At a breakfast organised by the Launceston Chamber of Commerce (LCC) on Tuesday morning, Mr Frydenberg made a pitch to local business leaders, spruiking the Coalition government's achievements and outlining its values.

The Kooyong MP identified tourism as a key strength for Tasmania and suggested Launceston could further capitalise on this.

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"We've got over one million Chinese tourists coming to Australia this year and that number will grow," Mr Frydenberg said.

"But it's not just China - it's [also] ... the middle classes of Indonesia [and] India."

"And if I was Tasmania, and Launceston, I would be having a very targeted suite of offerings into these countries because when people move from the lower economic area to the middle classes, all their habits change."

Mr Frydenberg noted that when nations grew more prosperous, their citizens had more money to travel, provide better education for their children and improve their diets.

"There's a huge opportunity for us to cater for that growth," he said.

The Treasurer also mentioned the University of Tasmania's increasing expansion into the city as a plus for Launceston in terms of its economic clout.

"[UTAS is] focused on innovation and skills and, as a training hub, I think there's a real opportunity here," he said.

"Where I see Launceston's strengths is [in] finding a few particular areas, and really, really going deep in those areas."

LCC president Tim Holder said the chamber had "really taken hold of" the idea that Launceston could aspire to become one of the world's great regional cities.

"We're in a process now of working through what that actually means, what is it that we need to hook on to?" he said.