And so who will fill that void? Who would best be to fill that? And what I desire you to think about, I am being a little bit jaded here. I think I would like to see an American company been available in there and fill that void. How would you see that happening and what would you recommend? We will begin with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well placed to fill the void on the occasion that Venezuela is no longer able to offer selling timeshare timeshares good or bad through the Petrocaribe program. I believe the surplus gas, I believe the growth of tidy and renewable resource, the region is actually at a crossroads in regards to transitioning to clean and renewable energy whether its solar or wind.
One of the problems, for example, is OPEC has a large amount of financial investment in the Caribbean in the energy area. But there are 2 problems. The size of the marketplaces in the smaller sized countries of the Caribbean don't necessarily enable them to receive OPEC financing or truly be able to create a great plan for OPEC financing, and the 2nd point is lack of feasibility studies (What does etf stand for in finance). What does etf stand for in finance. OPEC doesn't make sell timeshare rci grants and it does not do expediency studies therefore there is a great deal of legwork that requires to be carried out in order bring some of this brand-new technology into the area.
Yoho. Is there any private collaborations, private-public partnerships or NGOs that you would advise that would be best matched, you understand, with the oil companies and, you understand, among our think tanks up here? Ms. Yearwood. I would suggest Eric. No. Mr. Yoho. You need to like that. Is that a segue you desire 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 concern is we can't fret about what occurred in the past over the last 20 or thirty years.
And I know our sensations are we do not want to inform you how to live, we just wish to be excellent trading partners with you, but assist become strong trading partners where we establish an economic 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 seen them become the age of puberty and they have a lot of cash 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 seen the financial investments they have actually done in the Caribbean, you understand, in the Bahamas-- I believe it was $3 \ 1/2 \ billion-- and what they have performed in Panama and Honduras and all that.
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I simply think there are better partners that we can have and I think that would come from the great 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. Yoho, thank you for the question. And let me make a fast footnote on the China problem, initially, if I can. You know, China's engagement in the Caribbean-- and Ambassador Bernal is the true 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 example, where it is much more industrial, it is a lot 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 need to keep in mind that part of the aspect as well. In terms of the energy relationship, among the things we are gaining from the reforms in Mexico is it is not just 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. But what it is even more impactful in Mexico is the power grid, the electrical power, and when that gets freed up the expense of electrical energy boils down and that is really helpful for the consumer.
And so if you can bring that cost down to the consumer, initially of all, you have more disposable income to spend on other things, however also it becomes a far more competitive industrial platform to start to produce therefore that begins to bring financial investment, which today is more limited because again on the size of the economy. So if there is one aspect that could really be concentrated on, you understand, it is not let's continue to import dirty diesel fuel and some of the really filthy contaminants that Venezuela is supplying - How long can i finance a used car. Let's help convert the Caribbean to a clean energy power grid that can be utilized much more efficiently that where the cost of electrical energy 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, however I look forward to working with you in the future so that we can prepare legislation to help bolster the presence of America there, and I believe everyone wins in that circumstance. 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 recognize you for 5 minutes for an opening declaration. 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 early morning. I was working out up until the Falun Gong had a presentation on Constitution Avenue. I will extremely quickly summarize my spoken declaration which is that I believe this is an essential time for the U.S. to re- examine its policy toward the Caribbean and to take a new vibrant initiative in the Caribbean; because, the Caribbean has been having a very hard time given that the global recession; a combination of long term structural institutional factors in addition to some brief term cyclical factors, such as oil prices.
and for Jamaica due to the fact that the U.S. is the primary and largest trading partner and primary source of investment and travelers. It is in the interest of the U.S. to have a prosperous, peaceful, and democratic Caribbean. In that regard I concentrate on the financial concerns, due to the fact that I think the economic problems strike all the other problems which are essential such as governance, democracy, anti-narcotics campaigns. I have recognized 6 problems which I think need to be dealt with. The first concern which I think needs to be resolved is the debt scenario. The Caribbean nations have become some of the most highly indebted nations in the world.