The key to growing the Bay of Plenty's economy is in harnessing its natural resources – that's the view of a Regional Economic Activity Report that was released last week.

'Forestry and wood processing, horticulture and agriculture stand out as major opportunities for local industry to develop,” says Bay of Plenty MP Todd Muller.

The avocado industry has been singled out for potential growth. Photo: File.

'There is an abundance of geothermal and water resources which could be better used to enhance growth in these industries”.

Through developing local infrastructure, such as the Tauranga Eastern Link, government insist they are supporting the region to cut transportation costs and speed the delivery of goods to markets.

Investment into research and development through the Primary Growth Partnership will continue supporting industries such as avocado growers, who are looking to triple productivity and increase avocado sales to $280 million by 2023.

Maori land also holds strong potential for development for the region.

'The report outlines a very positive future for the Bay and businesses should be encouraged by it to invest in the region's strong growth areas,” says Todd.