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 little bit jaded here. I think I want to see an American company can be found in there and fill that void. How would you see that happening and what would you advise? We will start with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I believe that the U.S. is well positioned to fill the space on the occasion that Venezuela is no longer able to provide through the Petrocaribe program. I think the surplus gas, I believe the growth of clean and renewable resource, the area is truly at a crossroads in terms of transitioning to tidy and renewable resource whether its solar or wind.
One of the issues, for example, is OPEC has a big amount of investment in the Caribbean in the energy area. But there are 2 problems. The size of the markets in the smaller sized nations of the Caribbean do not always enable them to receive OPEC financing or really be able to create a good package for OPEC funding, and the second point is absence of feasibility research studies (What does ear stand for in finance). What jobs can i get with a finance degree. OPEC doesn't make grants and it doesn't do expediency studies therefore there is a lot of legwork that needs to be carried out in order bring some of this new innovation into the area.
Yoho. Is there any personal collaborations, private-public collaborations or NGOs that you would recommend that would be best suited, you know, with the oil business and, you understand, among our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Mr. Yoho. You need to like that. Is that a segue you desire to-- Ms. Yearwood. No, I think 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 concern is we can't fret about what took place in the past over the last 20 or thirty years.
And I understand our feelings are we don't desire to tell you is wesley financial group legit how to live, we simply desire to be great trading partners with you, but help end up being strong trading partners where we develop an economic base in your nations. And with the impact of China, all my life China was type of an adolescent, however 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 results of their testosterone. And we have actually seen that in the South China Sea, however we have seen the financial investments they have done in the Caribbean, you understand, in the Bahamas-- I believe it was $3 \ 1/2 \ billion-- and what they have carried out in Panama and Honduras and all that.
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I simply think there are better partners that we can have and I believe that would come from the excellent ol' U.S. of A. And so policies that you would assist direct us, you know, whether it is ag, energy, simply product trade, what would you recommend, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Check out this site Yoho, thank you for the concern. And let me make a quick footnote on the China concern, initially, if I can. You understand, China's engagement in the Caribbean-- and Ambassador Bernal is the real professional on this. I don't desire to step on your toes. However it is different in the Caribbean than it is in South America, for example, where it is far more business, it is far 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 need to bear in mind that part of the aspect as well. In terms of the energy relationship, one of the 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. However what it is a lot more impactful in Mexico is the power grid, the electrical power, and when that secures free up the expense of electricity boils down and that is truly helpful for the customer.
Therefore if you can bring that expense down to the customer, first off, you have more disposable income to invest on other things, however likewise it becomes a a lot more competitive commercial platform to start to produce therefore that starts to bring financial investment, which today is more resort cancellation services limited since once again on the size of the economy. So if there is one aspect that could really be focused on, you know, it is not let's continue to import unclean diesel fuel and a few of the actually unclean pollutants that Venezuela is supplying - What is a consumer finance company. Let's help convert the Caribbean to a tidy energy power grid that can be utilized a lot more efficiently that where the expense of electrical energy can boil down and make the whole region a much more competitive productive platform which will help their economies long term.
Mr. Yoho. And I appreciate it. And I am out of time, however I eagerly anticipate working with you in the future so that we can draft legislation to help bolster the existence of America there, and I believe everyone wins because scenario. 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 exacerbated by the DC heat. But we are going to go on 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 early morning. I was working out till the Falun Gong had a presentation on Constitution Opportunity. I will extremely quickly summarize my spoken declaration which is that I think this is an important time for the U.S. to re- analyze its policy towards the Caribbean and to take a new strong initiative in the Caribbean; because, the Caribbean has actually been having a very challenging time given that the international financial crisis; a mix of long term structural institutional elements as well as 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 financial investment and tourists. It remains in the interest of the U.S. to have a thriving, tranquil, and democratic Caribbean. Because regard I concentrate on the financial issues, because I believe the financial issues impinge on all the other problems which are very important such as governance, democracy, anti-narcotics projects. I have actually determined 6 problems which I think need to be addressed. The very first issue which I believe needs to be dealt with is the financial obligation situation. The Caribbean countries have become some of the most extremely indebted countries worldwide.