 It's a pleasure to share this information for the Colombia and for the main Latin American countries regarding the recent evidence about the foreign investment and total investment and for the case of Colombia, the role of some determinants for the investment in Colombia. Maybe these big pictures complement some figures that you presented before. Well, in this first slide, I present the foreign investment for these five countries in the Latin American region for the last five years in billions of US dollars. At the regional level, these five countries explained more or less 85% of the total for the region, for the Latin American and Caribbean countries. When we compute these flows represent more or less between 2% and 4% of the GDP for these countries and clearly the hard competition with taxes in the region by a track foreign investment is between these countries. For Colombia, in this slide, I present the importance of the foreign investment in the total investment and the national investment in the last 10 years. Here we can see that the blue line is the foreign investment, which more or less represents between 4% and 5% of the GDP and explained more or less between 20 and 25% of the total investment in our country. In this slide for Colombia, we present two things. In the left side, we present the pie of the foreign investment by sectors and in the right side, we present for the total investment the observed figure, the observed investment in the country with respect to the trend of the long run. As we can see in the pie, more or less 50% went to the oil mining and financial services. This is more or less the left of the foreign investment go to these three sectors. And in the right side, we can see that after the pandemic period, the country has recovered the investment to the previous years. Actually, the recent negative gap for the investment in Colombia is more or less 3% of the GDP. If we made the same exercises for all countries in the region, for Brazil, Colombia, Chile and Mexico and compute the investment gap, we have here that only Brazil and Chile has in recent quarters a positive gap, recovered the foreign investment levels previous to the pandemic, but Mexico and Colombia has negative gaps today. In fact, Colombia has the most negative gap in the investment. Well, let me go now to identify what factors, what is the chief factors that could play an important role in the investment. Here in this chair, we use the World Bank sources, the global amendment report in 2019. Once the source is now surveyed for 2500 multinational enterprises located in 10 countries in the middle income countries. The important point here is to check the green bar. As you can see, the low taxes is placed in this report. According to this survey, the political stability is the crucial important factor to the investor decision. The second factor is the macroeconomic stability. The tier is the level and regular environment. The skills of the labor is the four and taxes is the five in this context. Well, why this is important? Because the taxes and the tax benefits, which is the way to do tax competition is the way. And in this chart, we present in the upper side of the slide the statutory income tax and the effect of income taxes for corporate enterprises for the five countries that I analyzed. And you can see there are no big difference between statutory and effective tax rates for 2021, except Chile. Except Chile, that really there are a good difference. In this bar, we present for Colombia the items, the items for tax competition and the cost of these benefits for corporate income taxes. The items is income exemptions, discounts, deductions, reduced tax rates for any sector, for some special sectors. And in 2029, the fiscal cost for these tax benefits represent more or less 1.4% of the GDP. The point here, as you listened before, the tax competition is through the taxes and through the tax benefits. And this is the picture for Colombia. Well, the taxes is computed for empirical purposes, is computed in the cost of the use of capital. Here we have a formula which shows the three components of the cost of use of capital. The first is the taxes in red. Here are the rates and the benefits taxes. Here we have the relative prices of the capital. And here we have the real interest rate. As we can see here in this picture, in this blue line, the cost of use of capital for Colombia, the rate going down from 50% at the beginning of the 80s to more or less 5% in recent times. Clearly, this go down for the cost of the capital use is possible, has been possible with the fiscal and monetary policy at through the interest rates. Here in this picture, we show the relationship between the cost of the capital and the investment. Clearly, as the theorists say, there are negative relationships between these variables. Well, as the chart before I show, there are other important factors to explain investment. One is, as the chart said, is the market side, the macroeconomic stability, infrastructure, human capital, etc. Well, in the exercise that we done, we relate the investment with the GDP, especially in per capita terms, and the investment with the total factor productivity. And we have the following results in the exercises to end. We show here the regression results for the main determinants of the investment in Colombia with respect to the others. The main factors are the cost of capital in which there are the taxes in this concept, the economic activity and the total factor productivity. As we can see, these are elasticities. As we can see, the total factor productivity, which reflects the skilled labor and other things, the infrastructure has a larger elasticity. And there are other factors that influence the investment as the opportunity cost of the real exchange rate or the trade openness, which has the expected impact and the coefficients of the elasticities are very important in this behavior of the investment in Colombia. Well, this is the finishing I hear. Thank you very much.