The World Bank forecasts fisheries could net an extra $US300 million ($416.6m) by 2040 without an increase in catch levels or threats to the sustainability of fish stocks.
It would require participation by other major resource owners including Indonesia and the Philippines, and strict compliance with catch limits including in the high seas.
So too would it demand investments in skills, capacity and food security maintenance, along with the inclusion of coastal communities.
The World Bank urges regional leaders to give Pacific people better access to work in Australia, New Zealand and new markets including Canada and Korea.
It recognises deep-sea mining as a blossoming sector, but urges Pacific leaders to exercise caution, given the many unknowns and environmental risks associated.
Improving internet access mobile phone coverage could also translate to higher wages and work by spreading knowledge and bridging productivity gaps, the report finds.
The World Bank has highlighted climate change, natural disasters and non- communicable diseases as key threats facing the Pacific.
It suggests the economic costs of each are already high and could increase further over time unless effective measures are adopted.
The report finds countries must choose very carefully which reforms to pursue and investments to make, given their financial constraints.
Education must be geared towards harnessing economic opportunity, and regional co-operation is crucial to generating a pay-off.
Strong regulations and processes will be needed to protect sustainability and the health of the environment, the World Bank insists.
