And so who will fill that space? Who would best be to fill that? And what I want you to consider, I am being a bit jaded here. I believe I wish to see an American company can be found in there and fill that space. How would you see that happening and what would you advise? We will start with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I believe that the U.S. is well placed to fill the space on the occasion that Venezuela is no longer able to supply through the Petrocaribe program. I believe the surplus gas, I think the growth of clean and sustainable energy, the region is actually at a crossroads in terms of transitioning to tidy and renewable resource whether its solar or wind.
Among the issues, for instance, is OPEC has a large quantity of investment in the Caribbean in the energy area. But there are 2 problems. The size of the markets in the smaller nations of the Caribbean don't necessarily allow them to get OPEC funding or really be able to create a great package for OPEC financing, and the 2nd point is lack of feasibility research studies (What is a consumer finance company). Which of the following can be described as involving direct finance?. OPEC does not make grants and it does not do feasibility studies therefore there is a great deal of legwork that requires to be performed in order bring a few of this new technology into the area.
Yoho. Is there any personal collaborations, private-public partnerships or NGOs that you would suggest that would be finest matched, you understand, with the oil business and, you understand, one of 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 dealing with energy in the Caribbean. Mr. Yoho. Okay. And I think my issue is we can't worry about what occurred in the past over the last 20 or thirty years.
And I understand our sensations are we don't desire to tell you how to live, we just want to be great trading partners with you, but 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 sort of a teen, but in the last, state 10 years, I have actually seen them become puberty and they have a lot of money and they are beginning to feel the effects of their testosterone. And we have actually seen that in the South China Sea, however we have actually 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 actually performed in Panama and Honduras and all that.
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I simply believe there are much better partners that we can have and I think that would originate from the great 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 concern. And let me make a fast footnote on the China concern, initially, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the true professional on this. I don't wish to step on your toes. However it is various in the Caribbean than it remains in South America, for instance, where it is a lot more industrial, 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 element too. In regards to the energy relationship, among the important Informative post things we are gaining 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 quote round and all that. But what it is a lot more impactful in Mexico is the power grid, the electrical power, and when that secures free up the cost of electrical energy boils down and that is really helpful for the consumer.
Therefore if you can bring that expense to the consumer, first off, you have more non reusable earnings to spend on other things, however also it ends up being a a lot more competitive business platform to begin to produce therefore that begins to bring investment, which right http://juliusjbha297.jigsy.com/entries/general/unknown-facts-about-what-is-a-swap-in-finance now is more limited since once again on the size of the economy. So if there is one aspect that might actually be focused on, you know, it is not let's continue to import dirty diesel fuel and some of the really unclean pollutants that Venezuela is offering - What does leverage mean in finance. Let's assist transform the Caribbean to a clean energy power grid that can be utilized far 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 run out time, however I eagerly anticipate dealing with you in the future so that we can draft legislation to help bolster the existence of America there, and I believe everyone 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. But we are going to proceed and recognize 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. today. I was working out until the Falun Gong had a presentation on Constitution Avenue. I will very quickly summarize my spoken declaration which is that I think this is an essential time for the U.S. to re- analyze its policy towards the Caribbean and to take a brand-new bold initiative in the Caribbean; because, the Caribbean has been having an extremely challenging time since the international recession; a mix of long term structural institutional elements along with some brief term cyclical factors, such as oil Click here! prices.
and for Jamaica since the U.S. is the primary and biggest trading partner and main source of financial investment and tourists. It is in the interest of the U.S. to have a thriving, peaceful, and democratic Caribbean. In that regard I concentrate on the financial problems, since I believe the financial problems strike all the other concerns which are necessary such as governance, democracy, anti-narcotics campaigns. I have determined 6 issues which I believe require to be resolved. The first issue which I think requirements to be attended to is the financial obligation scenario. The Caribbean nations have actually ended up being a few of the most extremely indebted countries on the planet.