THE coming year is going to be key in shaping the future of East Lancashire according, to a business leader.

Mike Damms, chief executive of East Lancashire Chamber of Commerce, said it was vital that projects aimed at kickstarting the regeneration of the area got off the ground in 2008.

Last September regeneration bosses re-branded the area Pennine Lancashire in a bid to change people's perceptions, increase visitor numbers and attract outside investment.

The notion was the brainchild of the late Manchester music mogul Anthony Wilson, who died last year from cancer, and his partner Yvette Livesey, from Oswaldtwistle.

The couple drew up a 10 point action plan to revolutionise the area which included re-opening the Todmorden Curve, allowing direct rail links between Manchester and Burnley.

Other ideas included Weave, a visitor attraction planned for Burnley's Weaver's Triangle, reflecting the area's textile heritage, Goal, a football-themed attraction in Blackburn and an adrenalin sports centre in Rossendale.

The proposals are still mainly on the drawing board as are other schemes, like a proposed international racecourse in Simonstone.

Mr Damms said real progress had to be made in 2008 on the projects to convince people they would be delivered and were not just another false dawn.

He said: "I think if we do not see a racecourse develop in the next year we will not have a racecourse at all.

"We also have the challenges surrounding Pennine Lancashire.

"The next year will be very important for the Pennine Lancashire brand.

"We have had the launch and all the talk about it improving the area now we have to see what the opinion of the outside investors is and whether they are prepared to invest.

"If we get to 2009 and nobody is convinced about Pennine Lancashire it might be time to fold the tents."

The last few months of 2007 became increasingly difficult for many businesses as the squeeze was felt from the global credit crunch which led to the Northern Rock Crisis which led customers withdrawing millions of pounds from savings accounts.

Mr Damms said the area once again faced many of the its traditional challenges such as arresting the skills shortage of workers and young skilled workers moving away particularly from Burnley.

He added rising fuel costs would mean companies would start to explore investing in renewable energy.

Mr Damms said he was undecided what effect Liverpool being the 2008 European City of Culture would have to East Lancashire but a bonus could be businesses looking to the area as an alternative to Manchester.

He said: "I expect it to be a tough year because we are still coming to terms with the loss of manufacturing jobs which are being replaced by jobs in the service sector.

"Merseyside could attract a lot more investment because of the city of culture to the detriment of other areas but it should attract a lot more visitors to Merseyside who may also go elsewhere obviously boosting the economy."