Therefore who will fill that space? Who would best be to fill that? And what I want you to think about, I am being a little bit jaded here. I believe I would like to see an American business come in there and fill that space. How would you see that occurring and what would you suggest? 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 case Venezuela is no longer able to supply through the Petrocaribe program. I believe the surplus natural gas, I think the development of clean and renewable energy, the region is truly at a crossroads in regards to transitioning to tidy and renewable resource whether its solar or wind.
One of the issues, for example, is OPEC has a large quantity of financial investment in the Caribbean in the energy location. However there are 2 concerns. The size of the marketplaces in the smaller sized countries of the Caribbean don't necessarily allow them to receive OPEC funding or really have the ability to create a good bundle for OPEC funding, and the 2nd point is lack of feasibility studies (What is the difference between accounting and finance). Which of the following approaches is most suitable for auditing the finance and investment cycle?. OPEC does not make grants and it does not do expediency research studies and so there is a lot of legwork that needs to be done in order bring some of this brand-new technology into the area.
Yoho. Is there any personal collaborations, private-public collaborations or NGOs that you would advise that would be best matched, you know, with the oil business and, you understand, one of our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Mr. Yoho. You need to like that. Is that a segue you desire to-- Ms. Yearwood. No, I think 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 thirty years.
And I understand our sensations are we do not wish to tell you how to live, we just desire to be good trading partners with you, but help end up being strong trading partners where we develop an economic base in your countries. And with the influence of China, all my life China was kind of a teen, but in the last, state 10 years, I have actually seen them turn into puberty and they have a great deal of cash and they are starting to feel the impacts of their testosterone. And we have seen that in the South China Sea, but we sample letter to cancel timeshare contract have seen the investments they have actually done in the Caribbean, you understand, in the Bahamas-- I think it was $3 \ 1/2 \ billion-- and what they have actually carried out in Panama and Honduras and all that.
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I just think there are better partners that we can have and I believe that would come from the good ol' U.S. of A. And so policies that you would assist direct us, you understand, whether it is ag, energy, simply product trade, what would you suggest, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the concern. And let me make a fast footnote on the China issue, initially, if I can. You know, China's engagement in the Caribbean-- and Ambassador Bernal is the true expert on this. I do not wish to step on your toes. But it is different in the Caribbean than it is in South America, for example, where it is much more commercial, it is much more products based.
You Go to this site still have the political competition with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we have to keep in mind that part of the element also. In regards to the energy relationship, among the important things we are learning from the reforms in Mexico is it is not just oil and gas drilling, for example. Everybody focuses 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 even more impactful in Mexico is the power grid, the electrical energy, and when that gets freed up the cost of electrical energy comes down which is truly helpful for the customer.
And so if you can bring that cost down to the consumer, to start with, you have more disposable income to invest on other things, however also it ends up being a much more competitive commercial platform to start to produce and so that starts to bring investment, which right now is more restricted since again on the size of the economy. So if there is one element that could really be concentrated on, you understand, it is not let's continue to import unclean diesel fuel and some of the really filthy toxins that Venezuela is offering - What does leverage mean in finance. Let's assist convert the Caribbean to a clean energy power grid that can be utilized far more efficiently that where the cost of electrical energy can come down and make the whole area 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 eagerly anticipate dealing with you in the future so that we can draft legislation to assist strengthen the existence of America there, and I think 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. But we are going to go on 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 declaration which is that I believe this is an essential time for the U.S. to re- examine its policy towards the Caribbean and to take a new prices of timeshares strong effort in the Caribbean; because, the Caribbean has actually been having a very tough time considering that the global economic crisis; a mix of long term structural institutional factors as well as some short term cyclical elements, such as oil rates.
and for Jamaica due to the fact that the U.S. is the main and largest trading partner and primary source of investment and tourists. It remains in the interest of the U.S. to have a prosperous, serene, and democratic Caribbean. Because regard I focus on the financial problems, due to the fact that I believe the financial problems impinge on all the other concerns which are important such as governance, democracy, anti-narcotics campaigns. I have actually recognized six concerns which I think need to be attended to. The first concern which I think needs to be resolved is the financial obligation situation. The Caribbean nations have actually ended up being a few of the most extremely indebted nations in the world.