The de-risking of the reporter banking relationships are very important to the Caribbean because worldwide financial banks have been crucial not just to domestic economy however in its link to the global economy. Some services have currently been choked off and there must be a way for us to find an effort that combines the security objectives which we subscribe to, and also at the exact same time, permit financial intermediation such as trade funding, transfers of earnings, debt payments, et cetera, to continue. Thirdly, security. The little states of the Caribbean discover it very difficult to compete with transnational crime connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these countries, however I think there is space to do more in the interest of our shared security. Security nowadays can only be specified as worldwide and can just be reacted to by cooperation among nations. Fourthly, in the trade area there are some good legislation in location for trade. However, much of the Caribbean countries are now service oriented nations and we require to analyze possibilities for promoting shared and advantageous worth chains which integrate U.S. and Caribbean in services such as health care, education, and back office support. I believe by combining the skills on https://designlike.com/simple-ways-to-invest-in-real-estate/ Capitol Hill with a few of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - What credit score is needed to finance a car.
The Caribbean nations are coastal societies. Facilities, financial activity, population, the structure environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for instance, Belize and Guyana. It suggests that they are amongst the most susceptible nations to climate modification. More resources need to be offered in a more accessible method to reduce climate modification and to assist these nations in making it through. And I point particularly to the tourist market which is seriously dependent on the quality of that instant coastal strip. Lastly, energy (What does finance a car mean). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to shift the production of electrical energy which is among the greatest expense in the world onto energy in cheaper sources. That would serve to revive a whole range of financial activity, including production. What is internal rate of return in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be attended to. If we could address them in one total initiative led by the U.S. and including the development of banks, I think that they reinforce each other and it is time for a new vibrant effort in U.S. policy toward the Caribbean.
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[The prepared statement of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has actually agreed we are going to skip over him and go to the former chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so extremely much and I ask forgiveness for coming late. And we have another hearing which I am chairing on Syria, but thank you, Chairman Duncan and Ranking Member Sires, for holding this essential hearing. And I don't think that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to help affect numerous countries in the hemisphere and as much as this point the method has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro regime. So it offers the U.S. an opportunity to fill that space, and https://www.sunshinekelly.com/2020/07/all-you-need-to-know-about-timeshares.html this is where we require the State Department and the Department of Energy to be very focused on this effort right now since it remains in our national security interest to coordinate an energy solution; a method so that fewer nations in the Western Hemisphere would depend on a very unreliable Venezuela.
And I believe that we have got to be working with our partners, our allies in the Caribbean to help them take advantage of the plentiful and low-cost gas and the new sophisticated clean wind and solar innovations available. In this manner we strengthen our partners' economies, we buffer the area from the effects of Venezuelan collapse and take practical steps toward minimizing carbon emissions. So the crisis in Venezuela might cause an oil supply interruption. What impact would such a disruption have on the Caribbean nations? Mr. Bernal. My associates are identified to make sure I carry a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela started the Petrocaribe at a time when lots of Caribbean nations were truly extremely extended financially and truly required some help. However, the relationship has its intricacies. For instance, Venezuela declares a huge share of Guyana which belongs to the CARICOM group. It also has extended its claims in terms of seaside waters based on an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary assistance. I believe we are at a juncture where the relationship is going to end up being very unforeseeable since of nobody knows precisely what will take place in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe because they don't presume that it will continue in its present form and they have to be believing of options. This creates a juncture in which new initiatives, consisting of from the U.S - What is a consumer finance company. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking some time to run down here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank you, Mr. Chairman. And thank you for being here, and good to see all of you who, you understand, we trust extremely much with your expertise and since the Caribbean is very crucial, I think.
It is actually, you understand when you take a look at our hemisphere and we have got to ensure that we strengthen and collaborating. And I hear my colleagues in concerns to specifically Petrocaribe, however I think that the problems that are confronting a lot of the islands-- and I discover, for instance, Mr. Ambassador, you noted as number six in order of priority the energy crisis, et cetera, in attempting to ensure. So I wish to try to find out as it refers to the islands themselves the important things that are most pushing with them that would help them overall with their economy, due to the fact that I know, for instance, you can't simply depend upon tourism or you can't simply rely on, you understand, they have the diversification of it needs to be there.