The government has given its support to an ambitious plan to transform the Maori economy.

The Maori economic development panel was set up to find ways of boosting Maori economic performance.

Chair Ngahiwi Tomoana said they were calling for an "economic revolution".

The panel's plan, He kai kei aku ringa, was launched at Parliament today.

Tomoana said it was about a Maori Inc approach and "we want to start yesterday".

"This is not a paper to be put on the shelf."

The economic development strategy set six goals to be achieved by 2040.

1. Greater educational participation and performance

2. Skilled and successful workforce

3. Increased financial literacy and savings

4. Government, in partnership with Maori, enables growth

5. Active discussions about development of natural resources

6. Maori Inc as a driver of economic growth.

A board will be established to oversee the strategy.

An action plan with recommendations until 2017 was also launched today.

It included plans for a skills analysis by major industry bodies and a focus on greater Maori educational achievement.

Business, Innovation and Employment Minister Steven Joyce said Maori already made a significant contribution to the country's economy. But Maori education and skills rates were lagging, he said.

The plan provided a "practical pathway".

"It includes actions that aren't just for government."

Business and Maori had also stepped up, he said.

- © Fairfax NZ News