And so who will fill that space? Who would best be to fill that? And what I desire you to consider, I am being a little bit jaded here. I think I want to see an American business can be found in there and fill that space. How would you see that taking place and what would you advise? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I believe that the U.S. how do i rent my timeshare is well placed to fill the void on the occasion that Venezuela is no longer able to supply through the Petrocaribe program. I think the surplus gas, I think the growth of tidy and renewable resource, the area is actually at a crossroads in regards to transitioning to clean and sustainable energy whether its solar or wind.
Among the problems, for instance, is OPEC has a big quantity of investment in the Caribbean in the energy location. However there are two concerns. The size of the marketplaces in the smaller nations of the Caribbean do not necessarily enable them to receive OPEC financing or actually have the ability to create an excellent package for OPEC financing, and the second point is absence of expediency research studies (How to finance a home addition). How to finance a home addition. OPEC does not 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 a few of this new technology into the area.
Yoho. Is there any private collaborations, private-public collaborations or NGOs that you would advise that would be best fit, you know, with the oil business and, you know, among our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Website link Mr. Yoho. You need 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 concern is we can't stress over what happened in the past over the last 20 or 30 years.
And I know our feelings are we don't desire to inform you how to live, we just wish to be good trading partners with you, but help become strong trading partners where we establish a financial base in your countries. And with the impact of China, all my life China was sort of a teen, but in the last, say 10 years, I have actually seen them become the age of puberty and they have a lot of money and they are beginning to feel the results of their testosterone. And we have actually seen that in the South China Sea, however we have actually seen the investments they have carried out in the Caribbean, you understand, in the Bahamas-- I think 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 much better partners that we can have and I believe that would originate from the great ol' U.S. of A. Therefore policies that you would assist direct us, renting out your timeshare you know, whether it is ag, energy, just merchandise trade, what would you advise, 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 understand, China's engagement in the Caribbean-- and Ambassador Bernal is the real specialist on this. I do not want to step on your toes. But it is different in the Caribbean than it remains in South America, for example, where it is far more business, it is far 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 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 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 bid round and all that. But what it is a lot more impactful in Mexico is the power grid, the electricity, and when that gets released up the cost of electricity comes down and that is really helpful for the consumer.
Therefore if you can bring that expense down to the customer, firstly, you have more disposable income to invest in other things, but also it ends up being a far more competitive business platform to start to produce therefore that begins to bring investment, which right now is more restricted due to the fact that once again on the size of the economy. So if there is one element that could truly be concentrated on, you understand, it is not let's continue to import dirty diesel fuel and a few of the truly filthy pollutants that Venezuela is supplying - How to owner finance a home. Let's help convert the Caribbean to a clean energy power grid that can be utilized much more effectively that where the expense of electrical energy can come down and make the whole region a far more competitive productive platform which will help their economies long term.
Mr. Yoho. And I appreciate it. And I am out of time, but I look forward to working with you in the future so that we can prepare legislation to assist bolster the presence of America there, and I believe everyone wins in that 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 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 home at 3 o'clock a. m. this morning. I was working out up until the Falun Gong had a presentation on Constitution Avenue. I will really quickly summarize my spoken statement which is that I think this is a crucial time for the U.S. to re- analyze its policy towards the Caribbean and to take a brand-new bold effort in the Caribbean; because, the Caribbean has been having a really hard time given that the global financial crisis; a mix of long term structural institutional aspects along with some short-term cyclical elements, 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, serene, and democratic Caribbean. Because regard I focus on the economic issues, because I believe the financial concerns strike all the other issues which are very important such as governance, democracy, anti-narcotics projects. I have actually recognized six concerns which I think require to be resolved. The first problem which I think needs to be attended to is the financial obligation situation. The Caribbean nations have ended up being a few of the most extremely indebted countries in the world.