Mr Joyce said while other regions were part of the Regional Growth Study, the Bay of Plenty was the first to have a set plan.
"Bay of Plenty has roared to the front in the execution stake because there are some other regions that are still coming along. Congratulate the Bay, in classic Bay of Plenty fashion, you have seen the opportunity and picked up the ball and run with it. All power to you," he said.
A key initiative of the plan is the Opotiki Harbour Development project which aimed to create a year-round navigable harbour entrance and construct a new commercial wharf.
The action plan identified the important contribution iwi and hapu made to the region and the priority they placed on better utilising Maori land, Mr Flavell said.
"Maori in the region own more than 400,000 hectares of land. [The plan] will provide them with support to develop their whenua through numerous mechanisms such as partnerships, joint ventures and knowledge sharing. The Action Plan will complement the reform of the Ture Whenua Act which will make it easier for Maori land owners to use their land," Mr Flavell said.
Rotorua mayor Steve Chadwick said there were some aspects that Rotorua would benefit from, including adding value to geothermal resources, the Maori economy and better using Maori land.
" There's nothing big here for us but we are part of the wider region and we'll gain everything we can out of it."
In a statement yesterday she said finding the right solution for the eastern roading corridor would be key to unlocking the district's growth potential and contributing to regional growth.
Grow Rotorua will be the lead organisation for many of the plan's projects. Chief executive Francis Pauwels welcomed its inclusion.
"I think Minister Joyce cracked it on the head. Really the whole thinking is there will be more jobs for people, good quality jobs. It will attract investments in existing businesses and investments in new businesses."
Mr Pauwels said there was potential for hundreds of jobs to be created.
"If everything comes together there could be 600 jobs created or even better right across a range of areas. Definitely agribusiness, there's really good opportunity particularly in the work imperatives going around the lake. Economic land opportunity is also one, there's a strong focus on the Maori economy and we have a lot of trusts who have had land settlements and resources who are very well placed to be a part of it."
Wood processing and export, visitor economy around golf tourism and cycle tourism and geothermal were also industries Rotorua were looking to grow in, Mr Pauwels said.
Rotorua Chamber of Commerce chief executive Darrin Walsh said having a plan and everyone "pulling in the same direction" was positive.
But Labour Rotorua spokesman Tamati Coffey issued a statement that the region had been "regionally rejected yet again".
"I'm getting frustrated at how often I'm being asked to clap for Tauranga's successes at the cost of our own, all in the name of being Bay of Plenty.
"Now National is asking me to clap for an economic development policy whose first key objectives are a $3 million boost to aquaculture in Opotiki and a focus on developing the kiwifruit industry around Tauranga. Where's the bonanza for Rotorua in that?"
