The study's findings were announced by Economic Development Minister Steven Joyce, Primary Industries Minister Nathan Guy and Maori Development Minister Te Ururoa Flavell and it identifies eight opportunities for growing investment, incomes and employment in the region.
Mr Ellis said he saw manuka honey as something Tararua could latch on to.
"I'm a great supporter of our council's business hub and we've already been in touch with someone from overseas to get our Tararua honey project going," he said.
"And we're also talking with a large company south of Tararua hoping to get them to work with local farmers."
Horizons Regional Council deputy chairman Paul Rieger said the study by independent consultants NZIER and HenleyHutchings presented an exciting opportunity to drive growth in jobs, innovation and investment across the region.
"The growth study report provides clear direction for regional growth. However, we understand there are no silver bullets," he said. "Some of the areas identified will require more work than others and we now need to focus our efforts on how we will realise this potential as a region.
"The region's mayors and Horizons' chair have committed to working together on economic growth as part of their triennial agreement.
"Horizons has also committed $230,000 a year to implementation of growth study findings over the next three years on behalf of the region's councils.
"This is not a report to sit on a shelf and plans for implementation are already well under way."
The eight regional opportunities are:
1. Tourism and visitor services (primarily Ruapehu and Wanganui Districts but also Rangitikei).
2. Sheep and beef farming and processing (particularly within Tararua, Wanganui, Rangitikei and Manawatu).
3. Land use intensification (Tararua, Rangitikei, Manawatu and Horowhenua).
4. Manuka honey (Tararua, Rangitikei, Wanganui and Ruapehu)
5. Fresh vegetables (Horowhenua, Rangitikei and Ruapehu).
6. Poultry and grain processing (Horowhenua, Rangitikei and Manawatu).
7. Affordable care and lifestyle for older people (Initially in Horowhenua but also Wanganui).
8. Business process outsourcing and food innovation outsourcing (across the region but centred on Palmerston North).