Economic development for the region has been given a significant boost with the launch of Toi Moana Bay of Plenty Economic Action Plan today.

Ministers Steven Joyce and Te Ururoa Flavell, as well as a number of the Bay's mayors, were at the Energy Events Centre in Rotorua for this morning's launch.

Te Ururoa Flavell helping to launch the new Economic Action Plan today. Photo: Greg Taipari.

The plan is the second phase in the Toi Moana Bay of Plenty Regional Growth Programme which was commissioned by the Ministries of Business, Innovation and Employment and Primary Industries in partnership with the Bay of Connections.

The first stage involved the development of an independent Regional Growth Study report, which identified a range of short to mid-term (0-10 years) opportunities which could assist in increasing investment, employment and incomes across the wider region.

Bay of Connections chairman Doug Leeder says the plan is a significant example of the power of collaboration.

'The Action Plan forms the basis of a long-term partnership with government on regional economic development,” says Doug.

'An unbelievable amount of work has been done to put context and detail around the opportunities identified in the Regional Growth Study report and seek feedback from across the region.”

Steven says the plan is a set of key initiatives designed to lift employment, incomes and investment across the region.

'The Bay of Plenty is growing well as a result of the recovery from the kiwifruit PSA crisis and the rapidly growing tourism industry,” he says.

'This Bay of Plenty action plan will ensure growth is maintained and extended to all parts of the region, especially Eastern Bay.”

The plan identifies a number of priority work areas across the wider region, providing a range of opportunities for new investment and growth.

The areas include agribusiness, aquaculture, education and skills, forestry and wood processing, geothermal, horticulture, Maori land utilisation, visitor economy and water management.

A key project is the Opotiki Harbour Development Project, which Steven and Te Ururoa announced would be receiving $3 million in government funding to validate the proposal.

Steven says the project could see up to 220 full time jobs in the area, with government were keen to see the project succeed.

Te Ururoa says he was also keen to see other smaller towns prosper from the plan.

'In some cases we tend to look at Tauranga, Rotorua and Taupo, but in my heart of hearts, I really feel for those smaller places,” Te Ururoa says.

'Places like Taneatua, Murupara, Kawerau and Minginui are really in need of a hand to pull people out of this poverty trap that they are stuck in.

'I am hopeful that this project will be able to spread and not just be focused on the bigger centres. But certainly right up and down the whole of the Bay of Plenty.”