But the Welsh Government said her idea of setting domestic procurement targets would be unlawful.
In a speech to AMs during a plenary session at the Senedd, Ms Wood contrasted the Scottish approach to sourcing public sector contracts domestically with the much lower success rate in Wales.
Ms Wood argued that changing the composition of public spending could be a powerful catalyst for growth in the absence of substantial economic powers for the Welsh Government.
She said: “There is so much more that can be achieved with a creative and progressive procurement policy.
“Germany sources 98.9% of its public sector contracts domestically – and we wonder why they have weathered the storm.
“France does almost as well at 98.5%. The UK achieves a self-procurement rate of 97%. Yet in Wales half of the value of our procurement budget is lost through leakage.
“So shouldn’t we have a goal of matching the Scottish rate of 75% of internal procurement by the time of the next Assembly election? And we shouldn’t be content with that even – the Scots aren’t.
“Is it too ambitious to aim towards a goal of 90% by the end of the decade, to be on a par with most other countries?
“By achieving Scottish levels of self-procurement, the direct and induced employment effects would mean we would create another 48,000 jobs, potentially reducing Welsh unemployment by 40%, increasing GVA [Gross Value Added] growth by an additional 0.5% a year and beginning the task of closing Offa’s Gap. Isn’t that a goal that we can all unite behind?”
Ms Wood said that adopting the 28 recommendations in Scottish businessman and ex-Rangers FC chairman John McClelland’s recent review of Welsh public procurement would be a starting point towards achieving this economic transformation.
She added: “I think we can go one bold step further and do what this Senedd was empowered by the people to do: legislate.
“The only sure way to reform procurement is to mandate it through passing a Welsh Procurement Reform Act.”
Ms Wood said legislation could mainstream the living wage and make Wales the “greenest and most pro-social procurer in the whole of Europe.”
She added: “Creating our own legal framework, setting our own parameters is the first step – but being creative within those parameters, thinking within the box, is the next.
“We are constrained by our limited powers, but that just means we have to be more imaginative.
“In an age of enforced austerity economists have begun to talk about the role of unconventional fiscal policy – not cutting taxes or raising spending, but changing the composition of public spending as a catalyst for growth.
“That is perfectly designed for a situation like ours where our financial straitjacket prevents us from varying taxes or raising additional borrowing.”
She concluded by saying: “For all the constraints and the limits on our powers, there are things we can do. Plan C is for a Can-do Country and a Can-do Assembly.
“It’s for a new consensus – because nothing can be done in this chamber without that – a new creativity in politics and policy, and confidence in our ability to chart a new course.”
A Welsh Government spokesman said: “Under EU law, it is unlawful to set targets for levels of expenditure in Wales. We are committed to maximising the benefit of our public procurement expenditure as a springboard for growth and jobs. Great strides have been made in improving public sector procurement processes in Wales. For example, Wales-based companies have increased their share of the £4.3bn the public sector in Wales annually spends on goods and services from 34% to 52%.
“Our innovative Community Benefits policy encourages contractors to deliver wider social and economic benefits through delivery of public contracts. Over the past two years this approach has been applied to contracts collectively worth over £4bn. The first 13 completed projects show over 78% of the value being reinvested in Wales.
“The McClelland review of procurement policies published last week found ‘outstanding work’ has been done but we recognise there is more to do.”