AN EXHIBITION outlining one of the biggest and most ambitious projects the Island has ever seen, which is aiming to attract hundreds of millions of pounds in investment for the Isle of Wight, has been unveiled in Cowes.

Project Cowes which is being developed by the Isle of Wight Council, the Isle of Wight Economic Partnership and the South East England Development Agency, aims to develop an investment plan to boost jobs and investment in the Medina Valley.

The project aims to make the Island the "F1 of Yacht Racing" and will build on the success of existing firms which specialise in the hi-tech marine and composite sectors.

It is hoped new investment will be brought to both Cowes and East Cowes which will help to create new jobs, facilities and attractions for both local people and visitors alike.

Mike King, one of the Project's Directors and Investment and Enterprise Director for the Isle of Wight Economic Partnership, said: "This is an ambitious project, but one that the Island can excel in. We have already seen Peter Harrison's plans for a Medina Yachting Village, this could be part of the overall strategy.

"The project will enable many millions of pounds to be ploughed into the Island, helping to create the infrastructure required to support our aims and create new jobs."

The project aims to ensure that developments are complementary rather than competitive and provide a quality environment to both live and work in.

Public consultation about the scheme will run until December 2 where members of the public can have their say on what they believe is required to benefit the Island.

The project will be on display at Cowes Library on Monday, December 2 from 9.30 am until 6pm. The results of the consultation excercise will be published early in the new year.