Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committees on Economic Development & Business Concerns and International Affairs, to which was referred S.B. No. 1792, S.D. 1, entitled:

beg leave to report as follows:

The purpose of this bill is to attract foreign technology companies to conduct business in Hawaii by appropriating funds to establish an International Business and Technology Incubator Program (Program) in Hawaii.

The High Technology Development Corporation (HTDC) testified in support of this bill.

Your Committees find that HTDC is well equipped to assist foreign countries seeking to open a branch in Hawaii to understand legal, financial, and human resource practices in the United States. HTDC stated that the Program would become self-sufficient from the fees charged to client companies for the services provided and the funding provided by the State will be used for start-up costs.

As affirmed by the records of votes of the members of your Committees on Economic Development & Business Concerns and International Affairs that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 1792, S.D. 1, and recommend that it pass Second Reading and be referred to the Committee on Finance.