscat with an estimated value of around 5 billion Dollars.
Foreign Investment Incentives
The Public Authority for Investment Promotion and Export Development (PAIPED) is a governmental organisation established by Royal Decree in 1996. The types of incentives foreseen by the Omani authority for foreign investments and aimed at specific sectors such as the manufacturing sector are the following:
Loans with subsidised interest rates from the Oman Development Bank;
Exemptions from import duties for equipment, machinery and spare parts imported for industrial production;
Exemption from income tax for a period of five years, which may be renewed for a further period of five years;
Finally it should be noted that the income tax is a flat rate of 12% for all corporate income exceeding 70,000 euros.
Many observers see it as the new Eldorado for European investment: Kazakhstan is a country that many people still find mysterious, but with huge potential, which has only been minimally exploited by Italian businesses. Then again, the Kazakh President Nursultan Nazarbayev recently met the Italian Prime Minister Matteo Renzi to discuss strengthening relations between Italy and Kazakhstan on a geopolitical level. He explained that "Kazakhstan is interested in signing an agreement to cooperate more closely with the European Union and believes Italy to be the ideal partner."
In the two decades following independence from the USSR (1992), the country has experienced a real boom, supported by an average growth rate that is among the highest in the world, second only to China and Qatar (in 2014 alone it amounted +4.3%). Currently Italian investments in the Asian country total $6.5 billion and it accounts for 13% of the Kazakhstan's foreign exchange. Yet this is just the tip of the iceberg compared to what an agreement between the two countries at its fullest potential could present.
Madvisors' legal consultant Alfonso Artesi explains: "We participated in the Ice mission last November, finding evidence that many Italian companies have had the opportunity to start interesting business contacts with Kazakh partners."
There are several aspects that make this State one of the most interesting for our companies, in particular SMEs: first, a strong political stability based on a strong leadership, a state leadership interested in cooperating with the countries of the European Union to develop the economy without selling off strategic production facilities through uncontrolled privatisation, but also a young and active population, in addition to the presence of almost inexhaustible energy resources and key raw materials for industry.
"It's a rapidly developing Country," adds Artesi, "and willing, at this stage, to make substantial investments on the economic and financial front. Moreover Kazakhstan acknowledges Italy as an excellent secure partner, especially for manufacturing and for its technological expertise." The Kazakh subsoil is also rich in virtually all major iron and non-ferrous ores that are strategic for the industry: iron, manganese, lead, zinc, copper, bauxite, but also gold, silver, mineral phosphates, sulphur, uranium, coal, combined with construction materials (clay, materials for concrete conglomerates). The oil and gas reserves on land and along the coasts of the Caspian Sea are known throughout the world, and are now driving the economic and political agenda of the Kazakh State.
For over a year, the country has begun to experience great success, in particular Astana is becoming a large construction site in preparation for upcoming events that the Asian country will host: from the midterm Expo to the Winter Universiade, both scheduled in 2017. Precisely with Expo 2017 in mind, "the meeting in Rome with Ambassador of Kazakhstan," said Rosa Pirozzi, head of Madvisors' international relations, "showed that Kazakhstan is monitoring the technologies and products of Italian companies, thanks to Expo 2015. The project in Astana aims to be permanent, leading to the regeneration of the Kazakh capital, with extensive interventions also in the residential areas and with a careful look at all matters relating to tourism and the influx of a large number of visitors. At this point, there are many international scenarios that can be very stimulating for our businesses that will need to grasp the great opportunities for development in that country."