The de-risking of the correspondent banking relationships are very important to the Caribbean since worldwide monetary banks have been crucial not just to domestic economy however in its link to the international economy. Some services have currently been choked off and there should be a method for us to discover an effort that integrates the security objectives which we sign up for, and also at the very same time, enable financial intermediation such as trade funding, transfers of profits, debt payments, et cetera, to continue. Finally, security. The little states of the Caribbean discover it very tough to compete with transnational crime linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an outstanding job in supporting these nations, but I believe there is space to do more in the interest of our mutual security. Security nowadays can only be defined as international and can just be reacted to by cooperation amongst countries. Furthermore, in the trade area there are some excellent legislation in location for trade. Nevertheless, numerous of the Caribbean countries are now service oriented nations and we require to take a look at possibilities for promoting mutual and useful value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back workplace support. I believe by integrating the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can stay competitive both here and in the U.S - How to become a finance manager at a car dealership.
The Caribbean nations are coastal societies. Facilities, financial activity, population, the building environment are all concentrated on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It indicates that they are among the most susceptible nations to environment modification. More resources require to be provided in a more available way to mitigate environment modification and to assist these nations in making it through. And I point particularly to the traveler market which is seriously depending on the quality of that instant seaside strip. Lastly, energy (How long can you finance a camper). 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 electrical power which is among the highest cost in the world onto energy in less costly sources. That would serve to revive a whole variety of economic activity, consisting of manufacturing. How many years can you finance a boat. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that need to be dealt with. If we could resolve them in one overall initiative led by the U.S. and including the advancement of banks, I believe that they reinforce each other and it is time for a brand-new bold initiative in U.S. policy toward the Caribbean.
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[The prepared declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE 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 former chairman of the complete committee, Ms. Ros- Lehtinen, for 5 https://azbigmedia.com/real-estate/what-is-a-timeshare-the-basics-explained/ 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 essential hearing. And I do not believe that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to help influence numerous countries in the hemisphere and as much as this point the technique has actually worked. However, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro program. So it gives the U.S. an opportunity to fill that void, 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 method so that less countries in the Western Hemisphere would be dependent on an extremely unreliable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to help them benefit from the abundant and low-cost natural gas and the new innovative clean wind and solar innovations offered. By doing this we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take sensible steps toward minimizing carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What effect would such a disruption have on the Caribbean countries? Mr. Bernal. My coworkers are determined to make sure I bring a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela initiated the Petrocaribe at a time when many Caribbean nations were truly extremely stretched financially and truly needed some help. However, the relationship has its intricacies. For example, Venezuela claims a large share of Guyana which is a member of the CARICOM group. It likewise has actually extended its claims in terms of seaside waters based on an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial support. I think we are at a point where the relationship is going to become extremely unpredictable since of nobody knows precisely what will happen in the Caribbean with Venezuela.
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Numerous Caribbean nations are believing beyond Petrocaribe because they don't presume that it will continue in its present form and they have to be thinking about alternatives. This produces a point in which new efforts, consisting of from the U.S - What does ear stand for in finance. 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 excellent to see all of you who, you know, we trust quite with your expertise and due to the fact that the Caribbean is very crucial, I think.
It is really, you know when you take a look at our hemisphere and we have got to make sure that we enhance and interacting. And I hear my associates in regards to specifically Petrocaribe, however I believe that the problems that are confronting a lot of the islands-- and I discover, for instance, Mr. Ambassador, you listed as number six in order of top priority the energy crisis, et cetera, in attempting to make certain. 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 assist them general with their economy, due to the fact that I understand, for instance, you can't simply rely on tourism or you can't just rely on, you understand, they have the diversity of it requires to be there.