Therefore who will fill that void? Who would best be to fill that? And what I desire you to think about, I am being a little bit jaded here. I believe I would like to see an American company been available in there and fill that space. How would you see that taking place and what would you suggest? We will Great post to read begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well placed to fill the space in case Venezuela is no longer able to supply through the Petrocaribe program. I think the surplus natural gas, I think the growth of tidy and eco-friendly 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 big amount of financial investment in the Caribbean in the energy area. However there are two concerns. The size of the markets in the smaller sized countries of the Caribbean don't always allow them to get OPEC funding or really have the ability to create a great package for OPEC financing, and the second point is lack of feasibility research studies (Which of the following approaches is most suitable for auditing the finance and investment cycle?). Which of the following was eliminated as a result of 2002 campaign finance reforms?. OPEC doesn't make grants and it doesn't 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 innovation into the area.
Yoho. Is there any private collaborations, private-public collaborations or NGOs that you would suggest that would be finest fit, you understand, with the oil business and, you know, among our think tanks up here? Ms. Yearwood. I would advise Eric. No. Mr. Yoho. You need to like that. Is that a segue you wish 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 concern is we can't stress about what took place in the past over the last 20 or 30 years.
And I know our sensations are we do not desire to inform you how to live, we simply desire to be great trading partners with you, however 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, but in the last, state ten years, I have actually seen them grow into adolescence and they have a great deal of cash and they are starting to feel the effects of their testosterone. And we have actually seen that in the South China Sea, but we have seen the investments they have done in the Caribbean, you understand, in the Bahamas-- I believe it was $3 \ 1/2 \ billion-- and what they have actually 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 originate from the good ol' U.S. of A. And so policies that you would help direct us, you understand, whether it is ag, energy, just merchandise 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 problem, first, if I can. You know, China's engagement in the Caribbean-- and Ambassador Bernal is the real expert on this. I don't want to step on your toes. But it is various in the Caribbean than it remains in South America, for instance, where it is far more industrial, it is much 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 keep in mind http://elliotwioc190.huicopper.com/what-is-a-discount-rate-in-finance-fundamentals-explained that part of the element too. In terms of the energy relationship, one of the things we are gaining from the reforms in Mexico is it is not just 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 quote round and all that. But what it is a lot more impactful in Mexico is the power grid, the electrical power, and when that gets freed up the expense of electricity boils down and that is truly great for the consumer.
Therefore if you can bring that cost to the consumer, firstly, you have more disposable income to invest in other things, however also it ends up being a a lot more competitive business platform to start to produce and so that begins to bring financial investment, which right now is more limited since once 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 some of the truly unclean contaminants that Venezuela is providing - What does nav stand for in finance. Let's assist transform the Caribbean to a tidy energy power grid that can be utilized far more efficiently that where the cost of electrical energy can come down and make the entire region a a lot more competitive productive platform which will help their economies long term.
Mr. Yoho. And I value it. And I run out time, however I look forward to working with you in the future so that we can draft legislation to help reinforce the existence of America there, and I believe everybody wins in that situation. 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 probably intensified by buying and selling timeshare the DC heat. However we are going to go on and recognize you for 5 minutes for an opening declaration. 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. today. I was working out till the Falun Gong had a demonstration on Constitution Avenue. I will very briefly summarize my spoken statement which is that I think this is a crucial time for the U.S. to re- examine its policy towards the Caribbean and to take a new bold effort in the Caribbean; because, the Caribbean has been having a very challenging time considering that the worldwide economic crisis; a mix of long term structural institutional factors along with some short term cyclical aspects, such as oil rates.
and for Jamaica since the U.S. is the primary and biggest trading partner and primary source of investment and tourists. It remains in the interest of the U.S. to have a prosperous, tranquil, and democratic Caribbean. Because regard I focus on the financial concerns, due to the fact that I believe the financial concerns impinge on all the other issues which are necessary such as governance, democracy, anti-narcotics campaigns. I have actually recognized six concerns which I think need to be resolved. The first concern which I think needs to be dealt with is the financial obligation circumstance. The Caribbean countries have ended up being a few of the most extremely indebted countries on the planet.