Recent data showed that while the region had higher rate of unemployment than the rest of the country, this had been declining marginally each year.
The new action plan sets out nine priority sectors for development, harnessing the region's abundant natural competitive advantages, including agribusiness, aquaculture, forestry, water, tourism, geothermal, horticulture and Maori land utilisation.
"The Action Plan is the culmination of literally hundreds of hours' work and is specifically designed to bring the original study to life -- and turn its opportunities into tangible results," said Doug Leeder, chair of the joint Bay of Connections group.
An "unbelievable amount of work" had been done to put context and detail around the opportunities identified in the growth study and gather feedback from across the region, he said.
Five hui and a validation forum were held as part of this, attracting more than 350 people who provided their knowledge and insights.
"Success will require true regional ownership and leadership, including the need to be agile as things progress and change."
Mr Joyce said the Bay of Plenty region was growing well amid recovery from the kiwifruit PSA crisis and a rapidly growing tourism industry.
"This Bay of Plenty Action Plan will ensure growth is maintained and extended to all parts of the region, especially the eastern Bay."
A key project was the Opotiki Harbour Development Project, which aimed to boost local aquaculture and bring to the district more than 440 new jobs, higher average household incomes and an extra $34 million to the local economy.
The project aimed to create a year-round navigable harbour entrance, and construct a new commercial wharf, which would support a range of industries, including processing facilities for the 3,800ha offshore marine farm.
Mr Joyce announced while in Opotiki that the Government would be committing up to $3 million to test the viability of the project.
The study would include geotechnical investigation and design options for the harbour entrance, with an engineering assessment to be completed within the next two years alongside industry testing of the mussel farm's commercial viability.
Another big step in the action plan would be investigating how the kiwifruit industry could be expanded in the Eastern Bay of Plenty.