Therefore who will fill that void? Who would best be to fill that? And what I desire you to think of, I am being a little bit jaded here. I believe I wish to see an American business 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 believe that the U.S. is well put to fill deep space in the occasion that Venezuela is no longer able to supply through the Petrocaribe program. I think the surplus natural gas, I believe the growth of clean and renewable resource, the area is really at a crossroads in terms of transitioning to clean and renewable resource whether its solar or wind.
Among the issues, for instance, is OPEC has a large quantity of financial investment in the Caribbean in the energy area. However Discover more there are two concerns. The size of the marketplaces in the smaller sized countries of the Caribbean do not always enable them to receive OPEC funding or truly be able to put together a great plan for OPEC funding, and the second point is absence of expediency studies (Which of these arguments might be used by someone who supports strict campaign finance laws?). What jobs can i get with a finance degree. OPEC does not make grants and it doesn't do feasibility research studies and so there is a great deal of legwork that needs to be carried out in order bring some of this new technology into the area.
Yoho. Exists any private collaborations, private-public collaborations or NGOs that you would recommend that would be finest fit, you know, with the oil companies and, you know, 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 want 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 think my issue is we can't fret about what happened in the past over the last 20 or thirty years.
And I know our sensations are we don't wish to tell you how to live, we just want to be great trading partners with you, but help 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 sort of a teen, however in the last, state ten years, I have actually seen them grow into adolescence and they have a lot of cash and they are beginning to feel the impacts of their testosterone. And we have seen that in the South China Sea, however we have actually seen the investments they have carried out in the Caribbean, you know, in the Bahamas-- I think it was $3 \ 1/2 \ billion-- and what they have performed in Panama and Honduras and all that.
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I just believe there are better partners that we can have and I think that would originate from the great ol' U.S. of A. Therefore policies that you would help direct us, you understand, whether it is ag, energy, simply product trade, what would you recommend, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the concern. 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 the true professional on this. I do not desire 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 commercial, it is far more products based.
You still have the political competition 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 aspect too. In terms of Learn here the energy relationship, among the important things we are discovering from the reforms in Mexico is it is not just oil and gas drilling, for instance. 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 much more impactful in Mexico is the power grid, the electricity, and when that secures free up the cost of electrical power boils down and that is really great for the customer.
And so if you can bring that cost down to the consumer, firstly, you have more non reusable income to invest on other things, however also it ends up being a far more competitive commercial platform to start to produce and so that begins to bring investment, which today is more restricted because again on the size of the economy. So if there is one aspect that might actually be concentrated on, you understand, it is not let's continue to import filthy diesel fuel and a few of the truly dirty toxins that Venezuela is providing - How to finance an investment property. 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 electrical power can come down and make the entire region a far more competitive efficient platform which will assist their economies long term.
Mr. Yoho. And I value it. And I run out time, however I anticipate working with you in the future so that we can draft legislation to help bolster the presence of America there, and I think everybody wins because scenario. 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 most likely worsened 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 was going well up until the Falun Gong had a presentation on Constitution Avenue. I will very quickly summarize my verbal statement which is that I think this is a crucial time for the U.S. to re- analyze its policy toward the Caribbean and to take a new bold effort timeshare perpetuity clause in the Caribbean; because, the Caribbean has been having a very challenging time given that the international financial crisis; a mix of long term structural institutional elements in addition to some short-term cyclical elements, such as oil costs.
and for Jamaica because the U.S. is the main and largest trading partner and main source of investment and travelers. It remains in the interest of the U.S. to have a flourishing, tranquil, and democratic Caribbean. In that regard I focus on the economic issues, because I think the financial concerns strike all the other concerns which are crucial such as governance, democracy, anti-narcotics projects. I have determined 6 concerns which I think require to be dealt with. The very first problem which I think requirements to be resolved is the financial obligation scenario. The Caribbean nations have actually become some of the most highly indebted countries worldwide.