The closing of the Alexander &Baldwin sugar plantation on Maui signaled, for many, the loss of one of our last agriculture institutions in Hawaii.

It also marked the end of an era of agriculture as a major contributor to our state’s economy.

As we look to the future, we must build on our existing strengths of the visitor industry and military community, while recognizing that these sectors may not generate the same levels of growth that they enjoyed in the past.

In order to keep our community vibrant and our economy expanding, we will need to focus on another sector that will bring new dollars to Hawaii’s economy. A research and innovation sector that fosters a research environment to fuel innovative ideas and promote entrepreneurship will better position Hawaii for future economic growth and expansion.

There is no question that innovation as a result of research and development contributes greatly to economic growth. It is oftentimes the catalyst for change, job creation and a higher standard of living.

The research and innovation sector will bring in new dollars to our state’s economy and create a wide range of jobs for our young people so they may continue to live and work in Hawaii and enjoy the quality of life that we all hope for them.

One of the underlying keys to a research and innovation sector is an excellent research university. Top research universities produce multiplier effects by attracting talent and dollars to the university, which in turn, attracts high-caliber talent and much-needed dollars benefiting the entire innovation community.

As knowledge centers, universities play a critical role in creating learning environments that develop inquisitive and engaged learners, encourage technology-rich training, and empower students and faculty to conduct research.

With its climate and geographical location, Hawaii is fortunate to have a natural laboratory that is unrivaled in the areas of renewable energy, ocean sciences and astronomy and aerospace.

We also have a history of immigration that offers medical researchers valuable access to a culturally diverse ethnic population.

The University of Hawaii has developed a worldwide reputation for its excellence in these areas and is core to the growth of our research and innovation economy.

The research and innovation sector is vital to Hawaii’s future economic growth. Today, our world has become increasingly global with far greater transparency and stronger interconnections that will require us to build an integrated approach for the creation of innovation, economic and research development across Hawaii.

Hawaii Business Roundtable is once again partnering with the University of Hawaii to host “Future Focus: The Hawaii Innovation Initiative’s Forum on Medical Research, Cybersecurity and More” on Oct. 5 and 6.

The event will bring together some top experts in innovation, technology and medical research to engage Hawaii’s growing research and innovation industry.

It also will offer an opportunity to support this emerging industry for Hawaii’s economy that creates and sustains high-quality professions and business partnerships and enhances the quality of life in Hawaii.