Mr Guy said the plan looks to leverage Hawke's Bay's considerable natural advantages.
"The full potential of the primary sector has yet to be realised in Hawke's Bay. Actions to address this range from investigating the feasibility of an agricultural training hub to improving water storage, and helping farmers improve their land productivity while meeting new freshwater standards," Mr Guy said.
"All of the actions in the plan require working in partnership with iwi and hapū, with primary producers and with other government agencies.
"Iwi have been extensively involved in developing the strategy and action plan and have come together to form Te Kahui Ōhanga o Takitimu, which will play a key role in achieving collective economic goals for Māori."
Implementation of the 45 individual actions in the plan will be led by various stakeholders and government agencies working together.
"As part of the Government's Regional Growth Programme, the plan represents a coordinated approach to lifting the region's economic performance - leaders from across the spectrum are pulling together," Mr Joyce said.
The Hawke's Bay action plan was informed by the 2014 East Coast Regional Economic Potential Study and complements the wider work of the Government's Māori economic development strategy, He Kai Kei Aku Ringa and the Business Growth Agenda.