The de-risking of the reporter banking relationships are extremely important to the Caribbean due to the fact that worldwide financial banks have actually been critical not just to domestic economy however in its link to the worldwide economy. Some services have actually already been choked off and there must be a method for us to find an initiative that combines the security goals which we sign up for, and also at the same time, allow monetary how to not inherit timeshare contract intermediation such as trade funding, transfers of earnings, financial obligation payments, et cetera, to continue. Thirdly, security. The small states of the Caribbean find it very difficult to contend with global crime connected to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these nations, but I believe there is room to do more in the interest of our shared security. Security these days can just be specified as worldwide and can only be reacted to by cooperation amongst countries. Fourthly, in the trade area there are some great legislation in place for trade. However, a number of the Caribbean nations are now service oriented countries and we require to take a look at possibilities for promoting mutual and advantageous value chains which combine U.S. and Caribbean in services such as healthcare, education, and back office assistance. I believe by combining the abilities on Capitol Hill with a few of the human resources in the Caribbean, these companies can remain competitive both here and in the U.S - How old of a car will a bank finance.
The Caribbean nations are seaside societies. Facilities, financial activity, population, the building environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It indicates that they are amongst the most susceptible countries to climate change. More resources need to be made available in a more available method to reduce environment modification and to help these countries in surviving. And I point especially to the tourist industry which is critically based on the quality of that immediate seaside strip. Lastly, energy (How to finance a house flip). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
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Solar, wind, and thermal all have possibilities, and to shift the production of electricity which is amongst the highest expense on the planet onto energy in cheaper sources. That would serve to revive an entire series of financial activity, including production. Which of the following approaches is most suitable for auditing the finance and investment cycle?. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that require to be addressed. If we might address them in one general 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 strong effort in U.S. policy towards 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 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 can you foreclose on a timeshare I do not believe that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to help affect many countries in the hemisphere and up to this point the method has worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it offers the U.S. a chance to fill that space, and this is where we need the State Department and the Department of Energy to be incredibly focused on this effort today since it remains in our national security interest to coordinate an energy service; a strategy so that fewer nations in the Western Hemisphere would be reliant on a very unreliable Venezuela.
And I believe that we have got to be dealing with our partners, our allies in the Caribbean to help them make the most of the plentiful and cheap gas and the new innovative tidy wind and solar innovations offered. In this manner we enhance our partners' economies, we buffer the area from the effects of Venezuelan collapse and take reasonable steps toward decreasing carbon emissions. timeshare warrior So the crisis in Venezuela might cause an oil supply disturbance. What effect would such a disturbance have on the Caribbean nations? Mr. Bernal. My associates are figured out to make certain I bring 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 many Caribbean countries were actually very extended financially and actually needed some assistance. Nevertheless, the relationship has its complexities. For example, Venezuela claims a large share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in terms of seaside waters based on an island almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary assistance. I think we are at a juncture where the relationship is going to end up being extremely unpredictable because of nobody understands precisely what will occur in the Caribbean with Venezuela.
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Numerous Caribbean nations are believing beyond Petrocaribe due to the fact that they don't assume that it will continue in its present form and they have to be thinking about alternatives. This produces a juncture in which brand-new initiatives, consisting of from the U.S - Which one of the following occupations best fits into the corporate area of finance?. in energy, would be extremely welcome in the area. Ms. Ros-Lehtinen. Thank you very much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking time to diminish 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 expertise and because the Caribbean is very important, I think.
It is actually, you know when you take a look at our hemisphere and we have actually got to make sure that we strengthen and interacting. And I hear my coworkers in regards to especially Petrocaribe, however I think that the concerns that are challenging 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 attempting to make certain. So I wish to search for out as it refers to the islands themselves the important things that are most pressing with them that would help them overall with their economy, due to the fact that I understand, for example, you can't simply depend upon tourism or you can't simply depend upon, you know, they have the diversity of it needs to be there.