Speaking at a meeting organised by Breen Construction in Alexandra this week, the former chief economist for ANZ said the Central Otago District Council could be doing more with its assets.
Mr Bagrie thought the council needed to be "a lot more proactive".
"You can’t expect central government to lead economic development within a region."
With cash and other assets, the council could be doing more to free up land and help with development.
"The council has got the ability here to shape what goes on."
There were some excellent activities taking place in the region, and the rail trails had been "an absolute godsend" for Central Otago.
"That is pumping an awful lot of money into the region."
An "explosive growth" in cherry production was also taking place.
"That is going to be interesting. We are starting to see some pretty good innovation."
However he wondered where the staff were going to come from to service the growth.
"Where are you going to house them all?"
Mr Bagrie said there was a shift towards a more long-term approach to business, and family-owned businesses were often better placed for the long game.
But it was important to move to "stakeholder capitalism", which included being more community connected and looking after staff.
The tourist market would take a "pretty big hit"from the coronavirus outbreak and there would also be an impact on the education market, he said.
Climate change was another challenge for Central Otago.
"Climate change is real, weather variability ... is going to have economic consequences, and firms need to have appropriate risk management strategies."
Mr Bagrie said the lifestyle he had growing up in Central Otago "was absolutely fantastic".
He attended primary schools in Clyde and Alexandra before going to Waitaki Boys’ High School.
