Administration Moves Forward on Five-Point Plan for Economic Action
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With the economy a top concern for families and businesses across the state and nation, the Lingle-Aiona Administration is hard at work implementing a comprehensive, five-point economic plan to stabilize our economy.
Capital Improvement Plan to Stimulate Economy StatewideGovernor Lingle, neighbor island mayors, legislators, construction industry executives and labor leaders unveiled a sweeping plan to implement $1.8 billion in public infrastructure improvement projects statewide as part of a comprehensive effort to stimulate and strengthen the economy and create jobs. This collaborative plan focuses on 1,521 projects statewide which have been already budgeted and approved by the Legislature and are ready to start construction within the next 18 months.
Promoting Business, Tourism in AsiaContinuing the Administration's bold efforts at home and abroad, Governor Linda Lingle and Lt. Governor James R. "Duke" Aiona, Jr. traveled separately to Asia to promote travel to Hawai`i as well as business investments and partnerships with the state. The Governor and Lt. Governor held numerous discussions with visitor industry leaders and announced exciting new developments in air service to Hawai`i. Read more. In addition, the need to transition from oil to clean, renewable energy sources was a predominant theme throughout the Governor's official state visits to Taiwan and China. While in Taiwan, Governor Lingle announced an agreement between the Taiwan Industrial Technology Research Institute (ITRI) and Lockheed Martin Corporation to develop a 10 megawatt (MW) Ocean Thermal Energy Conversion (OTEC) pilot plant in Hawai`i. Read more.
Hawai`i's Economy Is Fundamentally StrongWhile Hawai`i is facing a projected $1.1 billion reduction in the rate of economic growth, the state continues to maintain a healthy cash position. In recognition of the Lingle-Aiona Administration's history of fiscal accountability and our state's strong constitutional-based fiscal controls, national bond rating agencies such as Moody's, Fitch and Standard and Poor's recently retained Hawai`i's high bond ratings and projected a "stable" outlook for our economy. "During turbulent times, we have successfully maintained our high bond ratings," said Governor Lingle. "This is a testament to the strength of our economic foundation and also supports our proactive efforts to stimulate our economy, including moving forward with bond-funded infrastructure improvements to our airports, harbors, highways, state parks, the University and public schools." Long-Term Strategies to Transform Hawai`i's EconomyAt the same time it is focused on immediate steps to bolster Hawai‘i’s current economic conditions, the Lingle-Aiona Administration continues to pursue long-term strategies aimed at transforming our economy. In addition to the Hawai`i Innovation Initiative, which is focused on developing our workforce with skills they need to succeed in the 21st-century global economy, the state is also working with the U.S. Department of Energy in an unprecedented partnership - the Hawai`i Clean Energy Initiative. The partnership seeks to supply 70 percent of Hawai‘i’s energy needs from clean or renewable sources by 2030. Maximizing our use of renewable energy will assist Hawai`i's economy by attracting outside investment, decreasing energy prices for consumers and reducing the $7 billion we spend annually to import oil from foreign governments. "I firmly believe that as a state we are on the right track in pursuing our short- and long-term goals,” said Governor Lingle. “I am also confident that the resiliency and innovation of our people will pull us through the current economic situation and result in a stronger, economically healthier state in the years ahead."
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