HOUSE OF REPRESENTATIVES

H.C.R. NO.

170

TWENTY-NINTH LEGISLATURE, 2017

 

STATE OF HAWAII

 

 

 

 

 


HOUSE CONCURRENT

RESOLUTION

 

 

RECOGNIZING AND SUPPORTING THE POSITIVE ECONOMIC IMPACT OF FOREIGN DIRECT INVESTMENT TO THE STATE OF HAWAII.

 

 

 


     WHEREAS, according to the latest available data from the United States (U.S.) Department of Commerce Bureau of Economic Analysis, U.S. subsidiaries of foreign-headquartered companies directly employ 37,000 Hawaii individuals; and

 

     WHEREAS, U.S. subsidiary jobs account for 7.3 percent of the State's private sector workforce, ranking Hawaii fifth in the nation with regard to the percentage of a state's private sector workforce attributed to foreign direct investment; and

 

     WHEREAS, 3,500 of U.S. subsidiary jobs in Hawaii are in the manufacturing sector; and

 

     WHEREAS, the average national pay for workers at U.S. subsidiaries is $80,041, which is more than 30 percent higher than the national economy-wide average; and

 

     WHEREAS, according to the 2016 report, "Jobs We Need," by PricewaterhouseCoopers for the Organization for International Investment, foreign direct investment supports more than 90,000 Hawaii jobs when direct, indirect, and induced jobs are counted together; and

 

     WHEREAS, U.S. subsidiaries looking to grow their businesses and invest in the United States have 50 states as potential investment options; and

 

     WHEREAS, U.S. subsidiaries that select Hawaii as a future investment location will invest capital, create local jobs, support local suppliers and businesses, pay state and local taxes, and contribute to the State's economic growth; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-ninth Legislature of the State of Hawaii, Regular Session of 2017, the Senate concurring, that this body recognizes and supports the positive economic impact of foreign direct investment to the State; and

 

     BE IT FURTHER RESOLVED that the State:

 

(1)  Affirms that foreign direct investment is valuable to job creation and economic growth in Hawaii;

 

(2)  Declares that Hawaii is committed to treating all Hawaii businesses, whether domestic-based or foreign-based, equally in law and regulation;

 

(3)  Declares that Hawaii's state and county governments shall do their best to empower economic developers in the State to create jobs; and

 

(4)  Declares that the State recognizes the significance of and supports foreign direct investment in Hawaii; and

 

     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the President of the United States, President Pro Tempore of the United States Senate, Speaker of the United States House of Representatives, United States Secretary of Commerce, members of Hawaii's Congressional Delegation, and the Governor of the State of Hawaii.

 

 

 

 

OFFERED BY:

_____________________________

 

 

Report Title:

Foreign Direct Investment; Job Creation; Economic Growth