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 bit jaded here. I believe I would like to see an American business can be found in there and fill that space. How would you see that occurring and what would you recommend? We will start with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well placed 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 resource, the region is truly at a crossroads in terms of transitioning to tidy and renewable resource whether its solar or wind.
One of the issues, for instance, is OPEC has a large amount of financial investment in the Caribbean in the energy area. However there are two issues. The size of the markets in the smaller sized nations of the Caribbean don't necessarily allow them to receive OPEC financing or truly be able to create an excellent plan for OPEC financing, and the 2nd point is absence of feasibility studies (Which of these is the best description of personal finance). Which one of the following occupations best fits into the corporate area of finance?. OPEC does not make grants and it does not do feasibility research studies and so there is a lot of legwork that needs to be done in order bring some of this new technology into the area.
Yoho. Exists any personal collaborations, private-public partnerships or NGOs that you would suggest that would be finest fit, you know, with the oil companies and, Check out here you know, one of our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Mr. Yoho. You have 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 dealing with energy in the Caribbean. Mr. Yoho. Okay. And I think my issue is we can't fret about what occurred in the past over the last 20 or thirty years.
And I know our feelings are we do not desire to tell you how to live, we simply want to be good trading partners with you, however help end up being strong trading partners where we develop a financial base in your countries. And with the influence of China, all my life China was sort of an adolescent, however in the last, state 10 years, I have actually seen them become adolescence and they have a great deal of cash and they are starting to feel the effects of their testosterone. And we have seen that in the South China Sea, however we have seen the investments they have done wesley bryan 88 minutes in the Caribbean, you know, 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 just think there are much 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 know, 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 issue, first, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the real specialist on this. I don't wish to step on your toes. But it is different in the Caribbean than it remains in South America, for example, where it is a lot more industrial, it is far more products 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 keep in mind that part of the aspect as well. In regards to the energy relationship, one of the things we are gaining from the reforms in Mexico is it is not simply 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. But what it is even more impactful in Mexico is the power grid, the electrical energy, and when that secures free up the expense of electrical energy comes down and that is really excellent for the consumer.
And so if you can bring that expense to the customer, to start with, you have more non reusable income to invest on other things, but also it ends up being a much more competitive business platform to start to produce and so that starts to bring investment, which right now is more restricted because again on the size of the economy. So if there is one element that could really be focused on, you know, it foreclosed timeshares for sale is not let's continue to import dirty diesel fuel and a few of the actually filthy contaminants that Venezuela is providing - How to finance an engagement ring. Let's help transform the Caribbean to a tidy energy power grid that can be utilized far more efficiently that where the expense of electricity can boil down and make the whole region a much more competitive productive platform which will assist their economies long term.
Mr. Yoho. And I appreciate it. And I am out of time, but I anticipate dealing with you in the future so that we can prepare legislation to help bolster the presence of America there, and I believe everybody wins because scenario. 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. However we are going to proceed 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 house at 3 o'clock a. m. today. I was working out till the Falun Gong had a presentation on Constitution Opportunity. I will very quickly summarize my verbal statement which is that I think this is an important time for the U.S. to re- examine its policy toward the Caribbean and to take a new bold initiative in the Caribbean; because, the Caribbean has been having a very tough time considering that the global financial crisis; a mix of long term structural institutional aspects as well as some short-term cyclical factors, such as oil prices.
and for Jamaica since the U.S. is the primary and biggest trading partner and primary source of financial investment and travelers. It is in the interest of the U.S. to have a prosperous, tranquil, and democratic Caribbean. Because regard I concentrate on the economic concerns, due to the fact that I think the financial concerns impinge on all the other concerns which are necessary such as governance, democracy, anti-narcotics projects. I have actually determined six issues which I believe require to be addressed. The first concern which I think requirements to be resolved is the debt circumstance. The Caribbean countries have become some of the most highly indebted nations on the planet.