A government-led growth study detailing how the Bay of Plenty has a number of natural advantages over other regions of New Zealand was launched at Tauranga's ASB Arena this afternoon.

Economic development minister Steven Joyce, Primary industries minister Nathan Guy and Te Ururoa Flavell launched the Regional Growth Study, with MPs including Simon Bridges and Todd Muller also in attendance.

Economic development minister Steven Joyce, Primary industries minister Nathan Guy, Maori Party co-leader and Waiariki MP Te Ururoa Flavell and Transport Minister and Tauranga MP Simon Bridges.

The study identifies opportunities and strengths within the region, and prioritises a range of short to mid-term opportunities across different sectors to increase investment, employment and incomes.

It also marks a unique and collaborative partnership between the wider region and central government, in order to achieve effective growth.

The study covers all corners of the region including Rotorua, Whakatane, Opotiki, Kawerau, Taupo, Tauranga and the wider Western Bay, with key opportunities identified across the board.

Representatives from business and local government have been involved in the study's development.

The study provides a common understanding of the opportunities in the region and identifies the roles of different stakeholders in order to realise growth, says Steven Joyce.

'Regional success will only be achieved through effective collaboration,” he explains, 'and the government is committed to working with business, local government, Maori and iwi to take action and provide better outcomes for the Bay of Plenty and its people.”

The study shows a region about to take off, based on a number of natural advantages and is well placed to attract further investment, raise incomes and increase employment.

The study also demonstrates that the region's natural assets, climate, and increasingly innovative population offer growth opportunities in the forestry, dairy, aquaculture and horticulture sectors.

That is the opinion of Nathan Guy, who adds: 'It underscores the importance of water management, and that a better range of quality training programmes and pathways to work will see the region retain and attract more young people.”

The study finds that a wide range of sectors contribute to the current success of the Bay of Plenty region, including horticulture, forestry, agriculture and tourism.

There is also significant scope to increase incomes and employment in the region through sensible investment, increased productivity and increasing export revenue, says Nathan.

Transport Minister Simon Bridges is also encouraged by the findings, saying: 'I'm pleased to see that Tauranga, as the biggest city of one of the largest provincial regions in New Zealand, plays a key role in its economic growth - but that doesn't mean we can rest on our laurels.

'The Study identifies that while the region has good quality transport infrastructure, which supports the efficient movement of goods and people for key industries, there are opportunities to expand on these.

'And let's not forget the vital role tourism plays in Tauranga. Already the growth in regional visitor spend in our part of the Bay is up by $33 million. The 25 cruise lines that made 83 stops during the 2013-14 season pumped $37.7 million into the economy and supported 778 jobs.

Bay of Plenty MP Todd Muller insists the region must seize the opportunities identified, saying: 'This comprehensive report clearly lays out the investment opportunities available in our region, the significant employment opportunities, and the crucial role that Māori, iwi, and hapū can play in its growth.

'A wide range of sectors contribute to the current success of our region, including horticulture, forestry, agriculture, and tourism.”

For a copy of the Bay of Plenty study, click here.