"Where to from here is to pick out what are the real priority projects."
He said it was a case of looking at what investment was needed and what needed to be done to remove the barriers. Some of the projects highlighted were already reasonably advanced.
Rotorua Chamber of Commerce chief executive Darrin Walsh said key areas such as securing a place as a global spa destination, engaging with Maori and improving connectivity with Queenstown flights, were areas that were already being worked on.
"It's great the Government is now coming out and highlighting it as the way forward. It endorses that we are on the right track."
Mr Walsh said the forecasted spin-offs of getting recognised as a top spa provider were huge.
The chamber's role was to encourage businesses to look at investing and relocating to Rotorua and working with other organisations such as Grow Rotorua to help lure businesses here.
"It certainly is the trigger to the work that needs to be done from here on it. We now know we are on track."
He said it was great to see the importance of engaging with the Maori community highlighted - and said the proposed development of lakefront land by Pukeroa Oruawhata highlighted that.
"Look at how much money Maori trusts are sitting on. The money is on our doorstep. If you engage with Maori you will get investment."
Study findings
Forestry Aggregating the large number of small parcels of Maori-owned land suitable for forestry and developing export markets for processed wood are two of the big opportunities.
The report estimates there is about 23,000ha of such land and about $35 million of initial investment is required to create a $1 billion forestry asset.
By processing an extra 4 million cubic metres of logs annually, could potentially add $2.2 billion to regional GDP.
Horticulture Kiwifruit, avocado and apiculture (honey) are considered the key growth industries.
A key opportunity is the potential establishment of a horticulture academy which could help with the availability of harvesting labour.
Large areas of suitable horticulture land is available for expansion into kiwifruit.
An average 1 per cent increase in orchard land per year (around 100ha) would lift GDP by about $2.6 million annually.
Based on the global trend of increased consumption of health and wellness products there is great potential to expand manuka honey produced in the Bay, with significant opportunities for Maori industry involvement.
A marketing and branding strategy needs to be developed, and the establishment of an industry-wide marketing board could also be considered.
Agriculture Improving farm productivity is the major opportunity for the industry, according to the report.
There are several initiatives the region can take advantage of to increase productivity and an average increase of on-farm productivity of 10 per cent across Bay dairy, beef and sheep farms could deliver an estimated additional $60 million of GDP annually to the region.
Sheep and goat farming provided an additional option, with a smaller environmental footprint.
AquacultureThe sector is relatively small with the development of the Opotiki sea-based Whakatohea Maori Trust Board mussel farm, providing the most immediate major commercial opportunity.
It is aimed at growing between 16,000-25,000 tonnes of green-lipped mussels annually processed in Opotiki and will generate 250-400 jobs.
Potential for land-based freshwater aquaculture in the Taupo region, primarily trout farming.
It is currently prohibited so interested parties would need to demonstrate the commercial potential of trout farming and how concerns that led to the ban will be addressed.
Visitor economy Over the past decade, growth in visitor expenditure has been low, with poor air connectivity limiting growth and difficulty attracting visitors to the eastern sub-region. Another problem identified is the different sub-regions competing against each other.
A major opportunity is to establish Rotorua as a globally recognised destination but this will require industry investment in new facilities and higher standards of accommodation and services.
Manufacturing Focused on R&D around titanium powders and alloy products.
Looking at developing critical mass in niche manufacturing with an initial focus on metal powers and applications in the Bay.
Other manufacturing-based opportunities include the Tauranga Marine Precinct and tertiary education and research developments for the education sector as part of the Bay of Plenty Tertiary Intentions Strategy.
