And so who will fill that void? Who would best be to fill that? And what I desire you to think about, I am being a little bit jaded here. I believe I wish to see an American company can be found in there and fill that void. How would you see that taking place and what would you recommend? We will start with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I believe that the U.S. is well placed to fill deep space in case Venezuela is no longer able to supply 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 clean and renewable resource whether its solar or wind.
One of the concerns, for example, is OPEC has a big quantity of investment in the Caribbean in the energy area. But there are two concerns. The size of the markets in the smaller sized countries of the Caribbean don't always enable them to get OPEC funding or truly have the ability to create a good package for OPEC funding, and the 2nd point is lack of expediency studies (What is a cd in finance). What is a note in finance. OPEC doesn't make grants and it does not do feasibility research studies therefore there is a great deal of legwork that requires to be done in order bring some of this new innovation into the area.
Yoho. Is there any private partnerships, private-public collaborations or NGOs that you would recommend Great post to read that would be finest fit, you understand, with the oil business and, you understand, one of our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Mr. Yoho. You have to like that. Is that a segue you desire to-- Ms. Yearwood. No, I believe there are a lot of entities in the U.S. that are dealing with energy in the Caribbean. Mr. Yoho. Okay. And I guess my concern 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 wish to be great trading partners with you, but assist end up being strong trading partners where we establish an economic base in your countries. And with the influence of China, all my life China was type of an adolescent, but in the last, state ten years, I have actually seen them grow into adolescence and they have a great deal of money and they are starting to feel the effects of their testosterone. And we have actually seen that in the South China Sea, however we have seen the investments they have carried out in the Caribbean, you understand, in the Bahamas-- I believe it was $3 \ 1/2 \ billion-- and what they have 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 think that would come from the good ol' U.S. is buying a timeshare a good idea of A. Therefore policies that you would assist direct us, you understand, whether it is ag, energy, simply merchandise trade, what would you advise, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the question. And let me make a quick footnote on the China problem, initially, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the real expert on this. I do not wish to step on your toes. However it is different in the Caribbean than https://alexiscmke048.shutterfly.com/197 it is in South America, for example, where it is far more commercial, it is much more products based.
You still have the political competitors with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we need to bear in mind that part of the element as well. In terms of the energy relationship, among the things we are discovering from the reforms in Mexico is it is not just oil and gas drilling, for example. Everybody focuses on that in the majors in the deepwater in the Gulf of Mexico and when is the next bid round and all that. However what it is a lot more impactful in Mexico is the power grid, the electrical energy, and when that gets freed up the cost of electrical energy comes down and that is actually helpful for the consumer.
And so if you can bring that cost to the consumer, initially of all, you have more disposable earnings to invest in other things, but likewise it ends up being a a lot more competitive industrial platform to begin to produce and so that begins to bring investment, which today is more minimal since again on the size of the economy. So if there is one aspect that could really be focused on, you know, it is not let's continue to import dirty diesel fuel and some of the actually dirty contaminants that Venezuela is supplying - How to become a finance manager at a car dealership. Let's help convert the Caribbean to a tidy energy power grid that can be utilized a lot more effectively that where the expense of electricity can boil down and make the whole area a far more competitive productive platform which will help their economies long term.
Mr. Yoho. And I value it. And I am out of time, but I eagerly anticipate dealing with you in the future so that we can draft legislation to assist bolster 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 signed up with by Ambassador Bernal. Thanks for coming. I am sorry about the DC traffic and probably exacerbated by the DC heat. However we are going to proceed and acknowledge you for 5 minutes for an opening declaration. STATEMENT 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 verbal statement which is that I think this is an important time for the U.S. to re- examine its policy toward the Caribbean and to take a brand-new bold initiative in the Caribbean; because, the Caribbean has been having a very difficult time considering that the international recession; a combination of long term structural institutional elements along with some brief term cyclical elements, such as oil rates.
and for Jamaica because the U.S. is the main and largest trading partner and primary source of investment and travelers. It remains in the interest of the U.S. to have a prosperous, tranquil, and democratic Caribbean. In that regard I focus on the financial problems, due to the fact that I think the economic issues strike all the other problems which are crucial such as governance, democracy, anti-narcotics campaigns. I have recognized 6 issues which I think require to be resolved. The first issue which I believe requirements to be dealt with is the debt situation. The Caribbean nations have actually ended up being a few of the most extremely indebted countries worldwide.