A new national forestry strategy is expected to provide opportunities and benefits for the local industry.
The national action plan aims to more than double the sector's export earnings to $12 billion within the next 10 years through increasing the range of innovative wood products available, better use of waste products, focusing on exporting processed products rather than raw logs and building a collaborative industry.
Many of the points coincide with the Bay of Plenty regional strategy, launched in September last year.
Bay of Connections Forestry Advisory Group chairman Bryce Heard said the wider Bay of Plenty, including Taupo, was well-positioned to contribute to and benefit from the national strategy.
"Our challenge is to create more value with what we have, to generate greater returns to the industry and to our local economy."
Heard said adding value to a harvest, which would increase by 2-3 million cubic metres in the next 10 years, was a significant opportunity the industry must grasp.
"It is a challenge that has confronted the Bay of Plenty forest industry for about 25 years now. To date, we have seen low investment in high-value, consumer-end wood products.
"There are deeply rooted reasons for this poor investment record and they are not easily fixed, however, the new national strategy will also help us achieve that."
Bay of Connections Forestry Action Group industry consultant John Galbraith said the local strategy could feed into the national strategy in areas such as the promotion of wood in construction, infrastructure, clean energy, climate and industry service centres.
"The Bay of Plenty can also contribute to the development of pan-industry and innovation initiatives and the development of education and career pathways."
Galbraith said nearly half the national forestry harvest was in the wider Bay of Plenty region, which is also home to the national centres of excellence in forestry science and education.
The new national strategy will be on the agenda, when the Bay of Connections Forestry Action Group meets in Rotorua next week and the group will be looking for opportunities for local experts and leaders to contribute to parts of the national strategy.
"For our region to benefit, we need to ensure we are doing everything we can to support it."
The national strategy aims to add value to exports and create more jobs through more innovative wood products. These will include high-value fibre products, such as biochemicals and biofuels, and engineered timber as well as sawn timber.
"By implementing this action plan, the industry will ... more than double its export revenues through expanding its high-value wood processing and manufacturing processes, developing new and innovative products and markets, better connecting with customers and providing consumer solutions," the report states.
The economic benefits are expected to flow through to all areas of the industry through increased returns and reduced market risks and volatility and the creation of new revenue sources, such as use of residues.