At the category of documents is in this law. See what problems we have in the issue of documents. Which can be collateral or banks are our collateral institutions the assets that are accepted as collateral are very limited, mainly property collateral is accepted as collateral, if we have a very serious diversity. Of the types of assets or income streams that can be collateralized, and in many countries it is collateralized, one of the innovations of the law is precisely the expansion of the scope of documents, that is , we can introduce different assets and income streams as collateral. Let me give you an example. From all assets, movable and immovable property, one of which is actually, for example, a unit and a business, and these are taken from your brand and the brand name to assume a reward. End of service of employees, continuous income streams , for example, lets assume continuous benefits, subsidies , shares, various types of assets that come to your mind in summary, it is mentioned in the law that this can be pledged as collateral, in fact, this is one phase, the next phase is this. It is okay. We also have another problem, and that is that if i took a loan 10 years ago, for example, for housing, with a Repayment Period of, for example, 12 years, and at that time, for example , suppose the price of the property was 150 million, i took a loan of, for example, 50 million tomans. It is a bank loan until they settle my entire loan the law is creating this capacity, in fact , it obliges the bailable institutions, that is, mainly, to pay the bail release details, a share and a percentage of the price of that property will remain, and the rest will be free, exactly, that is, if it can be done again. He put it in a deed, exactly if the value of that property increased after 5 years, for example three times, in the same proportion, in fact, the bank should share in the banks mortgage. Reduce it, the rest will be freed up so that i can leave it somewhere else, and this plan is not only in interaction with the bank. It is not a bank, many of our transactions are now selling parts, for example , we have Leasing Companies that do sales, we even have other companies that, for example, sell in Home Appliance stores, many of them have parts sales, and often this is what you get. If it is possible, instead of a check, which is actually a payment tool, not a guarantee tool , they can receive other types of drivers as collateral, the same things that i have mentioned, so this work that is being done for the field of documents will greatly facilitate all transactions in the economy. And can fully develop the sales method defects in the whole economy, both in industry and in reality. Production companies, whether on the side of the household and the consumption needs of the household, well, let me tell you that we have already discussed the factoring law , where its implementation has reached, whether it has been implemented or not. You mentioned that one of the categories that can be guaranteed, of course, we have to explain what factoring is , if it is love. One of the issues that can be secured is contractual claims or the factor that you said, which means that if i , as a contractor. In fact, a contract i made a deal with an employer, that employer can even be in the private sector, it doesnt have to be the government, and i am going to deliver a project, and at the end of the project delivery, assume that i will receive the full value of the project. At the beginning of the project, i need financing. I am going to receive the money at the end of a year, now i want financing, in fact , i can equip the workshop or buy machinery or anything else. These are the demands i have from my employer, according to the contract i signed with them , to use this as a financing tool , which is called factoring of an entity. A third party financer comes and discounts this contract from me , saying that you are going to receive this money from the employer one year later, i am ready to pay you 60 , 70 , 90 of the Contract Value i will buy the income stream of this contract from you. This is the summary of the story. It means that the rest will be his profit. Yes , now it depends on what rate he wants to discount it. If i want to get an education from the bank or if i want to publish papers somewhere , this means that we have to enter into other methods of financing in simple words, if i have a project or a contract with you that is going to be done in 3 years and i will receive 3 billion from you, as an employer, i will say that the company will come, an institution will come in the middle. That i will buy this contract from you for two and a half billion , i will give it to you now, but you have to arrange for me another 3 billion, but i will own the money now , instead of receiving my money in 3 years , i will own the money now, and what is the guarantee for this . That i , as a contractor, should do the work now and complete it, which is what the Financial Institution wants lets do this factoring. Naturally , he is aware of this guarantee, and we can get into it right here. Validation is also used, validation, and again , there is another institutional belief in the law, the issue of guarantee institutions, so to speak, which i will explain later, but in short, i want to sum up factoring. Since last year , we have compiled the instructions, regulations, and even draft contracts in the ministry of economy. It was sent to the ministry of economy for money and credit, a set of disagreements between the ministry of economy , the central bank and the organization. Program as a government pillar there were projects that were finally resolved. They were supposed to be implemented at the end of last year, but they were delayed a bit. Now they are being implemented, as a matter of fact. I mean, i want you to see those contractual claims, one time you want to discount it, one time you say i dont want money. I dont need a financing pillar. Someone can come and buy it. We made demands from me. I just want to leave this as a guarantee, for example, a guarantee of good work for another project. It means that the income stream from my project is still mine. I didnt sell it to anyone. Yes, but this. I put as a guarantee or to i have given a guarantee that i will either get a guarantee or anything else can be done, lets go into the guarantee discussion , what is the law for guaranteeing, and here again , the law has given the responsibility to the ministry of economy and that nongovernmental guarantee institutions can be established under the supervision of the ministry of economy. And issue a guarantee for now. The activity that those Companies Want to do is not only a guarantee for receiving banking education , it can also be a customs guarantee, it can be a guarantee of good performance of obligations , it can be a prepayment guarantee. Tezmin has a mechanism so that if now, there was a delay in the collection of claims, or in any way, a risk arose, in simple words, reduce it and compensate for it. Look exactly, tazmin fund is a Financial Institution similar to what exists in the Capital Market , but it is much more general. It can be , that is, it can be a guild, it can be more inclusive and work in different places. The ironmongers guild can have a guarantee fund, the groomers guild can have a tezmin fund, or it can be regional, provincial, for example, yazd province has a tezmin fund for activists. Economy of yazd province ok, so broadly. It is not a bank, but it can perform many of the banks activities in terms of Risk Reduction and guarantee, and it creates a lot of facilitation in the financial environment. Now, with the series of events , one of the expectations may be that Bank Resources will be directed to the real sectors of the economy. And production , will this happen, what is the guarantee for this, see me before entering. Very limited by the banks, which means that we calculate the ratio of facilities to gdp, the ratio of education balance to gdp, which we calculate is a downward trend. It means the value of provision finance through Bank Facilities has been decreasing in recent years relative to the total value of the economy. Well, this is finally a policy that sums up the country to control inflation. We dont want to retreat from this. And introduce new tools in the field of financing. This means that especially our production sector should look for other financing methods rather than relying on bank loans, which is one of the serious measures taken by the ministry of economy in the last one or two years, and this law is also focused on this area. He is giving a set of powers to the ministry of economy for these actions, for example, suppose chain financing through electronic bill of lading , which was recently unveiled in the ministry of economy of the same set of actions. Are there any guarantee institutions . It goes back to the same category. The development of the drivers domain, if it is done , will basically reduce the need for facilities for financing. Instead of me going to get facilities from the seller , for example, the seller of Household Appliances , i will pay for that education from him, for example. If i buy a gas and a refrigerator, the seller will come and tell me i will sell you an installment on the condition that you give me a guarantee, give me a bond and. There is no need for Bank Training at all. This has been the issue in recent times and this law is creating the opportunity for development in this area, so i want to say that we are reducing the reliance on banks and looking for other methods of financing. In this law , what is the use of the Capital Market . Can you do this . The law or what capacity has been seen to use the Capital Market again , we had a series of setbacks and obstacles for the development of a series of institutions in our Capital Market, and this law created a series of Tax Exemptions for various institutions of the Capital Market, for example, suppose the transfer of assets for various types of market funds. The capital of the construction fund, fixed income funds and other cash funds. And the transfer of their assets will be exempted from tax. Logically, this should happen. I mean, there is not much that reduces income, and this is completely in line with the goals of the Capital Market. From the place of accumulated profits or from the socalled place of preemption, the companies can be exempted from the property if they register their last years profit within a limited period of time. Connected, which makes the actions of Capital Market institutions more costeffective. You mentioned that this law can facilitate Foreign Investment in some way. How about that . With regard to this guarantee, i would like to say that the same tools that are used for validation and these are a forgiveness exactly by relying on these tools. Another part is that we have the problem of introducing opportunities in the field of Foreign Investment. This law first of all , our Investment Organization is required to create a system in cooperation with the province and various agencies to introduce Investment Opportunities , and the agencies are required to update the data of this system once every three months and constantly introduce Investment Opportunities. Let it be available for free, from then on, a phase of the work of investors, exactly yes. And basically, even the law that has come so far says that we rank the provinces and the institutions depending on how much they are trying to introduce Investment Opportunities or, for example, we did not recognize them until now, legally, Companies Whose function is to introduce and introduce opportunities and bring in Foreign Investors, in fact, they become a business. Facilitating Foreign Investment to introduce opportunities, bring in Foreign Investment, take a share of that investment here legally , we recognize this, and the company is registered exactly with this function, it finds an investor , connects it to one he will have a share in the opportunities of one of the province and himself, either in the income stream of the investment that happens or basically at the very beginning of a contract with a foreign investor. Has and from of course, i would also like to point out here that the obstacles to our Foreign Investment are not limited to the few cases that i have mentioned. The fact is that we have attracted many Foreign Investments in the last one or two years, and they got permission from the Investment Organization in especially in the parts of the country in hormozgan province, for example, lets assume that for fish and shrimp farming in azerbaijan province, for example, lets assume that the sima factory gets a license, but we see in practice that basically no other investment has been officially registered, then the Investment Organization goes to cancellation of their travel permits he goes to the provinces to cancel these permits and sees that the factory is entering the shower phase when it is working. After we check what the reason is , basically, it is not profitable for the foreign investor with the wide rate. The official that we have, we make it his duty that you should come with this rate to our official network , sell your width to him, mr. Sarmouzdar, do you want to bring 500 Million Dollars to, for example , build a fish farm or buy a cement factory, the width you get should be at the rate of, for example sell 38,500 tomans to the Banking Network or in nima or now in the same way that the central bank has determined the rials. Take rialto and invest. That i register as a Foreign Investment, if you dont do this, i wont register, he says, well, when the market rate, the unofficial market rate is higher than this , its not profitable for me to come and sell on the official network, so im in the same way as i know, to you. I dont say how i will secure my riyal, which is actually possible to withdraw capital , i will secure my riyal, i will set up a hair factory and it will also reach the income stream. What is happening is that we actually have far more Foreign Investment than we have recorded in the official statistics we have a foreign investor, but because of this policy that we adopted in the field of the type of settlement with the investor, the type of Exchange Rate settlement with the foreign investor, unfortunately we were deprived of the good performance we had, we will show it later. Now this is of course an issue that finally in level of. The government is with the government that you mentioned, no. Now , see, the dispute is an expert discussion, and i do not mean a dispute between experts. A form with reference to actually and determination of assignment by. I would like to inform you that in the field of Foreign Investment, we have a series of innovations in this law, which is another issue that is open to many exporters. And Foreign Investors are important. The issue is the socalled government guarantee or government guarantee. We are in the field of export, especially the export of goods and services , especially Technical Engineering Services. The problem we had was that the Foreign Party did not accept a Bank Guarantee from us and the exporter of Technical Engineering Services. He did not have access to another guarantee because let it be with the Foreign Party as a guarantee now or good pledge or in advance. In this law, the possibility is actually given to the Investment Organization and the government in general to give a government guarantee for the exporters of Technical Engineering Services and exporters of goods and services, which can greatly help exports and from that side to investment in abroad and Foreign Investment in this area , i think it is very important news. Because in the last one year, we had many references in this field, basically, our exports have decreased because we dont have a letter of appointment. If you, the government for us, please issue a government letter guaranteeing your time , we can develop communication with the Foreign Party, and this law removes that obstacle. We have time, if you answer this quickly , i will ask you one more question about the term legal representative. Environment ministry of Jihad Ministry of individual position they get the necessary permits from the relevant manager, they get his signature, it becomes a sheet with seven or eight signatures to complete a project , they say, sir, this and the devices can issue an anonymous license, so it is not everyone who wants it, all the devices. And the provinces are obliged to do this. Secondly, if a license is issued without a name and a number of devices sign under it , regardless of whether the manager was changed, no matter what ha