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 bit jaded here. I believe I would like to see an American company been available in there and fill that space. How would you see that occurring 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 deep space in case Venezuela is no longer able to supply through the Petrocaribe program. I think the surplus natural gas, I think the growth of clean and eco-friendly energy, the region is truly at a crossroads in terms of transitioning to tidy and renewable resource whether its solar or wind.
Among the problems, for instance, is OPEC has a big amount of financial investment in the Caribbean in the energy area. However there are 2 concerns. The size of the marketplaces in the smaller sized countries of the Caribbean do not necessarily enable them to receive OPEC financing or really have the ability to assemble a great bundle for OPEC funding, and the 2nd point is absence of feasibility studies (Why are you interested in finance). What happened to household finance corporation. OPEC doesn't make grants and it does not do feasibility research studies therefore there is a lot of legwork that requires to be carried out in order bring some of this new innovation into the space.
Yoho. Exists any private collaborations, private-public partnerships or NGOs that you would advise that would be best matched, 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 have to like that. Is that a segue you desire to-- Ms. Yearwood. No, I believe there are a lot of entities in the U.S. that are working on 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 30 years.
And I understand our feelings are we do not want to tell you how to live, we simply wish to be excellent trading partners with you, but help become strong trading partners where we establish an economic base in your nations. And with the influence of China, all my life China was kind of an adolescent, but in the last, state 10 years, I have seen them become the age of puberty and they have a lot of cash and they are beginning to feel the impacts of their testosterone. And we have seen that in the South China Sea, but we have seen the financial investments they have performed 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 believe there are much better partners that we can have and I think that would originate from the excellent ol' U.S. of A. Therefore policies that you would assist direct us, you understand, whether it is ag, energy, simply product trade, what would you advise, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the concern. 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 expert on this. I do not wish to step on your toes. However it is different in the Caribbean than it is in South America, for instance, 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 too. In terms of 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 instance. 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 electricity, and when that secures free up the cost of electrical energy boils down which is actually helpful for the consumer.
And wesley financial group scam so if you can bring that cost to the customer, first of all, you have more disposable earnings to invest on other things, but also it ends up being a much more competitive commercial platform to begin to produce therefore that begins to bring financial investment, which right now is more limited because again on the size of the economy. So if there is one element that could truly be focused on, you know, it is not let's continue to import dirty diesel fuel and some of the truly unclean contaminants that Venezuela is offering - What does etf stand for in finance. Let's assist transform the Caribbean to a clean energy power grid that can https://louisvoau033.shutterfly.com/201 be used far more effectively that where the cost of electrical power can come 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 run out time, however I anticipate dealing with you in the future so that we can draft legislation to help strengthen the existence of America there, and I think everyone wins because situation. And I timeshare monthly payments 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 worsened by the DC heat. But we are going to go on 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. this morning. I was going well until the Falun Gong had a presentation on Constitution Opportunity. I will extremely briefly summarize my spoken statement which is that I think this is an essential time for the U.S. to re- examine its policy toward the Caribbean and to take a new strong effort in the Caribbean; because, the Caribbean has actually been having an extremely difficult time since the worldwide economic crisis; a combination of long term structural institutional factors in addition to some short-term cyclical aspects, such as oil rates.
and for Jamaica due to the fact that the U.S. is the main and biggest trading partner and primary source of investment and tourists. It remains in the interest of the U.S. to have a prosperous, peaceful, and democratic Caribbean. In that regard I focus on the financial concerns, because I believe the financial issues impinge on all the other issues which are essential such as governance, democracy, anti-narcotics campaigns. I have identified 6 concerns which I think require to be dealt with. The first issue which I believe requirements to be attended to is the debt scenario. The Caribbean nations have actually ended up being some of the most highly indebted countries in the world.