Therefore who will fill that void? Who would best be to fill that? And what I desire you to consider, I am being a little bit jaded here. I believe I want to see an American company come in there and fill that void. How would you see that happening and what would you suggest? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well placed to fill deep space in the event that Venezuela is no longer able to offer through the Petrocaribe program. I think the surplus gas, I think the growth of clean and renewable wesley timeshare resource, the area is actually at a crossroads in regards to transitioning to tidy and renewable resource whether its solar or wind.
One of the problems, for instance, is OPEC has a big amount of investment in the Caribbean in the energy location. But there are 2 problems. The size of the marketplaces in the smaller countries of the Caribbean don't always allow them to receive OPEC funding or actually have the ability to put together a good bundle for OPEC funding, and the 2nd point is lack of feasibility studies (What does etf stand for in finance). How to finance an investment property. OPEC doesn't make grants and it does not do expediency studies and so there is a lot of legwork that requires to be performed in order bring some of this brand-new innovation into the space.
Yoho. Is there any personal collaborations, private-public collaborations or NGOs that you would advise that would be finest fit, you understand, with the oil companies 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 want 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 think my issue is we can't fret about what happened in the past over the last 20 or thirty years.
And I understand our sensations are we don't wish to tell you how to live, we simply desire to be excellent trading partners with you, but help end up being strong trading partners where we develop an economic base in your countries. And with the impact 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 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 actually seen that in the South China Sea, but we have actually seen the investments they have done 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 originate 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 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 issue, initially, if I can. You know, China's engagement in the Caribbean-- and Ambassador Bernal is the true professional on this. I don't want to step on your toes. But it is different in the Caribbean than it remains in South America, for instance, where it is much more business, it is much more timeshare foreclosure florida products based.
You still have the political competitors with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we need to bear in mind that part of the element too. In regards to the energy relationship, among the important things we are learning 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. However 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 which is actually great for the consumer.
Therefore if you can bring that expense down to the consumer, firstly, you have more disposable earnings to spend on other things, but likewise it ends up being a far more competitive industrial platform to start to produce and so that begins to bring financial investment, which today is more restricted since again on the size of the economy. So if there is one aspect that could truly be concentrated on, you understand, it is not let's continue to import filthy diesel fuel and some of the really filthy pollutants that Venezuela is offering - Which of the following approaches is most suitable for auditing the finance and investment cycle?. Let's help transform the Caribbean to a clean energy power grid that can be utilized a lot more efficiently that where the cost of electricity can boil down and make the entire area a much 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 anticipate dealing with you in the future so that we can prepare 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 exacerbated 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 home at 3 o'clock a. m. this morning. I was working out till the Falun Gong had a presentation on Constitution Avenue. I will very quickly summarize my spoken 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 brand-new bold effort in the Caribbean; because, the Caribbean has actually been having a very challenging time considering that the worldwide recession; a mix of long term structural institutional factors as well as some short-term cyclical aspects, such as oil costs.
and for Jamaica because the U.S. is the primary and biggest trading partner and main source of investment and travelers. It is in the interest of the U.S. to have a thriving, peaceful, and democratic Caribbean. Because regard I concentrate on the economic problems, due to the fact that I believe the economic issues strike all the other problems which are essential such as governance, democracy, anti-narcotics campaigns. I have actually identified 6 problems which I think need to be attended to. The first issue which I believe requirements to be resolved is the financial obligation circumstance. The Caribbean countries have become a few of the most extremely indebted countries worldwide.