Therefore who will fill that space? Who would best be to fill that? And what I desire you to consider, I am being a bit jaded here. I think I wish to see an American business come in there and fill that space. How would you see that happening 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 put to fill deep space in the event that Venezuela is no longer able to provide through the Petrocaribe program. I believe the surplus gas, I believe the development of clean companies that buy timeshares and renewable energy, the area is truly at a crossroads in regards to transitioning to tidy and eco-friendly energy whether its solar or wind.
One of the concerns, for instance, is OPEC has a large quantity of financial investment in the Caribbean in the energy area. However there are 2 concerns. The size of the marketplaces in the smaller sized countries of the Caribbean don't always allow them to get OPEC funding or truly have the ability to put together an excellent package for OPEC financing, and the second point is lack of expediency research studies (Accounting vs finance which is harder). What happened to household finance corporation. OPEC doesn't make grants and it doesn't do expediency studies and so there is a lot of legwork that needs to be carried out in order bring some of this brand-new technology into the space.
Yoho. Exists any private partnerships, private-public partnerships or NGOs that you would advise that would be finest fit, you understand, with the oil companies and, you know, among our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Mr. Yoho. You have to like that. Is that a segue you wish to-- Ms. Yearwood. No, I think there are a great deal of entities in the U.S. that are working on energy in the Caribbean. Mr. Yoho. Okay. And I think my concern is we can't stress over what occurred in the past over the last 20 or thirty years.
And I know our feelings are we don't want to inform you how to live, we just wish to be excellent trading partners with you, but assist become strong trading partners where we develop a financial base in your countries. And with the influence of China, all my life China was sort of an adolescent, however in the last, say 10 years, I have actually seen them become the age of puberty and they have a great deal of money and they are beginning to feel the effects of their testosterone. And we have actually seen that in the South China Sea, but we have seen the financial investments they have carried out in the Caribbean, you know, 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 originate from the excellent ol' U.S. of A. And so policies that you would assist direct us, you know, whether it is ag, energy, just product trade, what would you recommend, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the concern. 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 true professional on this. I do not wish to step on your toes. But it is various in the Caribbean than it is in South America, for example, where it is far more commercial, it is far more commodities based.
You still have the political competitors with Taiwan in parts of the Caribbean and http://zanderhbpq427.almoheet-travel.com/our-do-you-get-a-title-when-you-finance-a-car-pdfs Central America, et cetera, et cetera, so we need to remember that part of the aspect also. In terms of the energy relationship, among the things we are gaining from the reforms in Mexico is it is not simply oil and gas drilling, for instance. Everyone focuses 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 electrical energy, and when that gets freed up the cost of electrical power boils down and that is really excellent for the consumer.
And so if you can bring that cost down to the customer, to start with, you have more disposable earnings to invest on other things, but likewise it ends up being a far more competitive industrial platform to start to produce and so that begins to bring financial investment, which right now is more limited due to the fact that 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 unclean diesel fuel and some of the really filthy toxins that Venezuela is supplying - How to finance an investment property. Let's assist transform the Caribbean to a tidy energy power grid that can be used much more efficiently that where the cost of electricity can come down and make the whole region a a lot more competitive productive platform which will assist their economies long term.
Mr. Yoho. And I value it. And I run out time, but I anticipate dealing with you in the future so that we can prepare legislation to help strengthen the existence of America there, and I think everybody wins because scenario. 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 worsened by the DC heat. But we are going to proceed 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 what happens to my timeshare when i die for being late. I left my home at 3 o'clock a. m. today. I was working out till the Falun Gong had a presentation on Constitution Avenue. I will really briefly summarize my verbal statement which is that I believe this is an essential time for the U.S. to re- analyze its policy towards the Caribbean and to take a new strong initiative in the Caribbean; because, the Caribbean has actually been having a very hard time given that the international recession; a combination of long term structural institutional factors in addition to some short term cyclical factors, such as oil costs.
and for Jamaica since the U.S. is the main and biggest trading partner and main source of investment and tourists. It remains in the interest of the U.S. to have a thriving, serene, and democratic Caribbean. Because regard I focus on the financial concerns, since I think the financial problems strike all the other issues which are essential such as governance, democracy, anti-narcotics projects. I have identified six problems which I think require to be dealt with. The very first concern which I believe needs to be resolved is the debt circumstance. The Caribbean nations have actually ended up being some of the most extremely indebted countries in the world.