"A recent report by BERL found that $1 out of every $16 in Hawke's Bay is generated by Pan Pac."
The report noted Pan Pac provided work directly and indirectly for more than 3000 people in Hawke's Bay.
Minister for Forestry Stuart Nash said Oji Holdings had a long-term vision for the plant.
"Pan Pac has played an important part in the Hawke's Bay economy for as long as I can remember.
"This warehouse shows the value Oji places in the business and that it is here for the long term."
Nash said forestry would make an important contribution to the Government's emissions targets for 2030 and beyond.
"The only way we can achieve the promises we've made is to engage with the forestry sector."