BOSTON - Massachusetts Governor Maura Healey has signed off on her administration’s Economic Development Plan.

The general outline to the initiative, entitled “Team Massachusetts: Leading Future Generations” was unveiled at a press conference on Tuesday. Governors in Massachusetts are required to make a specific plan of economic development within their first year in office prior to presenting it to the State Senate and House of Representatives as a bill; Healey was sworn in as Governor back in January.

The plan aims to chart economic developments and investments over the course of the next four years. Healey did not put a price tag on the package during the event, but she expressed her belief that the bill will make the state more competitive for businesses while boosting affordability and equity.

“It’s our job to plan for the future in a rapidly changing world,” Healey said.

“That’s what this plan does.”

The proposal centers on fundamental investments, talent acquisition and retention, and sector promotion. Specific issues it aims to confront include housing production, infrastructure, climate change, workforce challenges, health care, and life sciences.

“We’re really excited to partner with our legislative folks and also with (the Executive Office for) Administration and Finance to come back in the new year and to submit an economic development bill, which will then bring this to life for all of us,” Secretary of the Executive Office of Economic Development Yvonne Hao explained to attendees.

Massachusetts Senate President and Senator for the 2nd Middlesex and Norfolk District Karen Spilka was optimistic about the plan, adding that developments such as the ones included in the proposal are vital for maintaining and improving the state’s standards of living.

“Reading through this plan, I am reminded of all the wonderful things I love about Massachusetts, and yet it is honest about the headwinds that we face and the pressing need to address the areas where we have been diligently tackling in the Senate as well—including focusing on making Massachusetts more affordable, competitive, and equitable,” Spilka continued.

The plan will be presented to legislators next year. Healey mentioned that officials are looking to file it as soon as possible, though no specific date was given.