Fife's economy should be well placed to prosper in the years ahead as the country comes out of recession, councillors have been assured.

With many experts suggesting that the UK is slowly emerging from its downturn, the region's environment, enterprise and transport committee heard that Fife's revised economic strategy until 2020 will be geared towards developing the region into a "centre of excellence" for renewable energy and making it "the easiest place to do business."

Programmes will also aim to better promote Fife locally, nationally and internationally, streamline business support services provided by the council and its partners, and improve the turnaround of business planning applications.

The pledges came as committee members considered the region's Annual Economic Development Activity Report for 2008-9, containing an update on how certain projects are progressing and the council's future plans.

Although the report is not expected to be formally launched until later this year, Keith Winter, head of Fife Council's development services, said it showed substantial progress has been made in Fife despite the economic situation, namely in terms of support to infrastructure projects, to town centre developments, to businesses and to Fifers in general.

"Fife's challenges in 2008-9 have been in dealing with the difficulties presented by the economic downturn while continuing to plan for the future," he said.

"Despite the recession, growth has continued across some areas, in particular in renewable and low carbon energy developments, and Fife is positioning itself to become a market leader in this sector.

"A global economic upturn will happen, though the timing is not yet clear.

"The council, with its partners, is therefore preparing a programme of sustainable economic growth for the future."

Early figures reveal that there were 726 new business start-ups in Fife last year which had the potential to create 934 jobs and £27.9 million in turnover during their first year of trading.

Fifty-nine businesses were also helped through loan and grant funding of £326,000, money which is expected to create a further 267 jobs over three years.

The report will also highlight developments at the Fife Energy Park in Methil, which is widely seen as the focal point for the renewable energy sector, pointing out that £13.6 million of investment in the project was announced in August.

Similar success has been achieved at the John Smith Business Park in Kirkcaldy, where new office developments and infrastructure have continued to take shape as part of the £17.5 million project in the north of the town.

In terms of town centre regeneration, the report will highlight the £2 million and £1.75 million awarded to Kirkcaldy and Lochgelly respectively from the Scottish Government's Town Centre Regeneration Fund.

It will also touch on the pilot shop front scheme, which has seen 39 businesses in Inverkeithing, Kelty, Leven and Lochgelly offered grants to improve the environment, as well as other regeneration projects across Fife.