The region's economy will be boosted by new so-called levelling up zones to be established across the West Midlands as part of a new devolution deal.
A group of zones have already been identified as having the potential to accelerate growth, development and regeneration.
Key investment sites within each will be unlocked by a new agreement with the Government that enables the region to retain business rates growth over the next 25 years, said to be worth around £500 million.
Growth zones being considered include East Birmingham North Solihull corridor and UK Central; green innovation corridor and University of Wolverhampton's National Centre for Sustainable Construction; Dudley Metro, Wednesbury to Birmingham Road, Tipton; and Dudley to Brierley Hill. Also included is the Gigafactory site at Coventry Airport.
As part of the Devolution Deal announced in last week's Budget and signed this week, the region's economy will also be driven by a stronger role in supporting business productivity, trade and investment and innovation.
Further areas of post-19 education and skills will be devolved to the West Midlands Combined Authority, along with greater oversight of post-16 technical education and skills, careers, and employment support programmes.
The Government has committed to a £25 million capital fund to support business decarbonisation, culture, environmental programmes and the West Midlands' Smart City Region initiative.
This will allow the authority to build on the region's place as the UK's largest testing ground for 5G deployment and technological innovation.
Businesses will be supported to cut their energy costs and carbon emissions in support of the 2041 net zero target while additional air quality sensors will be funded to help target the most polluted places.
The authority will also take a proactive role in accelerating broadband roll-out and connectivity to boost digital inclusion.
West Midlands Mayor Andy Street said: "The West Midlands was the fastest-growing region in the UK pre-pandemic and, as we get back on track, our Plan for Growth will drive our regional recovery forward.
"The new Deeper Devolution Deal that we've just negotiated with the Government will enable us to better create the right conditions to draw in the private sector investment that will help power prosperity right across our region.
"Whether it's unlocking key sites, skilling our workforce or advancing innovation in the green and digital industries of the future, we must use this moment as a springboard to generate jobs and opportunities for the benefit of local people in the months and years ahead."
