Governor Addresses Economy
In her keynote remarks during the Teo Chew Chamber of Commerce's annual installation dinner, Governor Lingle outlined her Administration's work to increase Hawai`i's global profile while also bolstering the state's economy.
Governor Lingle and Teo Chew Chamber of Commerce leaders participate in the traditional Lion Dance.
In light of moderated projected economic growth, the Lingle-Aiona Administration has developed a six-point plan for immediate steps to improve Hawai`i's current economic conditions, while transforming the state's economy through comprehensive and strategic long-term initiatives.
"We're focused on finding innovative ways to maintain public service at the highest level while using fewer resources," said Governor Lingle.
The Administration's five-point plan calls for investing in improvements to our infrastructure and state facilities; lowering business fees and providing tax relief; attracting outside investment, especially in energy; and maximizing federal dollars and partnerships.
The Governor also highlighted her Administration's work to strengthen connections with neighboring Asia-Pacific nations as a critical component of the Hawai`i Innovation Initiative.
"Encouraging Hawai`i business, organizations and students to form international links through programs and exchanges will help transform our economy, ensure Hawai`i's success in global economy and enhance our residents' quality of life," said Governor Lingle.
While Hawai`i currently faces economic challenges influenced largely by national and international factors, the foundation of the state's economy remains strong, as reflected in two national surveys.
Taking into account six criteria, including business costs, labor pool, regulatory environment, growth prospects, economic climate and quality of life, Forbes magazine ranked Hawai`i 27th in the nation as the best place to do business, improving 10 spots from 2007.
Forbes also ranked Hawai`i 4th in the nation for economic climate and 10th in the nation for labor.
In addition, Hawai`i posted remarkable improvement in the State Technology and Science Index published by the Milken Institute, climbing 11 spots to rank 28th overall in the nation.
