The state government will provide up to $1 million for projects within the George Town municipality that supports jobs, skills and training, and business and community growth in the region.
Premier Will Hodgman said the money is part of the government's strategic growth initiative and George Town will be the first beneficiary of the plan.
He said the government would work with local groups to achieve improved economic and social outcomes through the funding package.
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"This involves partnering with the community and learning from them to identify the needs of the community, to remove barriers and ensure the economy works for everyone," Mr Hodgman said.
"It involves working closely with the excellent and engaged local community leaders in George Town, as well as with jobs and training providers, to support initiatives that increase participation in the workforce and the community.
"The focus will be on delivering a more integrated, co-ordinated and place-based government service delivery - addressing the barriers to growth and participation."
Under the initiative, groups will identify what they believe to be priority projects and the government will fund them.
Investing in and building on George Towns social and economic assets will ensure community resilienceKym Goodes
Tasmanian Council of Social Services chief executive Kym Goodes said it was pleasing to see George Town selected as the first strategic growth community.
"Community-led approaches and investment, such as that announced today, recognise the key to improving social and economic outcomes sit in our communities and our people," she said.
"Investing in and building on George Towns social and economic assets will ensure community resilience and begin to unlock the potential and tackle the barriers to better outcomes that currently exist."
Ms Goodes said Tasmanian communities knew what was needed for their areas and the opportunities that existed.
"They have ideas but have not always had the right conditions to dare to aspire," she said.
"Good governments share the dividends of strong economic growth with the people they represent ensuring each one of us benefits from targeted investment that improves the lives of all."