NEARLY £600million is to be spent transforming East Lancashire over the next three years.

Regeneration body North West Developments Agency has set aside £49million to breathe new life into the area and it is now trying to attract another £520million from public and private investors.

The figures were announced at the launch of the Lanc-ashire Economic Strategy.

This aims to improve life expectancy, help people get more qualifications, improve housing standards, create more high-paid jobs, build tourist attractions and improve the area's image.

The Action Plan is aimed at seeing up to £1.6billion spent across the county and up to 50,000 jobs created by 2010.

The region will be rebranded Pennine Lancashire and the £570million earmarked for the area would be biggest amount spent on one area of the county.

The cash will help fund: l Improved transport links with Preston and Manchester.

l Europe's leading aerospace business park, costing £50million at BAE Systems, Samlesbury, which got approval last month.

l Medi Park - an £8million business park at Shadsworth, Blackburn, specialising in health sciences, which has been approved by planners.

l A new business park built at Whitebirk.

l The racecourse planned in Simonstone.

Civic leaders have hailed the news and said it will act as a catalyst for investment.

Brian Bailey, director of programmes and governance at Blackburn with Darwen Council, said: "The key thing is to look forward and the Pennine Lancashire brand is a real statement of intent."

The strategy was drawn up by the Lancashire Economic Partnership - the body set up to promote economic growth. The initial aims are for three years, but the blueprint is a long-term scheme.

Over 100 specific projects have been identified across the county and fully costed.

Dennis Taylor, Chief Executive of the Lancashire Economic Partnership, said: "This is not a pepperpot approach.

"We are not looking at small schemes, but at big transformational projects."

Mike Damms, Chief Executive of East Lancashire Chamber of Commerice added: "We have a world-class manufacturing industry and we are an interesting and exciting place to live."