The �23m Falkirk Action Plan is a joint venture between Scottish Enterprise Forth Valley, BP and Falkirk Council.

The council has already warned that if the 10-year project does not succeed, the area could face economic meltdown.

The initiative contains 18 projects aimed at attracting business, developing new technologies and strengthening the area's transport and telecommunications links.

It strikes the right balance between concentrating on developing indigenous firms and attracting new businesses to the area Iain Gray Enterprise Minister

The projects include the creation of a bio-manufacturing park in Grangemouth, a 300-acre retail, leisure and education site and investment to increase business incubation activities.

Enterprise Minister Iain Gray welcomed the plan as an example of partnership working at all levels.

"The plans set out a very ambitious strategy for Falkirk, giving it a strong foundation for economic growth now and in the future," he said.

"It strikes the right balance between concentrating on developing indigenous firms and attracting new businesses to the area."

Charlene O'Connor, chief executive of SE Forth Valley, said: "With our partners at Falkirk Council and BP we have produced a workable, effective proposal that is not only ground-breaking and bold, but will reposition Falkirk for generations to come.

"The Falkirk Action Plan is an excellent blueprint for the future prosperity of Falkirk and it will have a significant impact on the lives of local residents, businesses and the people who work here."

It is hoped the action plan could benefit the local economy by up to �250m.

The majority of the funding for the project is already in place with the three partners contributing �13m by 2005.

A further �10m will come from public and private sector sources, including Europe.