The massive £1.3b City Region Deal investment plan has been formally signed off by the Prime Minister and the First Minister.
Fife Council is one of the local authorities set to benefit from it.
The deal promises to unlock economic prosperity as the UK and Scottish Governments, and the six councils involved across the south east of Scotland sink major funding into the project over the next five years.
Theresa May, Prime Minister, and Nicola Sturgeon, First Minister, met in Edinburgh on Tuesday to conclude the formalities.
Cllr David Ross, Fife Council co-leader, said: “This ambitious city region deal identifies new and more collaborative ways that partners will work with UK Government and Scottish Governments to boost the regional economy.
“It will help to regenerate the region, and we will work with university partners to harness their world-leading expertise in data driven innovation to deliver cutting –edge industrial premises to enable Fife businesses become more competitive.
“The ambition is to develop ‘factories of the future’ by constructing new industrial and commercial stock and ensure that Fife’s technology parks and industrial estates have cutting-edge digital capability and are energy compliant.
“This means Fife businesses will be able to deliver a stronger, more innovative business community, with more employers and jobs.”
Cllr David Alexander, co-leader, added: “With a real need to create more skilled jobs, boost businesses and develop more highly skilled workers, this City Region Deal is driving inclusive growth.
“Through working closely with partners we are developing new approaches to stimulating innovation across digital and data driven technologies. Fife will also benefit from participation in the regional skills programme to support improved career opportunities for disadvantaged groups and a regional housing programme that will help deliver more affordable homes.”