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."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article