The plan, announced in Bathurst on Monday, aims to put regional NSW in a position to take advantage of future opportunities for growth, with a focus on connectivity and water security. 

Money from the Snowy Hydro fund will go to scoping studies and planning works for an inland port and investment precinct in Parkes.

Deputy Premier John Barilaro, who traveled to Bathurst with Premier Gladys Berejiklian, said this project would attract major employers, drive local economies and create jobs across the Central West.

"At the intersection of the new Inland Rail line and the east-west rail line, Parkes is uniquely positioned to be NSW's first inland port," he said.

"Special activation precincts will offer a coordinated approach to land use and infrastrucutre planning.

"With the support of the local council, these precincts are designed to provide key industry sectors with the employments lands they need with appropriate zoning and access to essential infrastructure."

During the outline of the economic vision, both the Premier and Deputy Premier highlighted the industries driving the economic future of regional NSW.

The established industries are agribusiness and forestry, resources and mining, tourism and hospitality, tertiary education and skills, health and residential care, freight and logistics, and defence. 

In addition to those seven industries, a further three emerging industries were identified: advanced manufacturing, renewable energy and technology-enabled primary industries. 

The government also plans to use seven key principles to guide decision-making for future regional development. 

Other projects allocated money from the Snowy Hydro Legacy Fund are expected to be announced in the coming weeks and months. 

“The legacy that was left behind [by Snowy Hydro] was one of opportunities, skills, businesses that remain local and of course a strong, multi-cultural community that have underpinned the growth of that region, that of course went on to continue to build the nation’s capital,” Mr Barilaro said. 

“With that in mind, the investment I want to see from Snowy Hydro must be using that legacy, building transformational, generational infrastructure that in years to come people will look back to the Berejiklian government and say ‘That was a government that was visionary, a government of statesmen that were delivering for the generations to come’, and this is a once in a lifetime opportunity.” 

While in the Bathurst region, the Premier and Deputy Premier also announced a new support package to help farmers during the drought.