Northland Inc's chief executive David Wilson said he'd certainly welcome a similar announcement of central government investment, but would be hesitant to earmark it for one industry so early on.
"A regional investment fund as a notion is a very good idea ... You'd have to use that fund as a catalyst for other investment," Mr Wilson said.
"There has to be a lot of work done with local and regional stakeholders around what those kinds of competitive and comparative advantages are. I think it's sometimes a little bit dangerous to just come out and say, for example, 'forestry and wood processing is the sector'."
Mr Wilson said he believes Northland councils, businesses and economic development agencies would match a similar-sized dollar-for-dollar investment from the Government.
"The single biggest issue that we face in Northland is economic development ... that's more about creating wealth, opportunities and jobs.
"We already have huge investment in social programmes. The focus needs to be rebalanced into job and wealth creation," he said.
"That's why we encourage a regional investment fund so you can catalyse various projects to increase job and business opportunities."
Green List MP in Northland David Clendon said the benefits of diverse job creation in the region would go far beyond the purely financial.
"A lot of the social problems we have in Northland wouldn't disappear, but they would be reduced if we had more people in work," Mr Clendon said.
He said wood processing and tourism were two industries he believed were most in need of funding. He said the National government has got the message "loud and clear" that the regions feel left out.
"Even National supporters in the regions are not feeling the love, not at the moment ... the regions have been neglected."
