The action plan has been a year in the making, following the release of the Manawatu-Whanganui Regional Growth Study in July last year which identified industries with the potential for growth.
"It's all about increasing job opportunities and the quality of life in our region," Whanganui mayor Annette Main said. "These regional leaders are committed to working together."
The Whanganui port plan will allow for a new marine services centre, an expanded boat building industry and a visitor services and recreational area.
"We have a port that isn't constrained by residential and other commercial development that would be adversely affected by noisy, busy work," Ms Main said.
One of the first steps in the port revitalisation is the relocation of Q-West's boat building premises to Tod Street. Q-West are financially investing in the project which will kick off a marine precinct development which it is hoped could service marine industry training facilities.
Ms Main said the cycle trail extension in Ruapehu would also benefit Whanganui along with other projects identified in the report.
"Some that involve iwi - certainly around their ability to grow from some of the land they have."
Mr Joyce said the Economic Action Plan was a collaboration between business, iwi, community leaders and government.
"There's something like 100 different things we are working on as a result of it," he said.
"What was clear was the amazing range of resources and opportunities ... but the region hadn't been performing to our expectations.
"We said we wanted to do better than this.
"We are focused from a central government perspective on the successful execution of this plan. You have a focus on this region which I believe is a once-in-a-lifetime opportunity."
Mr Guy said much of the plan was about increasing the value of agricultural exports.
"There's no way we can double the numbers but we've got an opportunity to double the value."
He also said the manuka industry could be quadrupled.
Mr Flavell said being involved in economic development was important for Maori who made up nearly 20 per cent of the region's population and could lift employment and incomes.
"For Maori the benefits of economic development are reflected in the wellbeing of the people and the land."