Ngati Kahungunu iwi incorporated chair Ngahiwi Tomoana said the project would mean a "massive uplift for Hawke's Bay".
"Nobody could have done it on their own but with iwi, the regional council, and Government it suddenly becomes viable."
The plan proposes to start nurseries next year, with planting beginning in the next couple of years. The plant species would be a mix of 50 per cent native, 25 per cent harvestable and 25 per cent longterm 500-year plantations.
As well as "immeasurable" ecological impacts, there would be social and economic benefits - from opportunities for small and medium businesses, to the creation of thousands of jobs.
While forestry may be the keystone of the plan, its drivers say there are numerous other offshoots and possible ventures.
These range from improving infrastructure, to increasing honey production with the possibility for 35 hives per 100ha.
A funding model has been created with development costs around $2000 per hectare. As well as iwi contribution, HBRC have proposed creating a fund of $100m, and have asked Government to match this.
Mr Graham said investors would receive a return - the harvesting of trees would provide income, with an "immediate" return once planting began through carbon credits, as the planting would help the Government reduce its carbon deficit.
Land had been earmarked for the development on Maori incorporation land and farms.
Mr Tomoana said the idea was to be "50/50" arrangement with the landowners, who would start earning carbon credits immediately - currently worth $19 a tonne.
Ngati Kahungunu Iwi passed the project last week. Council CE James Palmer said the council had been authorised to go into discussions and this would be included in their Long Term Plan 2018-2028 process.
Now, the only problem was getting the necessary logistics in place for the plan to succeed.
The region's other leaders supported the plan but community support was also needed, Mr Tomoana said, calling on farmers, whanau, local organisations and businesses to get behind the project.
"We've identified the problem, now we're going to fix it together," Mr Graham said.
The plan aligns with the coalition Government's strategic policy of planting 100 million trees a year. It also hopes to move jobs to the regions through planting and nurseries.
During the Minister of Forestry, Infrastructure and Regional Development Shane Jones' recent visit to Hawke's Bay much of the focus was on forestry, and the $1 billion a year regional development fund.