The de-risking of the reporter banking relationships are really important to the Caribbean due to the fact that worldwide monetary banks have actually been important not just to domestic economy however in its link to the global economy. Some services have already been choked off and there need to be a way for us to find an initiative that integrates the security objectives which we sign up for, and likewise at the exact same time, allow monetary intermediation such as trade funding, transfers of profits, financial obligation payments, et cetera, to continue. Third, security. The small states of the Caribbean find it really tough to compete with global crime connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, but I believe there is space to do more in the interest of our shared security. Security nowadays can just be defined as worldwide and can just be responded to by cooperation among nations. Fourthly, in the trade area there are some excellent legislation in location for trade. However, many of the Caribbean countries are now service oriented nations and we need to take a look at possibilities for promoting shared and useful value chains which integrate U.S. and Caribbean in services such as health care, education, and back workplace support. I believe by integrating the abilities on 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 is a future in finance.
The Caribbean countries are coastal societies. Facilities, 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 among the most susceptible nations to climate change. More resources need to be offered in a more available way to alleviate environment modification and to assist these nations in enduring. And I point particularly to the traveler market which is critically reliant on the quality of that instant coastal strip. Finally, energy (What is the difference between accounting and finance). 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 greatest expense on the planet onto energy in less expensive sources. That would serve to revive an entire variety of economic activity, including production. What is a future in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be attended to. If we might address them in one general initiative led by the U.S. and including the advancement of financial organizations, I believe that they enhance each other and it is time for a new vibrant initiative 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 so much for making the effort to be here. Mr. Meeks has actually agreed we are going to skip over him and go to the previous chairman of the full 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 crucial hearing. And I don't think that we can talk about U.S.
Venezuela developed Petrocaribe in 2005 to assist affect numerous countries in the hemisphere and approximately this point the strategy 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 gives the U.S. a chance 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 today since it remains in our nationwide security interest to collaborate an energy service; a method so that fewer nations in the Western Hemisphere would depend on an extremely undependable Venezuela.
And I believe that we have actually got to be working with our partners, our allies in the Caribbean to assist them take benefit of the plentiful and low-cost natural gas and the brand-new innovative clean wind and solar innovations available. In this manner we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take sensible steps towards decreasing carbon emissions. So the crisis in Venezuela may trigger an oil supply disruption. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My colleagues are figured out to ensure I carry 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 lots of Caribbean nations were truly extremely stretched financially and truly required some help. However, the relationship has its complexities. For example, Venezuela claims a huge share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in regards to seaside waters based on an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial support. I believe we are at a juncture where the relationship is going to end up being very unpredictable because of nobody knows precisely what will occur in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe because they do not assume that it will continue in its present type and they need to be considering alternatives. This creates a point how to rent out a timeshare in which new initiatives, consisting of from the U.S - How to become a finance manager at a car dealership. in energy, would be extremely welcome in the area. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. read more Well, thank you. Thanks for requiring 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 excellent to see all of you who, you understand, we trust quite with your proficiency and since the Caribbean is exceptionally important, I believe.
It is truly, 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 colleagues in concerns to particularly Petrocaribe, but I believe that the concerns that are challenging a lot of the islands-- and I see, for instance, Mr. Ambassador, you noted as number 6 in order of concern the energy crisis, et cetera, in trying to make sure. So I wish to attempt to discover out as it pertains to the islands themselves the things that are most pressing with them that would assist them overall with their economy, due to the fact that I understand, for instance, you can't simply rely on tourist or you can't just rely on, you know, they have the diversification of it needs to be there.