Guam’s economy relies heavily on military and federal spending as well as tourism but Congressional candidate Robert Underwood says another option is available — and this is the island’s knowledge economy.
Underwood presented his economic plan during the meeting of the Rotary Club of Northern Guam earlier today, emphasizing the untapped potential of the knowledge economy sector in the island’s recovery after the pandemic.
As an example. Underwood — who previously served as the president of the University of Guam — says the University just got a $20 million grant from the National Science Foundation.
Part of the grant is the creation of a committee for science and technology whose task
is to develop translatable research into economic activity.
“It goes back to your young entrepreneurs…it goes back to the ability to use IT…it goes back to understanding that you can take knowledge in coral reef research…in biochemistry…health sciences…in IT ..turn them into economic activities if you’re are given the right tools…the right encouragement and the right tax breaks,” Underwood said.
He says the knowledge-based economic initiatives are the only vehicle through which the economy can create high paying jobs here on Guam and he encourages a younger generation of workers to stay and contribute to the island.