A collaboration between Regional Development Victoria (RDV) and the Committee for Economic Development of Australia (CEDA) has produced valuable insights into doing business in the state's regional and rural areas.

Deputy Premier and Minister for Regional and Rural Development Peter Ryan today released the Reinventing the Regions report which documented the findings from a series of events held in 2011-2012 across Victoria that RDV had jointly hosted with CEDA.

"These events brought business, industry, government, community and academia together in one place to discuss the key drivers of regional economies," Mr Ryan said.

"What we found was a great diversity in the opportunities and challenges, characteristics and experiences within regional Victoria, and there were some recurring themes, such as balancing demand and supply within existing labour markets, and the need to improve connectivity.

"In terms of adapting to new circumstances, it was found that increased productivity, innovation, entrepreneurship and environmental credentials featured consistently as the enablers for business to achieve this."

Mr Ryan said Reinventing the Regions events were held during 2011-12 in Ballarat and the Central Highlands, Hume, Geelong and Barwon South West, Loddon Mallee and Latrobe Valley, and a report had been published which summarised the events, which were now available on both the CEDA and RDV websites.

CEDA Chief Executive Professor The Hon. Stephen Martin said the information paper highlighted some of the outstanding work achieved by regional businesses in adapting to the challenging economic conditions in recent years.

"Regional Victoria has significant assets and growth potential. What the discussions and case studies included in the information paper reinforce is the fact that innovation is the key to driving jobs and economic growth for regional Victoria," Professor Martin said.

"Regional industries must innovate and evolve to remain competitive, and the key areas of focus must be improving access to markets, increasing sustainability and growing skills.

"In addition, all tiers of government must be focused on helping regional economies plan and identify key opportunities and harness their inherent economic advantages."

Mr Ryan said the report was available online at www.rdv.vic.gov.au and www.ceda.com.au