LT. GOVERNOR OUTLINES VISION FOR TECH INDUSTRY

September 30 - Lt. Governor Aiona charted efforts by the Administration to broaden the state's reach into high-technology industries.

The Lt. Governor's remarks opened the 7th annual Flavors of Technology, which honored leaders in the tech industry.

Today, Hawai`i has approximately 1,500 tech companies, according to the state Department of Business Economic Development and Tourism.

In 2005, tech firms created 13,813 jobs, representing a one-year gain of more than 700 jobs for tech companies in Hawai`i.

"As you can see, expansion of the high-tech industry continues," Lt. Governor Aiona told an audience of approximately 1,000 people at the Sheraton Waikiki Hotel. "Through the Hawai`i Innovation Initiative, we are pushing the economy to create more living-wage jobs of at least $50,000."

The Lt. Governor cited the technology sector as a primary example, where the average salary was $57,458 in 2005, about 66 percent above the overall private sector average.

"This is all a great sign for the local economy as we work together to develop new and innovative ways to increase Hawai`i's ability to compete in the global economy," said Lt. Governor Aiona.

Hawai`i's high-technology tax credit, better known as ACT 221/215 has played an important role in the creation of 3,000 new jobs by Hawai`i technology firms.

"Make no mistake about it," said Lt. Governor Aiona. "The high-technology tax credit has helped diversify Hawai`i's economy."