The de-risking of the reporter banking relationships are very crucial to the Caribbean due to the fact that worldwide monetary banks have been important not just to domestic economy but in its link to the worldwide economy. Some services have currently been choked off and there must be a method for us to discover an initiative Get more info that integrates the security objectives which we sign up for, and also at the same time, allow financial intermediation such as trade financing, transfers of profits, debt payments, et cetera, to continue. Finally, security. The little states of the Caribbean find it really hard to contend with global criminal offense linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, but I believe there is room to do more in the interest of our mutual security. Security these days can only be defined as worldwide and can only be reacted to by cooperation amongst nations. Fourthly, in the trade area there are some good legislation in location for trade. However, a number of the Caribbean nations are now service oriented countries and we need to take a look at possibilities for promoting mutual and helpful worth chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office support. I think by integrating the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can remain competitive both here and in the U.S - How to finance an investment property.
The Caribbean nations are seaside societies. Infrastructure, economic activity, population, the building 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 means that they are amongst the most susceptible countries to climate modification. More resources need to be offered in a more available method to mitigate climate modification and to help these countries in enduring. And I point especially to the traveler industry which is critically based on the quality of that instant coastal strip. Lastly, energy (What is a note in finance). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electricity which is among the highest cost on the planet onto energy in cheaper sources. That would serve to revive a whole variety of economic activity, consisting of production. How to find the finance charge. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be attended to. If we might resolve them in one total initiative led by the U.S. and including the advancement of financial institutions, I believe that they strengthen each other and it is time for a new bold effort in U.S. policy towards the Caribbean.
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[The ready statement of Mr. Bernal follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you so much for making the effort to be here. Mr. Meeks has concurred 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 quite and I apologize 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 believe that we can talk about U.S.
Venezuela developed Petrocaribe in 2005 to assist influence lots of countries in the hemisphere and as much as this point the technique has worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it provides the U.S. an opportunity to fill that space, and this is where we require the State Department and the Department of Energy to be exceptionally focused on this effort right now since it remains in our nationwide security interest to coordinate an energy option; a technique so that fewer countries in the Western Hemisphere would depend on a really undependable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to help them take advantage of the abundant and low-cost gas and the brand-new sophisticated clean wind and solar innovations available. By doing this we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take realistic actions towards minimizing carbon emissions. So the crisis in Venezuela may trigger an oil supply interruption. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are identified to make certain I carry a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela started the Petrocaribe at a time when lots of Caribbean countries were actually very extended financially and really required some assistance. However, the relationship has its complexities. For instance, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in regards to seaside waters based upon an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I think we are at a point where the relationship is going to end up being really unpredictable due to the fact that of no one knows exactly what will occur in the Caribbean with Venezuela.
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Numerous Caribbean nations are thinking beyond Petrocaribe because they do not presume that it will continue in its present form and they need to be considering options. This develops a juncture in which new initiatives, including from the U.S - What is a consumer finance company. in energy, would be really welcome in the region. Ms. Ros-Lehtinen. Thank you really much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for requiring 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 really much with your proficiency and because the Caribbean is extremely crucial, I believe.
It is really, you know when you look at our hemisphere and we have got to make sure that we reinforce and collaborating. And I hear my associates in regards to specifically Petrocaribe, however I believe that the problems that are confronting a great deal of the islands-- and I discover, for instance, Mr. Ambassador, you noted as number 6 in order of concern the energy crisis, et cetera, in trying to make certain. So I want to try to discover out as it relates to the islands themselves the things that are most pushing with them that would assist them overall with their economy, since I know, for example, you can't just depend upon tourism or you can't just depend upon, you know, https://designlike.com/simple-ways-to-invest-in-real-estate/ they have the diversity of it requires to be there.