Transcript: Iran market update

There are eight audio pieces in the 'Doing business in Iran' series. Read the individual audio transcripts by clicking below.

Listen to the audio pieces here

  • Chapter 1 – Introduction to NZTE in Iran
    Sadeq Hedayat (NZTE Country Manager Iran): Okay so it’s great to have you all here today. Thanks again for taking time to attend. This webinar will be presented by myself, Sadeq, and a local consultant Cyrus Razzaghi. Some of you probably already know me, I’m NZTE country manager for Iran since July 2016, that is when NZTE opened an office in Tehran. I also have Cyrus here with me, Cyrus is the owner and president of a leading boutique consultancy firm called Ara Enterprise. ARA has helped several foreign companies expand into the Iranian market. 

    Okay so here is a quick look at the topics that we will be covering today during this webinar. Cyrus will briefly talk about Iran’s current economy and political situation. I will touch on New Zealand and Iran latest trade statistics and we’ll then walk you through sector  specific business opportunities for Kiwis interested in doing business in Iran. I will then talk about some of the major challenges facing New Zealand companies doing business in this market. Cyrus will give you some useful practical tips on how to succeed in Iran and we will then tell you how we see the future.

  • Chapter 2 – The Iran economy

    Cyrus Razzaghi (President of ARA Enterprise): All right. Thank you Sadeq. And good afternoon everyone. My name is Cyrus Razzaghi from Ara Enterprise. I’m delighted to be with you today. I thought I would start the discussion today with a slide that depicts the realities of the Iranian business scene and market opportunities, and this has been the case for several years. 

    So on one hand you have a very untapped market, what we call one of the last major frontier markets, but then there are still banking sanctions and issues in terms of getting into the market. Wonderful natural resources and human capital, but the productivity is low, and transparency is an issue. And then the latest thing is that we have since January 2016 a landmark nuclear deal and companies, especially from Europe, are investing and coming to Iran but then you have the Trump’s White House, which is an obstacle. So there are always some positives and some issues and challenges. But I like to make the point that the positives outweigh the negatives and I will tell you why in a bit. 

    If people look to the next slide about the political situation in Iran we had a number of very interesting developments in the last few months. Earlier in 2017 there was a parliamentary election, basically the reformists and pragmatists took the majority and now the parliament, the legislative body, is in the hands of basically those who are pro-opening of the economy and reforms. More importantly back in May we had two very interesting elections simultaneously, the city council in the capital Tehran, for example, after 12 years again fell into the hands of reformists and pragmatists but more importantly we had the presidential elections that gave the current reformists and pragmatists’ president Rouhani a much bigger mandate and he had a smooth sailing in terms of having his cabinet approved and now in the last few weeks he has mended relations with the army, with the ROGC (Razavi Oil & Gas Company), with the leadership. So it looks like he has basically the support of all levels of power in Iran to push for his agenda, which mainly is about economic reforms, opening to the world and basically improving the economy. 

    His new economic team, I thought I’d just say a few words about them. For those of you who don’t know these faces they may not look like it but they are pretty good guys and they are all reformists-pragmatists with years of experience and strong backgrounds in terms of education. The guy second from left, Mr Azeri, he’s basically a superstar when it comes to international relations. He was instrumental in closing the nuclear deal and now his goal is basically to diffuse regional tensions, especially with Saudi Arabia and prepare the grounds for further foreign investment in Iran. The guy next to him, let’s say second from right, Nahavandian, for him there was a new position created. He’s the vice president in charge of economic affairs and he’s going to be the main interface for the Invest in Iran campaign. 

    The first guy on the left, Shariatmadari, is a very interesting guy. He was a commerce minister. He was the guy basically who brought e-customs Iran quotes, some interesting projects but more importantly he opened the doors for importation of liberalisation of commerce. And he is going to be championing basically the accession to the WTO.

    And finally the oil minister, Zaganeh, who after the successful Total deal, which basically is a five billion deal landmark deal, the biggest after the nuclear deal, is going to be pushing for more energy deals with foreign partners. 

    All of that sounds good except for one thing, that we have Trump’s White House and Mr Trump has found in Iran an easy target, an easy scapegoat. He cannot pick on China, there’s no realistic solution to the North Korean situation etcetera. He cannot you know further alienate the Europeans so he’s picking on Iran. The good news however is that after the departure of Mr Flynn and most recently Bannon, those hardliners that basically had a very confrontational approach to Iran, and in light of what’s happening with North Korea I think Mr Trump and his White House are learning to live with the nuclear deal. So far they have respected it and our prediction is that they will continue to do so because the alternative cannot be so good. So despite all the hype I believe that the nuclear deal will stick and survive.

    That being said, a few words on the economy. President Rouhani in his first term four years ago inherited a mega mess. Inflation at over 40%, very volatile stock and foreign exchange markets, very little if any foreign investment in Iran and he managed to turn it around with some contractionary economic policies. He managed to bring down the inflation to less than 10% today. He managed to attract billions of dollars of foreign investment and you know stock market and foreign exchange markets are relatively quiet. They are going up still and volatile but not more than the inflation so overall he managed to turn things around. And according to many reports including the latest PwC report, even if the status quo remains the same, which I don’t believe it will because I think chances are that down the road in two three years Iran and US will basically have more dialogue in five years or more, but even if everything remains the same Iran will be among the top 17 economies above countries like South Korea, Italy, Canada, South Africa and even Australia. So overall the trends I think for the next four years is expected to be more expansionist policies from President Rouhani, opening and paving the way for more foreign investments and basically making sure that normal, you know everyday people, ordinary people can see the tangible results of this nuclear deal. Now with that let me turn you over to Sadeq who will talk about the New Zealand and Iran trade stats.

  • Chapter 3 – New Zealand and Iran trade relationship

    Sadeq Hedayat (NZTE Country Manager Iran): Thank you very much Cyrus. Before going through New Zealand and Iran’s trade statistics it is known that the two countries currently enjoy good political and commercial relations. They have further strengthened their ties especially after the removal of UN sanctions in Iran in 2016. As you can see in this table in 2016 New Zealand exported over 105 million US dollars’ worth of products to Iran, which registered a 61% increase from the previous year. This hike was partially due to sanctions removal and easier access to the Iranian market. New Zealand’s total imports from Iran in 2016 was only about 3.4 million dollars, mostly dried fruit and carpets. Dairy products, specifically butter, have traditionally been New Zealand’s top export to Iran. In 2016 as you can see on the screen, dairy products constituted over 82% of New Zealand’s total exports to Iran. Followed by wool, fish and other products. Interestingly, the butter New Zealand sold to Iran in 2016 was over 78% of the total butter imported globally into the country. The respective figure for New Zealand wool was over 30% and this shows the importance of these two particular products. 

    A closer look at the New Zealand dairy products sold into Iran obviously shows that the majority of the sold items were butter, and that is unsalted lactic butter followed by some solid milk and cream, fertilised eggs and whey. If you look at the next top export item to Iran which is wool, the wool is mostly used for the production of world famous handmade Persian carpets and the third top export item is fish, which consists of mostly frozen Hoki and filet. Once you dig into others you will see a diverse range of products including electrical convertors, medical devices, roofing tiles, dairy and milking machinery and tractor parts, among other products. Export of these items grew by 28% from 2016, sorry 2015 and 145% from 2014. This clearly indicates that other than the obvious commodities there’s a niche market for New Zealand products including innovative and sophisticated items, and smaller New Zealand companies have already started selling a wider range of value added products to Iran. 

  • Chapter 4 – Opportunities in Iran

    Okay now so this takes us to the next topic regarding market opportunities for Kiwis. As you can see on the screen, New Zealand sector specific opportunities and sweet spots are identified based on three criteria. The size of the Iranian market, New Zealand’s capabilities, and capacity, as well as New Zealand companies’ interest in Iran. Based on this criteria the first priority sector to identify for Kiwis in Iran is food including dairy, meat and fish. In the dairy industry, other than the obvious butter, there are certain niche opportunities for New Zealand dairy ingredients specifically whey and milk protein concentrates. These proteins are used for sport nutrition as the largest consumer of powder products in Iran. Sports nutrition has a current value of about six million dollars in the market, which is rapidly growing. The country enjoys a very young population, over 30 million Iranians are between 15 and 35 years old who consider going to the gym as an essential daily activity. Other ingredients of interest to the market are skim milk powder and infant milk formula base, which are used by local infant milk formula producers.

    To give you an idea of the market size in 2016, 15.2 million tonnes of infant milk formula worth over 183 million US dollars was sold by local producers. Next item is meat. As some of you probably may already know Iran used to be a major importer of meat from New Zealand back in the 80s and thanks to the ongoing efforts by the New Zealand government New Zealand signed a new veterinary agreement with Iran in February 2017. Further to this arrangement after almost two decades New Zealand sold 100 tonnes of frozen lamb into Iran in 2017. This is expected to pave the way for New Zealand meat companies to penetrate into the market. Export of New Zealand frozen lamb meat in the first instance, it seems commercially more viable than other sort of meat and once New Zealand meat exporters dip their toe into the market and the remaining regulatory issues are sorted out, there is expected to be a bigger market for New Zealand’s fresh chilled especially gas-flushed lamb meat. And it’s good to know that due to New Zealand’s counter-seasonal production capability and capacity, as well as Iran’s peak season in March each year just before the Iranian New Year, New Zealand will have a chance of sending meat to Iran during the late November-March period each year. Though official lamb meat import figures are not available we estimate that Iran’s global frozen lamb meat import is only about 1500 tonnes per years, mainly due to limited global suppliers dealing with Iran. However about 15 thousand tonnes of fresh chilled lamb meat is imported into Iran annually and New Zealand could also definitely have a piece of the cake. 

    Next there’s fish. As noted before New Zealand is already selling frozen fish, mostly Hoki to Iran, which can be found in local supermarkets. Hoki’s number one competitor in the market is the Chinese tilapia fish but Iran is gradually showing interest in New Zealand canned fish as well, which is another opportunity for Kiwis. It is notable that Iran’s huge consumer market and untapped food services sector growing modern grocery retailing in the past five to six years in
    particular, all of those provide suitable business opportunities for New Zealand suppliers of other types of products such as coffee, even chocolate etcetera. To give you an idea, coffee had a retail value of close to 100 million dollars in Iran in 2016. 

    Other niche opportunities for Kiwis with the potential to turn into sweet spots are cosmetics. Iran is Middle East’s second largest cosmetics market. The market potential, to give you an idea, skin care retail value in 2016 was over 216 million US dollars.

    Then of course there is aviation. After the removal of sanctions Iran has started transforming its aviation industry with multibillion dollar orders for 300 new aircraft purchase from Airbus, ATR and Boeing. Cyrus will also touch on this later on. These purchases along with Iran’s continual efforts to modernise its aviation industry provides suitable business opportunities for Kiwis pursuing this market. Some of these areas are pilot training, maintenance, air navigation systems, airport operation and so on. New Zealand suppliers of small planes and even helicopters would also be able to target other industries such as tourism, oil and gas, and health. Other niche sectors are wood, especially processed wood used for building facades; IT including software solutions and applications; pharmaceuticals including food and dietary supplements; construction technology, especially earthquake resistance products; agricultural machinery such as articulated tractors; and renewable energy, geo-thermal in particular. The key is to identify and hit these sweet spots and NZTE stands ready and willing to help companies with them, however prior to doing that Kiwis need to be aware of and tackle the challenges of doing business in Iran, which takes me to the next topic.

  • Chapter 5 – Market challenges

    As you already know international US sanctions against Iran have eased and it is not illegal for New Zealand companies per se to trade with Iran, however there are some important considerations New Zealanders need to be aware of prior to committing themselves to the Iranian market. One of those considerations, or export controls – the lifting of sanctions – does not necessarily mean that any New Zealand product or service can be exported to Iran. Certain goods such as dual use items are still subject to control and may not be exported from New Zealand unless an export licence or permission has been obtained. 

    The other main challenge is US sanctions. Kiwis with existing business in the US need to be aware of the US sanctions that remain in place especially because it might have implications for them. These sanctions prohibit US companies from dealing with certain Iranian individuals and entities. The export or re-export of US products, or products with US content is also prohibited unless a permit is obtained from the US Department of Treasury. It is notable that despite these sanctions many US firms hold a licence to sell products to Iran. These products are mostly food, medicine and medical devices. Also further to the removal of sanctions against Iran, a number of European, Australian and even US companies have managed to establish offices in Iran, mainly through their Middle East region or European subsidiaries and branches. 

    Due diligence is next. Having said all of this, comprehensive due diligence is advised when it comes to assessing potential clients or clients of clients and agents. It is important to ensure that your counterparts are both safe and legitimate so that you don’t run afoul of existing US sanctions if applicable to you. Also to make sure that their legitimate and can actually deliver what they have promised. Visiting the market, using local consultants can definitely help with your due diligence exercise.

    The next challenge which might be the biggest is banking problems and financial issues, which are a major barrier to New Zealand trade with Iran. New Zealand banks are still wary of processing transactions with Iran this is largely because they’re concerned that they may break existing US sanctions and are unclear on what they are able to do. Moreover given the relatively small transaction volume between New Zealand and Iran, Iran’s risk reward ratio is very high and therefore New Zealand banks remain very cautious about dealing with Iran. If or when large Australian and western banks similar to New Zealand banks are exposed to the US take the lead in establishing direct banking relations with Iran, New Zealand banks are expected to be quick to follow. 

    In the meantime companies will continue to use other viable pathways to transfer funds into and from Iran. These avenues and pathways include money exchange offices in Iran and other countries, especially in the region, New Zealand exporters’ Iranian counterparts, Iranian or New Zealanders companies’ overseas accounts and sometimes even New Zealand companies subsidiaries or branch offices in other countries. While considering these options Kiwis are advised to continue to have honest conversations with their banks to see if they could accept funds either directly or indirectly from Iran. Moreover there are a number of foreign financial institutions in New Zealand who are not necessarily fully exposed to the US and they might be willing to deal with it. So New Zealand exporters, especially the ones with existing businesses in those foreign countries may wish to approach these foreign banks based in New Zealand as another alternative. Though this might seem a cumbersome exercise, at the end of the day it is still very possible and that is exactly how New Zealand companies, as you saw in the previous slides, receive over 100 million US dollars for the products they sold directly into Iran 2016. One positive point might be that with the lack of letter of credit or swift the noted mechanisms minimise the risks for Kiwis as they would receive a large portion of the payment, sometimes even 100% upfront, and then ship the products afterwards. 

  • Chapter 6 – Tips for doing business in Iran
    Cyrus Razzaghi (President of ARA Enterprise): Thank you Sadeq. Okay, so I’m back with some dos and don’ts of doing business in Iran, equally for those of you who have done international business this is common sense no different from practices that you guys probably have learnt to do in other emerging countries. First thing, and I have a good example for this one, is to try to understand the market and the business culture. I remember seven years ago at the height of the sanctions I met a gentleman, a Greek gentleman from Honeywell. Honeywell is a very progressive industrial giant in the US and I asked the guy you know what are you doing here, you cannot do business in Iran in the foreseeable future. And he said, we are in every market when we are not operating today we collect information, we try to understand you know the business culture, we try to identify potential partners for down the road. And guess what? Today Honeywell has an office in Tehran. In fact I was in Boston presenting at Harvard and somebody approached me and said you know I’m from Honeywell, we have an office in Tehran and they have a licence and an OFAC license to do business in Iran. So even if it’s not for you today, but is a market for your product and services, I would advise you to try to understand and gather market intelligence for down the road.
    Next is obviously partnership, which is always a tricky issue in countries like Iran in order to mitigate risks you need to have a partner be it an import agent or exclusive or non-exclusive or joint venture partner, whatever it is and our recommendation is always to go with either family businesses or private firms. Family businesses in Iran are pretty good in some of the key industries when New Zealand has competitive advantages and we definitely recommend that you consider them before anybody else. For other companies you definitely need a thorough due diligence process in order to avoid unnecessary exposure to sanctions etcetera down the road. 
    And of course protect your IP. You will be surprised to know that some companies come to Iran only to realise that their trademark has been registered by a local company and the name is being used. Some companies who come here find a partner simply because they believe Iran is like China and doesn’t have intellectual property laws and regulations, so they cannot protect their IP. It is not like that. You can protect your IP very successfully and if there are questions I can answer those after the presentation. 
    On the don’ts, obviously don’t rush. As much we’d love New Zealand companies to come to Iran, my advice is always to take your time, try to at least visit the country once or twice and try to have a good business model that fits the local challenges and opportunities in Iran before coming. I just met yesterday a UAE-based company, they have a fund here for the last year and a half they have an office here but zero deals, not because of a lack of a deal pipeline but because they wanted to wait and make sure that they understand because the first success and the first win is very important for them. So don’t rush. 

    In Iran and in Middle Eastern cultures, just like basically Mediterranean culture, people tell you that a handshake is good enough and you don’t need a contract. Handshake is very good, I always recommend it but it should be backed by a contract. Handshakes don’t hold in the court of law and we have seen some very successful court cases for foreign companies simply because they had a very strong and solid contract so I advise you to be extremely diligent and careful about the kind of contracts that you get into yourself with your Iranian partners. And of course you know you need to adapt to this market, you need to adapt to the local culture and business culture but never compromise your values and principles. There are many, many companies, very large companies that nobody thought could successfully come to Iran alone without having some kind of shady relations with an organisation without paying bribes. This is not true. Because the market is not as transparent as perhaps yours it doesn’t mean that you cannot stick to your principles and many successful companies that I have come across are among those who have stuck to their values and principles. 

  • Chapter 7 – Future outlook for business in Iran
    Very quickly about future outlook, obviously I’m very bullish and I tell you why. Just over the last few months we’ve seen some big deals, for example with Boeing and Airbus, and most of these deals have happened after Mr Trump took office in the White House in the US. In aviation, and I was pleasantly surprised when Sadeq enlightened me that there are many good service providers in the aviation industry in New Zealand. That’s fantastic. This is a massive market, untapped market, in fact this is the largest market right now in the world for aviation products and services. You’ve heard about Boeing and Airbus closing more than 50 billion dollars of deals, other companies from ATR in Italy the helicopter division of Airbus they are closing deals as we speak. The issue is now leasing companies, we don’t have enough good leasing companies who can finance these deals. The first batch have been financed from a leasing company from Dubai but this is a challenge. Nevertheless these deals, I mean there are aircrafts being delivered from Airbus and I think according to the CEO of Boeing they are on target to deliver their first aircraft sometime in 2018, in early 2018. You also probably heard about the very interesting deal by France’s Total in energy, this is a five billion dollar landmark deal, the biggest and most important one after the JCPOA (Joint Comprehensive Plan of Action) that paves the way for other multinationals to come to Iran. The interesting thing about this deal is that basically Total is not using any large banks, they decided that they are going to do it themselves by either buying a small bank or just creating their own financial channels. 
    In the automotive industry Renault, Peugeot, Citroen, and Volkswagen collectively have billions of dollars of deals in the pipeline. In fact, Renault is investing more than 700 million dollars to become the third largest car maker in Iran after Khodro and SAIPA, the two local players. In e-commerce, which is interesting, MTN from South Africa has invested in a local equivalent to Uber, we call it Snap here, to the tune of 13 million dollars. Pomegranate, a fund from Sweden, has invested more than 100 million dollars in the largest e-commerce platform. The two Japanese trading houses, giant trading houses, Marubeni and Itochu, they each have financed petrochemical deals to the tune of 350 million dollars or more. Anco, the chemical giant from Germany, is the biggest investor in FMCG and has acquired a number of local companies, investing quarter billion dollars in acquisitions in the last few months alone. South Korea’s largest retailer BGF is coming to Iran to open locations. Chinese Exim bank is financing transportation deals, railway projects. 
    So all in all the point is that foreign investors have learned to live with Trump, just as Mr Trump is learning to live with the nuclear deal. And when we ask foreign investors about their feelings about Mr Trump, at this point they say you know we’re going to follow our own strategy and simply we’re doing things legally according to the deal respected by other countries and the UN. So in my opinion we’re going to see more foreign investment in a lot of different industries in Iran in the next few years as president Rouhani opens the market to further foreign investment and trying to liberalise the trade. And last word from me is that the good news for you guys is that there are no negative preconceptions about New Zealand in Iran. Historically there have never been any issues political or otherwise. No disputes, no controversies so you are in a prime position to really make local business community and consumers understand the advantages, strength of your products and services and you need to really educate them in order to be able to export to Iran and be successful. 
    Finally just to give you two other examples, these are projects that we are doing. We have an event management company that does large international conferences and we’re involved in you know two interesting projects. The international association of science parks decided that next year they are going to do their global annual summit in Isfahan, it’s a beautiful city south of Tehran. We’re going to organise that. So any of you in the IT telecom science sectors we would welcome you and I think for sure hoping to get Sadeq’s help to have some science park, technical parks present from New Zealand. We also had finally the green light to do the first Davos-type economic forum in Iran the following year in 2019 so this will be the first Tehran economic forum sometime in early or mid-2019 and I hope you can all participate in that. 
    If you haven’t visited Iran I really recommend you do so and one last tip for those of you who are worried about you know going to the US after visiting Iran there is a very easy way to do, to handle that and that is to get a ten-year multi-entry visa before coming to Iran and then you have basically no problem and this is what many of our German even British visitors have done, they have kids in the US, they were worried but you can go to the US consulate and get a ten-year visa without any questions asked and even if they ask questions you just basically on the ground that you may travel with a private jet to the US etcetera they give you a ten-year multiple visa which eliminates any kind of concern that you may have about coming to Iran. With that let me again turn you over to Sadeq who can basically open it for questions I guess.

    Sadeq Hedayat
     (NZTE Country Manager Iran):Yes thank you very much Cyrus. Now on that note, just more thing I have to say. Yes I mean we have the Trump administration so financial problems and challenges are expected to remain the same if not worse. That’s how I see the future and New Zealand exporters and their Iranian counterparts would need to continue to look for viable options to transfer funds into or from Iran. But look at it this way, I mean Iran has historically gone through many business cycles including almost four decades of US sanctions, eight years of war etcetera. But several foreign companies, including Kiwis, have succeeded in doing business in Iran. What’s the secret to their success? This is how I see the secret. They partner well, they take a long-term approach, they understand the risks and challenges, they grasp and identify real opportunities. So my advice to Kiwis is to plug in and to stay plugged in.

  • Chapter 8 – Questions and answers

    Okay Mark Prowse is asking me what about smaller regional aircraft opportunities, not just the large commercial jets. So Cyrus do you want to -

    Cyrus Razzaghi (President of ARA Enterprise): Yes Mark definitely. I mean those 200 plus aircraft that Boeing and Airbus are selling to Iran, those are for major airlines in Iran, they’re the flagship national carrier IranAir and you can image after four decades they need to basically renew their fleet. But there are many, many opportunities in smaller regional airlines and for smaller aircrafts. In fact Iran, as I mentioned, has been in negotiation and concluded deals with ATR from Italy, and they’re in talks with Mitsubishi from Japan for small passenger and commercial aircraft. So there are opportunities in virtually every category from private jets to small regional airlines and aircrafts to helicopters and obviously the services and maintenance and other things that go along with the aviation industry.

    In terms of further relaxation of sanctions around aircraft importation, look I think this is Damien who asked this, so Damien you know President Trump went to the Boeing headquarters a few months ago and next to him was the CEO of Boeing. He didn’t mention Iran once because he promised jobs in the US and the name of Boeing was the only corporate name in the JCPOA (Joint Comprehensive Plan of Action), so aviation is an interesting area where basically it was explicitly mentioned in the script of the nuclear deal. We don’t expect any snapback of sanctions in this industry. Now there are pressure groups in the US who are trying to prevent Boeing selling aircraft to Iran but I doubt it because after the first round of 100 aircrafts, the 2016 billion dollar deal, Boeing representatives came to Iran, concluded several other deals for five billion dollars so it looks like you know even Boeing, a quintessential American brand, is willing and is allowed to come to Iran. 

    Andrew is asking about is it public or private healthcare system.

    Yes actually Andrew it’s a mix. We have a national healthcare system where every Iranian, even those without jobs and corporate coverage, can be insured. There are also private companies including SOS for example from Switzerland if I’m not wrong, and local companies who provide additional healthcare coverage, all kinds of coverage. So there is a mix and the private healthcare sector is growing very fast with some of the Iranian physicians from the US coming back to invest in private clinics and very sophisticated practices so it’s a mixture but we have a national coverage, it’s not as nice and sophisticated as yours, but it’s definitely there.

    Lisa if you are talking about basically ICT information telecommunication, it’s a huge market despite the sanctions of which no big American brands like you know Google, Microsoft these are not present here but you know through back-channels from Dubai people have access to software and platforms etcetera and there’s a very vibrant local start-up eco system in Iran. So I’m not sure what technics you’re talking about but basically there are a lot of foreign companies, especially Europeans who are coming to invest and explore the ICT market. For more information if you need any, if you have any specific question about the subsector in technology please email me. Sadeq will provide my email address if I can be of any help or service to you guys.