A new Enterprise Zone covering Norfolk and Suffolk was launched at the King’s Lynn Innovation Centre (KLIC) on Friday.
The zone consists of business parks stretching from Lynn to Ipswich.
The go-ahead for the Enterprise Zone was given by the Government last year.
The new zone will be devloped across 10 locations in Suffolk and Norfolk under the theme of Space to Innovate.
Each site will focus on the counties’ key innovation sections and supply chains.
The aim is to act as a powerful magnet to attract new businesses, particularly from overseas.
The sites offer concrete incentives such as a business rate discount of up to £275,000, simplified planning and Superfast broadband.
They are based in rual locations and smaller towns, such as the Egmere business zone in Wells, as well as Norwich and Ipswich.
The KLIC is on the Nar Ouse Business Park and is a partnership between the New Anglia Local Enterprise Partnership, NWES and West Norfolk Council.
It is due to open in about 10 weeks’ time.
Mark Pendlington, of the LEP, joked that guests must have thought that being invited to an empty building on April 1st must have been an April Fool’s joke.
“But this is far from a foolish enterprise,” he said.
“The East already has a £34 billion economy and this will generate 20,000 jobs over 25 years.”
He paid warm tribute to the “good collaboration” with the College of West Anglia and West Norfolk Council and Carters, the builders of KLIC, saying the building was “another iconic Carter building”.
He particularly thanked Nick Daubney, who is in his final month as leader of West Norfolk Council and said he regretted his departure.
Mr Daubney said that he was pleased to see the progress made on the KLIC from what had been a “dangerous site” only a short time ago.
“Having these ideas and actually making them happen is very different and takes a lot of hard work,” he said.
He said that Lynn already has a reputation for hi-tch, agri-tech and information technology and that the Enterprise Zone would only enhance that.