And so who will fill that void? Who would best be to fill that? And what I want you to think of, 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 recommend? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I believe that the U.S. is well positioned to fill deep space in the event that Venezuela is no longer able to offer through the Petrocaribe program. I think the surplus natural gas, I think the development of clean and renewable resource, the region is really at a crossroads in regards to transitioning to tidy and sustainable energy whether its solar or wind.
One of the problems, for instance, is OPEC has a large quantity of financial investment in the Caribbean in the energy area. However there are two concerns. The size of the markets in the smaller sized nations of the Caribbean don't always allow them to receive OPEC financing or really have the ability to put together a good bundle for OPEC financing, and the second point is lack of feasibility studies (How to finance a home addition). What is a cd in finance. OPEC does not make grants and it does not do feasibility studies and so there is a great deal of legwork that requires to be carried out in order bring some of this brand-new innovation into the area.
Yoho. Is there any personal collaborations, private-public partnerships or NGOs that you would advise that would be best 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 wish 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 guess my issue is we can't stress over what occurred in the past over the last 20 or 30 years.
And I understand our sensations are we don't wish to tell you how to live, we simply desire to be great trading partners with you, but help become strong trading partners where we develop a financial base in your nations. And with the influence of China, all my life China was kind of a teen, however in the last, state 10 years, I have seen them grow into puberty and they have a great deal of cash and they are starting to feel the results of their testosterone. And we have seen that in the South China Sea, however we have actually seen the investments they have actually performed in the Caribbean, you understand, 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 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 help direct us, you understand, whether it is ag, energy, simply merchandise trade, what would you suggest, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the question. And let me make a quick footnote on the China cancellations com concern, first, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the real professional on this. I don't wish to step on your toes. However it is different in the Caribbean than it remains in South America, for example, where it is a lot more commercial, it is much The original source 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 remember that part of the element also. In regards to the energy relationship, among the things we are gaining from the reforms in Mexico is it is not just oil and gas drilling, for instance. Everybody 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 a lot more impactful in Mexico is the power grid, the electrical power, and when that gets released up the expense of electrical energy comes down and that is actually helpful for the customer.
And so if you can bring that expense down to the customer, first of all, you have more non reusable income to invest on other things, but also it becomes a a lot more competitive business platform to begin to produce and so that begins to bring investment, which today is more restricted due to the fact that once again on the size of the economy. So if there is one element that could truly be concentrated on, you understand, it is not let's continue to import unclean diesel fuel and some of the really unclean pollutants that Venezuela is providing - What is a cd in finance. Let's assist transform the Caribbean to a clean energy power grid that can be utilized much more effectively that where the expense of electrical power can boil down and make the entire area a much 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 draft legislation to help strengthen the existence of America there, and I believe everyone wins because situation. 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 most likely worsened by the DC heat. But we Go here are going to go ahead and acknowledge 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 working out 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 an important time for the U.S. to re- analyze its policy toward the Caribbean and to take a new strong initiative in the Caribbean; because, the Caribbean has actually been having a very challenging time considering that the worldwide financial crisis; a mix of long term structural institutional factors along with some short-term cyclical factors, such as oil costs.
and for Jamaica due to the fact that the U.S. is the main and largest trading partner and main source of financial investment and travelers. It is in the interest of the U.S. to have a prosperous, peaceful, and democratic Caribbean. In that regard I focus on the economic problems, because I think the economic issues impinge on all the other concerns which are necessary such as governance, democracy, anti-narcotics campaigns. I have actually recognized 6 problems which I believe require to be resolved. The first problem which I think needs to be resolved is the debt scenario. The Caribbean countries have actually become a few of the most extremely indebted countries in the world.