The de-risking of the reporter banking relationships are really crucial to the Caribbean because worldwide financial banks have actually been crucial not only to domestic economy however in its link to the global economy. Some services have actually currently been choked off and there should be a way for us to discover an initiative that combines the security objectives which we sign up for, and likewise at the very same time, enable financial intermediation such as trade funding, transfers of revenues, debt payments, et cetera, to continue. Third, security. The small states of the Caribbean find it really challenging to contend with transnational criminal activity linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an impressive job in supporting these nations, however I think there is room to do more in the interest of our mutual security. Security these days can only be specified as global and can just be reacted to by cooperation amongst nations. Fourthly, in the trade area there are some good legislation in location for trade. Nevertheless, many of the Caribbean countries are now service oriented countries and we require to take a look at possibilities for promoting shared and useful worth chains which integrate U.S. and Caribbean in services such as health care, education, and back office assistance. I believe by combining the abilities on Capitol Hill with some of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - What is a note in finance.
The Caribbean countries are coastal societies. Facilities, economic 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 indicates that they are amongst the most vulnerable nations to climate change. More resources require to be offered in a more available way to alleviate environment modification and to assist these nations in enduring. And I point especially to the tourist market which is critically reliant on the quality of that immediate coastal strip. Finally, energy (How to finance an investment property). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have possibilities, and to shift the production of electricity which is among the highest expense in the world onto energy in less costly sources. That would serve to revive a whole series of financial activity, including manufacturing. How to finance an investment property. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be dealt with. If we might resolve them in one overall effort led by the U.S. and including the advancement of financial organizations, I think that they strengthen each other and it is time for a brand-new strong initiative in U.S. policy toward the Caribbean.
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[The prepared declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you so much for making the effort to be here. Mr. Meeks has actually concurred we are going to skip over him and go to the previous chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I excuse 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 important hearing. And I do not believe that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to help influence many countries in the hemisphere and approximately this point the strategy has actually worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro program. So it gives the U.S. an opportunity to fill that void, and this is where we need the State Department and the Department of Energy to be exceptionally concentrated on this effort right now because it remains in our nationwide security interest to coordinate an energy solution; a strategy so that less countries in the Western Hemisphere would be reliant on an extremely undependable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to help them take benefit of the plentiful and inexpensive natural gas and the brand-new innovative tidy wind and solar innovations available. By doing this we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take sensible actions towards lowering carbon emissions. So the crisis in Venezuela may cause an oil supply interruption. What effect would such a disruption have on the Caribbean nations? Mr. Bernal. My coworkers are determined to make certain I carry a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela initiated the Petrocaribe at a time when many Caribbean countries were truly very stretched financially and really required some help. However, the relationship has its intricacies. For instance, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in regards to coastal waters based upon an island almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial support. I think we are at a juncture where the relationship Check out this site is going to become very unpredictable due to the fact that of nobody understands precisely what will happen in the Caribbean with Venezuela.
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Several Caribbean nations are thinking beyond Petrocaribe since they do not assume that it will continue in its present form and they need to be thinking about alternatives. This develops a juncture in which brand-new efforts, including from the U.S - What happened to household finance corporation. in energy, would be extremely welcome in the region. Ms. Ros-Lehtinen. Thank you quite, 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 great to see all of you who, you understand, we rely upon really much with your competence and since the Caribbean is exceptionally important, I think.
It is actually, you understand when you look at our hemisphere and we have actually got to make certain that we strengthen and working together. And I hear my coworkers in regards to specifically Petrocaribe, however I believe that the concerns that are challenging a https://scienceprog.com/how-new-technologies-are-changing-the-real-estate-market/ lot of the islands-- and I see, for instance, Mr. Ambassador, you noted as number 6 in order of top priority the energy crisis, et cetera, in trying to ensure. So I want to try to discover out as it relates to the islands themselves the important things that are most pushing with them that would help them general with their economy, due to the fact that I understand, for example, you can't simply rely on tourism or you can't just depend upon, you know, they have the diversification of it needs to be there.