The park will be built on this site on the outskirts of Bangor

Parc Bryn Cegin will receive £3.5m of European Objective One funding and investment from the Welsh Development Agency (WDA) of £4.9m.

The park will have potential for attracting up to 1,600 jobs.

Economic Development Minister Andrew Davies said the park would create a more prosperous local economy.

The funding has been released after Gwynedd Council gave planning permission in February.

This key site will open up huge opportunities for the area Chris Farrow, WDA

Parc Bryn Cegin will provide more than 70,000 sq-m of floorspace for businesses.

Mr Davies said: "This top class facility will attract high quality investment into the area, creating a stronger and more prosperous local economy.

"Not only will this benefit North West Wales, but also Wales as a whole."

Up to further £18m of private sector investment is anticipated in the first phase of the park's development.

WDA executive director for north Wales Chris Farrow said: "This is a strategically important development for north Wales.

"We identified the need for a new large scale business park in the region back in 1999 and, following extensive consultation and planning, we have reached this important stage.