Hawaii Needs New Engines of Economic Growth
Date: Thu, October 02, 2014
Time: 4:30 – 5:30PM
Location: Holmes Hall 244
Speaker: Karl Fooks, President, Hawaii Strategic Development Corporation
Abstract: Hawaii needs new engines of economic growth. The two pillars of the economy, tourism and federal expenditures, are not forecasted to generate new growth opportunities on their own.
A recent University of Hawaii Economic Research Organization report recently stated, “Hawaii’s economy is dominated by sectors that contribute only modest productivity growth and cannot be sources of long-term improvements in the quality of life for Hawaii residents.” The report concluded “if Hawaii is to improve the quality of life and increase living standards for its citizens, we must rely on industries that can both contribute to and benefit from technical change."
Bio, Karl Fooks: Karl is the president of the Hawaii Strategic Development Corporation, an agency of the state of Hawaii that partners with private sector investors to mobilize investment capital for the growth sectors of Hawaii’s economy. Formerly a managing director and head of Private Equity in Asia for J.P. Morgan & Co., Karl has extensive experience as an investment professional. Prior to that position, Karl was head of Mergers and Acquisitions in Asia for J.P. Morgan & Co. He holds a master’s degree from the Woodrow Wilson School of Public and International Affairs at Princeton University, a bachelor’s degree from the University of California, Berkeley and hails from the North Shore of Oahu.