Therefore who will fill that space? Who would best be to fill that? And what I want you to believe about, I am being a bit jaded here. I believe I would like to see an American company been available in there and fill that void. 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 think 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 think the surplus gas, I think the development of clean and sustainable energy, the area is truly at a crossroads in regards to transitioning to tidy and renewable energy whether its solar or wind.
Among the concerns, for example, is OPEC has a large quantity of investment in the Caribbean in the energy location. But there are 2 issues. The size of the markets in the smaller sized nations of the Caribbean do not necessarily enable them to receive OPEC funding or truly be able to put together an excellent package for OPEC financing, and the 2nd point is lack of feasibility studies (What does etf stand for in finance). How to finance a second home. OPEC doesn't make grants and it doesn't do feasibility research studies and so there is a lot of legwork that requires to be done in order bring some of this new innovation into the space.
Yoho. Is there any private collaborations, private-public collaborations or NGOs that you would advise 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 have to like that. Is that a segue you wish to-- Ms. Yearwood. No, I believe there are a lot 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 stress over what took place in the past over the last 20 or thirty years.
And I know our sensations are we don't wish to inform you how to live, we just wish to be great trading partners with you, however help end up being strong trading partners where we establish a financial base in your countries. And with the influence of China, all my life China was type of a teen, however in the last, say 10 years, I have actually seen them grow into adolescence and they have a lot 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 know, in the Bahamas-- I think it was $3 \ 1/2 \ billion-- and what they have actually performed 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 originate from the excellent ol' U.S. of A. And so policies that you would help direct us, you understand, whether it is ag, energy, just product trade, what would you advise, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the question. And let me make a fast footnote on the China concern, initially, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the true expert on this. I do not wish to step on your toes. However it is various in the Caribbean than it remains in South America, for example, where it is far more business, it is much more commodities 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 that part of the aspect also. In terms of http://erickwbyv401.tearosediner.net/what-is-internal-rate-of-return-in-finance-can-be-fun-for-everyone the energy relationship, among the things we are gaining from the reforms in Mexico is it is not simply 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. But what it is even more impactful in Mexico is the power grid, the electrical power, and when that secures free up the cost of electricity boils down and that is truly great for the customer.
And so if you can bring that expense down to the consumer, to start with, you have more non reusable earnings to invest in other things, but likewise it becomes a far more competitive commercial platform timeshare cancellation industry to begin to produce therefore that begins to bring financial investment, which today is more restricted because once again on the size of the economy. So if there is one aspect that might really be focused on, you understand, it is not let's continue to import filthy diesel fuel and a few of the truly unclean contaminants that Venezuela is offering - What jobs can i get with a finance degree. Let's help convert the Caribbean to a clean energy power grid that can be utilized a lot more effectively that where the expense of electrical power can come down and make the entire region a a lot more competitive efficient platform which will help their economies long term.
Mr. Yoho. And I value it. And I am out of time, but I eagerly anticipate dealing with you in the future so that we can draft legislation to help bolster 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 exacerbated by the DC heat. But we are going to go ahead and acknowledge 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 house at 3 o'clock a. m. today. I was working out until the Falun Gong had a demonstration on Constitution Avenue. I will very quickly summarize my spoken statement which is that I believe this is an essential time for the U.S. to re- analyze its policy toward the Caribbean and to take a brand-new strong initiative in the Caribbean; because, the Caribbean has been having a really hard time since the international financial crisis; a combination of long term structural institutional elements in addition to some short-term cyclical aspects, such as oil costs.
and for Jamaica because the U.S. is the primary and largest trading partner and main source of investment and tourists. It is in the interest of the U.S. to have a thriving, serene, and democratic Caribbean. Because regard I focus on the financial issues, since I believe the economic issues strike all the other problems which are very important such as governance, democracy, anti-narcotics campaigns. I have actually identified 6 concerns which I believe require to be attended to. The very first issue which I think requirements to be attended to is the debt situation. The Caribbean Look at this website nations have ended up being some of the most highly indebted nations in the world.