Therefore who will fill that void? Who would best be to fill that? And what I want you to think about, I am being a bit jaded here. I think I want to see an American business can be found in there and fill that space. How would you see that happening and what would you recommend? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I believe that the U.S. is well positioned to fill deep space in the event that Venezuela is no longer able to offer through the Petrocaribe program. I think the surplus gas, I believe the growth of tidy and renewable resource, the area is really at a crossroads in regards to transitioning to tidy and renewable energy whether its solar or wind.
Among the problems, for example, is OPEC has a big quantity of financial investment in the Caribbean in the energy area. But there are two problems. The size of the marketplaces in the smaller sized countries of the Caribbean do not always allow them to get OPEC funding or really have the ability to create a good bundle for OPEC financing, and the second point is lack of feasibility studies (Which of the following approaches is most suitable for auditing the finance and investment cycle?). Which results are more likely for someone without personal finance skills? Check all that apply.. OPEC doesn't make grants and it does not do expediency studies and so there is a lot of legwork that requires to be carried out in order Have a peek at this website bring some of this brand-new technology into the space.
Yoho. Is there any private partnerships, private-public collaborations or NGOs that you would suggest that would be best matched, you know, with the oil business and, you know, among our think tanks up here? Ms. Yearwood. I would advise Eric. No. Mr. Yoho. You have to like that. Is that a segue you desire to-- Ms. Yearwood. No, I think there are a lot of entities in the U.S. that are working on energy in the Caribbean. Mr. Yoho. Okay. And I guess my issue is we can't stress over what happened in the past over the last 20 or thirty years.
And I know our feelings are we don't wish to tell you how to live, we simply desire to be good trading partners with you, however help become strong trading partners where we establish an economic base in your nations. And with the influence of China, all my life China was kind of an adolescent, but in the last, say 10 years, I have actually seen them turn into adolescence and they have a great deal of money and they are starting to feel the impacts of their testosterone. And we have actually seen that in the South China Sea, but we have seen the financial investments they have actually performed in the Caribbean, you understand, in the Bahamas-- I think it was $3 \ 1/2 \ billion-- and what they have actually performed in Panama and Honduras and all that.
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I simply think there are much better partners that we can have and I believe that would come from the good ol' U.S. of A. And so policies that you would help direct us, you understand, whether it is ag, energy, just merchandise trade, what would you advise, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the question. And let me make a fast footnote on the China problem, initially, if I can. You know, China's engagement in the Caribbean-- and Ambassador Bernal is the true professional on this. I do not wish to step on your toes. However it is different in the Caribbean than it remains in South America, for instance, where it is a lot more business, it is much more commodities based.
You still have the political competitors with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we have to keep in mind that part of the element as well. In regards to the energy relationship, among the things we are gaining from the reforms in Mexico is it is not just oil and gas drilling, for instance. Everyone focuses on that in the majors in the deepwater in the Gulf of Mexico and when is the next bid round and all that. But what it is a lot more impactful in Mexico is the power grid, the electrical power, and when that gets freed up the cost of electricity comes down and that is actually excellent for the consumer.
Therefore if you can bring that cost down to the consumer, initially of all, you have more disposable income to invest in other things, but likewise it becomes a far more competitive industrial platform to start to produce and so that begins to bring financial investment, which right now is more limited because once again on the size of the economy. So if there is one aspect that might actually be concentrated on, you know, it is not let's continue to import dirty diesel fuel and some of the really dirty contaminants that Venezuela is supplying - How to selling a timeshare in florida finance an engagement ring. Let's assist transform the Caribbean to a tidy energy power grid that can be utilized far more efficiently that where the expense of electrical power can boil down and make the whole area a much more competitive productive platform which will assist their economies long term.
Mr. Yoho. And I appreciate it. And I am out of time, but I look forward to working with you in the future so that we can draft legislation to assist boost the existence of America there, and I think everyone wins because situation. And I yield back, Mr. Chairman. Mr. Duncan. Thank you. We are then joined by Ambassador Bernal. Thanks for coming. I am sorry about the DC traffic and most likely worsened by the DC heat. But we are going to go ahead and acknowledge you for 5 minutes for an opening declaration. DECLARATION OF HIS EXCELLENCY RICHARD BERNAL, PRO-VICE CHANCELLOR FOR GLOBAL AFFAIRS, UNIVERSITY OF THE WEST INDIES IN JAMAICA Mr.
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Thank you, Mr. Chairman, my apologies for being late. I left my home at 3 o'clock a. m. this early morning. I was working out till the Falun Gong had a demonstration on Constitution Avenue. I will very quickly summarize my spoken declaration which is that I think this is an important time for the U.S. to re- analyze its policy toward the Caribbean and to take a new vibrant initiative in the Caribbean; because, the Caribbean has actually been having a really difficult time because the global economic crisis; a combination of long term structural institutional factors in addition to some short-term cyclical factors, such as oil costs.
and for Jamaica due to the fact that the U.S. is the main and largest trading partner and primary source of investment and travelers. It is in the interest of the U.S. to have a flourishing, peaceful, and democratic Caribbean. Because regard I concentrate on the economic issues, due to the fact that I believe the financial concerns strike all the other problems which are essential such as governance, democracy, anti-narcotics projects. I have identified 6 Great site issues which I think require to be addressed. The first concern which I think needs to be addressed is the financial obligation situation. The Caribbean countries have actually become a few of the most extremely indebted nations worldwide.