Port of Newcastle believes the proposed $1.8 billion container terminal project could play a significant role in resurrecting the Hunter's economy once the COVID pandemic passes.
In the short term, the port is investing $45 million in infrastructure upgrades in an effort to stimulate the local economy during the crisis.
The port is presently lobbying the state government to change its policy regarding the establishment of a container terminal in Newcastle.
A spokesman said the project represented a significant opportunity to "turbo-charge" the Hunter, state and Australian economies.
"In the immediate period, this $1.8 billion privately-funded project would help fire the Australian economy and create employment opportunities to bring it online over coming years," he said.
The project would also provide an international gateway for NSW and help underpin the region's economic prosperity in the longer term.
"As the regional, state and national economies adapt to global trends in energy and trade, so too does the port. The project represents a once-in-a-lifetime opportunity for Australia," the spokesman said.
"Australia's container ports, which were last globally-competitive when Cathy Freeman was winning the 400 metres in Sydney, have since been left behind as the world has moved to bigger, greener and more efficient container ships. The project will help address this issue, ensuring Australia's importers and exporters are more globally-competitive by giving them access to a more efficient supply chain."
The proposed $589 million Liquid Natural Gas project, which been declared a state significant development, was another project with significant potential.
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"The project proponent, EPIK, has estimated that it could create direct onshore investment of up to $250 million at the port.
"This type of development opportunity is consistent with our diversification plans and we are pleased to be supporting EPIK's investigations as it continues to work towards providing reliable, low-cost energy over the long-term," the port spokesman said.
Hunter Business Chamber chief executive Bob Hawes said there was also a strong case for building the Newcastle Airport runway expansion and terminal upgrade
"The upgrade will create jobs in construction and lead to lasting economic uplift for the region - in particular assisting the tourism sector, which has been hard-hit by the pandemic," he said.
"If the Hunter could come out of this crisis with an airport with significantly enhanced capacity for passenger, freight and defence flights, with all the flow-on benefits those activities provide, I think it would be a big win for the region."
There are also a number of major road projects for which funding has been either partly or fully committed.
These include the final stage of the Newcastle Inner City Bypass.
The project was promised in 2014 when the government announced a commitment of $280 million but it has since stalled.
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