Hawaii Business Resource
The “Hawaii Open for Business” initiative was created as a Hawaii business resource in the form of a more competitive environment in the state. As part of Hawaii’s “Five Point Economic Plan,” the initiative is aimed at creating and retaining new jobs, as well as bringing new industries to the islands.
Tourism has been a mainstay of the Hawaiian economy, although increasingly the state has sought to reform business rules and regulations to attract outside capital and create new jobs.
Part of that strategy includes the “Hawaii Clean Energy Initiative,” which is tasked with achieving 70 percent clean energy consumption for the state by 2030. Hawaii has some of the highest energy costs in the nation, creating a disincentive for business to locate in the state. By finding alternative energy sources, Hawaii hopes to expand opportunities for business growth while greatly reducing the $7 billion a year in state wealth exported to purchase foreign oil.
The “Hawaii Innovation Initiative” aims to build capacity in the state’s creative and entrepreneurial workforce to compete in the global economy, while the “Global Links” effort seeks to increase the range and value of goods and services exchanged between Hawaii and its export markets.
Industries targeted for attention fall under three primary groups: technology, creative industries, and agribusiness. The technology cluster includes computer and engineering services, biotechnology, and technical consulting services. Creative industries include engineering research and development, computer and digital media, and architecture/design services. Agribusiness, which along with tourism has traditionally made up the bulk of a Hawaii business resource, includes agricultural packaging, processing, warehousing, and aquaculture.