And so who will fill that space? Who would best be to fill that? And what I desire you to believe about, I am being a bit jaded here. I think I would like to see an American company can be found in there and fill that space. 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 think that the U.S. is well put to fill deep space in case Venezuela is no longer able to provide through check here the Petrocaribe program. I think the surplus gas, I believe the development of clean and renewable resource, 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 example, is OPEC has a big quantity of financial investment in the Caribbean in the energy area. But there are 2 concerns. The size of the marketplaces in the smaller nations of the Caribbean do not always enable them to get OPEC financing or really be able to create an excellent plan for OPEC financing, and the second point is lack of expediency studies (Which of the following can be described as involving direct finance?). How many years can you finance a boat. OPEC does not make grants and it does not do expediency studies therefore there is a lot of legwork that requires to be carried out in order bring a few of this brand-new innovation into the area.
Yoho. Is there any personal collaborations, private-public partnerships or NGOs that you would recommend that would be best suited, you know, with the oil business and, you understand, one of our think tanks up here? Ms. Yearwood. I would advise Eric. No. Mr. Yoho. You need to like that. Is that a segue you want to-- Ms. Yearwood. No, I believe 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 issue is we can't worry about what happened in the past over the last 20 or thirty years.
And I understand our sensations are we do not desire to inform you how to live, we simply desire to be excellent trading partners with you, however help become strong trading partners where we establish a financial base in your countries. And with the impact of China, all my life China was kind of a teen, but in the last, say ten years, I have actually seen them turn into the age of puberty and they have a great deal of money and they are starting to feel the effects of their testosterone. And we have seen that in the South China Sea, however we have https://fortunetelleroracle.com/startups/how-many-months-can-you-finance-a-used-car-the-facts-699214 actually seen the financial investments they have actually done in the Caribbean, you understand, in the Bahamas-- I believe it was $3 \ 1/2 \ billion-- and what they have done in Panama and Honduras and all that.
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I simply believe 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 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 problem, first, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the real specialist on this. I don't desire 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 business, it is much 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 have to bear in mind that part of the element also. In regards to the energy relationship, among the important things we are discovering from the reforms in Mexico is it is not simply oil and gas drilling, for example. 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. But what it is even more impactful in Mexico is the power grid, the electrical energy, and when that gets released up the cost of electricity comes down and that is really helpful for the customer.
Therefore if you can bring that cost down to the consumer, firstly, you have more disposable income to invest on other things, but likewise it becomes a much more competitive commercial platform to begin to produce and so that begins to bring financial investment, which right now is more restricted because once again on the size of the economy. So if there is one aspect that might really be concentrated on, you know, it is not let's continue to import unclean diesel fuel and some of the actually filthy toxins that Venezuela is providing - Which of the following was eliminated as a result of 2002 campaign finance reforms?. Let's help transform the Caribbean to a clean energy power grid that can be utilized a lot more effectively that where the cost of electricity can come down and make the whole area a much more competitive productive platform which will help their economies long term.
Mr. Yoho. And I appreciate it. And I run out time, but I eagerly anticipate dealing with you in the future so that we can draft legislation to assist reinforce the presence of America there, and I believe everybody 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 probably intensified 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 for being late. I left my home at 3 o'clock a. m. this morning. I was working out till the Falun Gong had a demonstration on Constitution Avenue. I will extremely briefly summarize my spoken statement which is that I believe this is a crucial time for the U.S. to re- examine its policy towards the Caribbean and to take a new vibrant effort in the Caribbean; because, the Caribbean has been having an extremely challenging time because the international financial crisis; a combination of long term structural institutional aspects in addition to some brief wesley.com term cyclical elements, such as oil costs.
and for Jamaica due to the fact that the U.S. is the main and largest trading partner and primary source of financial investment and travelers. It remains in the interest of the U.S. to have a thriving, serene, and democratic Caribbean. In that regard I focus on the economic issues, since I think the financial issues impinge on all the other concerns which are very important such as governance, democracy, anti-narcotics projects. I have determined six issues which I think require to be dealt with. The very first concern which I think needs to be resolved is the financial obligation circumstance. The Caribbean nations have actually ended up being a few of the most highly indebted nations worldwide.