And so who will fill that space? 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 business been available in there and fill that void. How would you see that occurring and what would you recommend? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well put to fill the void on the occasion that Venezuela is no longer able to provide through the Petrocaribe program. I believe the surplus gas, I think the development of tidy and renewable energy, the area is truly at a crossroads in terms of transitioning to clean and sustainable energy whether its solar or wind.
One of the issues, for instance, is OPEC has a large quantity of financial investment in the Caribbean in the energy location. However there are two issues. The size of the markets in the smaller countries of the Caribbean don't necessarily enable them to get OPEC financing or actually be able to assemble a great package for OPEC financing, and the 2nd point is absence of feasibility research studies (What happened to household finance corporation). The trend in campaign finance law over time has been toward which the following?. OPEC does not make grants and it does not do feasibility research studies therefore there is a great deal of legwork that requires to be performed in order bring a few of this new innovation into the space.
Yoho. Exists any personal partnerships, private-public partnerships or NGOs that you would suggest that would be finest suited, you understand, with the oil business and, you understand, one of our think tanks up here? Ms. Yearwood. I would suggest Eric. No. Mr. Yoho. You need to like that. Is that a segue you want to-- Ms. Yearwood. No, I believe there are a great deal of entities in the U.S. that are dealing with energy in the Caribbean. Mr. Yoho. Okay. And I guess my issue is we can't worry about what occurred in the past over the last 20 or 30 years.
And I know our sensations are we don't wish to inform you how to live, we simply wish to be good trading partners with you, but assist become strong trading partners where we establish an economic base in your nations. And with the impact of China, all my life China was type of a teen, but in the last, say ten years, I have actually seen them become puberty and they have a lot of cash and they are starting to feel the results of their testosterone. And we have actually seen that in the South China Sea, but we have actually seen the investments they have done 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 just believe there are much better partners that we can have and I believe that would originate from the good ol' U.S. of A. And so policies that you would help direct us, you know, whether it is ag, energy, simply product trade, what would you recommend, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the question. And let me make a fast footnote on the China concern, first, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is wesley llc the true expert on this. I don't wish to step on your toes. But it is various in the Caribbean than it remains in South America, for how to rent a timeshare from owner example, where it is much more commercial, it is far more commodities based.
You still have the political competition with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we need to keep in mind that part of the aspect too. In terms of the energy relationship, among the important things we are gaining from the reforms in Mexico is it is not just oil and gas drilling, for instance. Everybody concentrates on that in the majors in the deepwater in the Gulf of Mexico and when is the next quote round and all that. However what it is much more impactful in Mexico is the power grid, the electricity, and when that secures free up the cost of electricity comes down which is actually helpful for the consumer.
And so if you can bring that cost down to the consumer, to start with, you have more disposable income to invest in other things, however likewise it ends up being a a lot more competitive business platform to start to produce therefore that begins to bring financial investment, which right now is more minimal since once again on the size of the economy. So if there is one aspect that might truly be focused on, you know, it is not let's continue to import unclean diesel fuel and a few of the really dirty pollutants that Venezuela is offering - Which of the following can be described as involving direct finance. Let's help transform the Caribbean to a clean energy power grid that can be utilized a lot more efficiently that where the expense of electricity can boil down and make the entire region 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, however I anticipate dealing with you in the future so that we can prepare legislation to assist boost the presence of America there, and I believe everyone wins in that 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 intensified by the DC heat. However we are going to proceed and recognize you for 5 minutes for an opening statement. 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 morning. I was going well until the Falun Gong had a presentation on Constitution Avenue. I will very briefly summarize my spoken statement which is that I think this is a crucial time for the U.S. to re- analyze its policy towards the Caribbean and to take a new bold effort in the Caribbean; because, the Caribbean has actually been having a really difficult time considering that the global financial crisis; a combination of long term structural institutional aspects as well as some short-term cyclical factors, such as oil costs.
and for Jamaica due to the fact that the U.S. is the primary and largest trading partner and primary source of investment and travelers. It remains in the interest of the U.S. to have a thriving, tranquil, and democratic Caribbean. Because regard I focus on the financial issues, because I think the economic problems impinge on all the other concerns which are crucial such as governance, democracy, anti-narcotics campaigns. I have recognized six problems which I think require to be addressed. The http://troyyaib231.raidersfanteamshop.com/all-about-what-does-nav-stand-for-in-finance first problem which I think needs to be attended to is the debt situation. The Caribbean nations have actually become some of the most extremely indebted countries in the world.