The review will consider the Welsh Government’s current policy, in particular the Regeneration Area approach, and a future direction for regeneration in Wales.
Although the details of the review are yet to be agreed, the Minister confirmed that renewing town centres and seaside towns would be key.
The Minister indicated that he would set out his future regeneration priorities following the review in early 2013.
Coordination across Government departments, local government and the third sector would continue to be pivotal to the success of regeneration policy, he said.
The Minister also praised the current Regeneration Area programme and confirmed that all existing commitments under the programme would be honoured.
“We are all committed to making sure that regeneration activity is co-ordinated across all our portfolios. Deeper and broader integration will help us deliver better value, and better outcomes.
“Reviewing where we are and what we do is essential to getting the right results going forward. As budgets become more constrained, we need to be even more imaginative and focused about how we invest.
“I need to determine how best to invest my budget so that it makes the most impact, and builds on other planned investment across Government and beyond. Future European funding will be a big piece of this jigsaw.
“Among the issues we are looking at are the links between my portfolio and the new Enterprise Zones and work on City Regions.
“The importance of regeneration in these challenging economic times cannot be underestimated. I am proud of the difference we are making. I want to make sure that we continue to make that difference.
“I’ll be looking to the regeneration community to assist us in this review. I already have the benefit of expertise from the Centre for Regeneration Excellence Wales, and the National Regeneration Panel. These, and other stakeholders, will be fully consulted on proposals for future investment. And I will be looking at best practice from Wales, the UK and the world."
Wales’ seven Regeneration Area programmes operate in Barry, Swansea, the Heads of the Valleys, Mon a Menai, the North Wales Coast, the Western Valleys and Aberystwyth.
The programme already funds town centre renewal through improved streetscape schemes and town centre improving grants, helping support high street businesses, local economies and safeguard jobs.