Welsh secretary Ron Davies launched the report, entitled Pathway to Prosperity, yesterday, but the Conservatives criticised the report as being 'more of the same'.
Peter Hain, the Welsh Office minister in charge of economic affairs, said: 'Wales will sink or swim on our ability to be a high-quality economy. We'll be wanting to make substantial progress towards achieving these targets by the time of the next general election.'
The report proposes the 'first all-Wales strategy' to improve job creation and skills training. A key factor will be shifting the emphasis from the relatively prosperous north and south-east to the west and rural areas.