Therefore who will fill that space? Who would best be to fill that? And what I want you to think of, I am being a little bit jaded here. I believe I would like 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 advise? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well positioned to fill the space in case Venezuela is no longer able to supply through the Petrocaribe program. I believe the surplus gas, I believe the development of tidy and renewable resource, the area is truly at a crossroads in terms of transitioning to tidy and eco-friendly energy whether its solar or wind.
Among the issues, for example, is OPEC has a big quantity of financial investment in the Caribbean in the energy location. But there are 2 problems. The size of the marketplaces in the smaller sized countries of the Caribbean don't always allow them to get OPEC financing or truly have the ability to put together an excellent plan for OPEC funding, and the 2nd point is absence of feasibility studies (Why are you interested in finance). How to find the finance charge. OPEC doesn't make grants and it does not do expediency research studies therefore there is a great deal of legwork that requires to be performed in order bring a few of this brand-new innovation into the area.
Yoho. Exists any personal collaborations, private-public partnerships or NGOs that you would suggest that would be finest matched, you understand, with the oil companies and, you know, among our think tanks up here? Ms. Yearwood. I would advise 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 think my issue is we can't fret about what occurred in the past over the last 20 or 30 years.
And I understand our feelings are we do not wish to inform you how to live, we simply wish to be excellent trading partners with you, but help become strong trading partners where we develop an economic base in your countries. And with the impact of China, all my life China was sort of an adolescent, however in the last, say ten years, I have seen them turn into adolescence and they have a lot of cash and they are beginning to feel the results of their testosterone. And we have seen that in the South China Sea, but we have actually seen the investments they have actually carried out in the Caribbean, you know, in the Bahamas-- I think it was $3 \ 1/2 \ billion-- and what they have carried out 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. Therefore policies that you would help direct us, you know, whether it is ag, energy, just product trade, what would you advise, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the https://truxgo.net/blogs/313470/1003353/the-smart-trick-of-how-to-cite-yahoo-finance-mla-that-nobody-is concern. And let me make a quick footnote on the China issue, initially, if I can. You know, China's engagement in the Caribbean-- and Ambassador Bernal is the real expert on this. I do not desire to step on your toes. However it is various in the Caribbean than it is in South America, for instance, where it is far more business, it is far 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 have to bear in mind that part of the element as well. In terms of the energy relationship, among the things we are finding out from the reforms in Mexico is it is not simply oil and gas drilling, for example. Everyone concentrates 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 much more impactful in Mexico is the power grid, the electrical energy, and when that gets freed up the expense of electrical power boils down which is truly great for the consumer.
And so if you can bring that cost down to the consumer, first of all, you have more disposable income to invest on other things, but likewise it becomes a much more competitive commercial platform to begin to produce therefore that starts to bring financial investment, which today is more limited because again on the size of the economy. So if there is one element that could really be focused on, you understand, it is not let's continue to import unclean diesel fuel and some of the really filthy pollutants that Venezuela is offering - What is a cd in finance. Let's assist transform the Caribbean to a clean energy power grid that can be utilized far more effectively that where the cost of electricity can come down and make the whole area a far more competitive efficient platform which will help their economies long term.
Mr. Yoho. And I appreciate it. And I run out time, however I eagerly anticipate working with you in the future so that we can draft legislation to help strengthen the presence of America there, and I believe everybody wins in that circumstance. 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 probably exacerbated by the DC heat. However we are going to go on and acknowledge you for 5 minutes for an opening statement. 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 house at 3 o'clock a. m. today. I Find more information was working out up until the Falun Gong had a presentation on Constitution Opportunity. I will floating timeshare extremely quickly summarize my verbal declaration which is that I think this is an essential time for the U.S. to re- examine its policy towards the Caribbean and to take a brand-new strong initiative in the Caribbean; because, the Caribbean has been having a really tough time considering that the global recession; a combination of long term structural institutional aspects along with some short-term cyclical aspects, 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 remains in the interest of the U.S. to have a prosperous, tranquil, and democratic Caribbean. In that regard I concentrate on the financial problems, since I think the financial concerns strike all the other problems which are very important such as governance, democracy, anti-narcotics campaigns. I have actually recognized six issues which I think need to be addressed. The very first concern which I think needs to be resolved is the financial obligation situation. The Caribbean nations have actually ended up being some of the most highly indebted countries on the planet.