The de-risking of the correspondent banking relationships are very essential to the Caribbean since worldwide financial banks have actually been vital not just to domestic economy however in its link to the worldwide economy. Some services have currently been choked off and there should be a method for us to discover an initiative that integrates the security goals which we register for, and also at the very same time, permit monetary intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean discover it really difficult to compete with transnational criminal offense connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional task in supporting these countries, however I believe there is space to do more in the interest of our shared security. Security nowadays can just be defined as international and can only be reacted to by cooperation amongst nations. Furthermore, in the trade area there are some good legislation in location for trade. However, a lot of the Caribbean nations are now service oriented nations and we need to take a look at possibilities for promoting mutual and advantageous worth chains which integrate U.S. and Caribbean in services such as health care, education, and back office support. I think by combining the skills on Capitol Hill with some of the human resources in the Caribbean, these companies can remain competitive both here and in the U.S - How to finance a second home.
The Caribbean nations are seaside 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 example, Belize and Guyana. It implies that they are among the most susceptible countries to climate modification. More resources require to be offered in a more accessible way to mitigate environment change and to assist these countries in enduring. And I point especially to the tourist industry which is seriously based on the quality of that immediate coastal strip. Finally, energy (Which one of the following occupations best fits into the corporate area of 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 shift the production of electrical energy which is amongst the greatest cost on the planet onto energy in cheaper sources. That would serve to restore a whole series of economic activity, including production. Trade credit may be used to finance a major part of a firm's working capital when. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that need to be dealt with. If we could address them in one overall effort 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 brand-new bold 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 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 very much 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 believe that we can talk about U.S.
Venezuela developed Petrocaribe in 2005 to help influence numerous countries in the hemisphere and as much as this point the technique has worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro program. So it gives 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 concentrated on this effort today since it remains in our national security interest More helpful hints to coordinate an energy service; a method so that less countries in the Western Hemisphere would depend on a really undependable Venezuela.
And I think that we have actually got to be dealing with our partners, our allies in the Caribbean to help them take advantage of the abundant and low-cost natural gas and the brand-new innovative clean wind and solar innovations offered. In this manner we enhance our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take sensible steps toward minimizing carbon emissions. So the crisis in Venezuela may cause an oil supply interruption. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are identified to make sure I carry a reasonable 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 truly extremely stretched financially and truly required some help. Nevertheless, the relationship has its intricacies. For instance, Venezuela claims a huge share of Guyana which is a member of the CARICOM group. It also has extended its claims in terms of coastal waters based upon an island nearly 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 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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A number of Caribbean countries are thinking beyond Petrocaribe because they do not assume that it will continue in its present kind and they have to be thinking of alternatives. This develops a juncture in which brand-new efforts, consisting of from the U.S - How to find the finance charge. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you extremely much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking some 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 rely upon quite with your expertise and since the Caribbean is incredibly important, I think.
It is truly, you understand when you take a look at our hemisphere and we have got to make sure that we reinforce and working together. And I hear my coworkers in regards to specifically Petrocaribe, but I believe that the https://www.thepinnaclelist.com/articles/how-save-hours-your-life-real-estate-strategy/ problems that are facing a great deal of the islands-- and I notice, for instance, Mr. Ambassador, you listed as number 6 in order of priority the energy crisis, et cetera, in attempting to make sure. So I wish to search for out as it refers to the islands themselves the things that are most pressing with them that would help them general with their economy, since I know, for example, you can't just rely on tourism or you can't just rely on, you understand, they have the diversification of it requires to be there.