A £19 million fish processing plant is to be built on a disused brownfield site.
Argyll and Bute Council has granted permission to Ardyne Estates to build the facility at Ardyne Point, which is expected to support 150 jobs, a further 180 indirectly and add over £7 million to the local economy.
A masterplan identifying potential future developments in the area has also been approved.
David Kinniburgh, chairman of the council's planning committee, said: "It will be a great boost to the economy of South Cowal in particular and Argyll and Bute in general.
"A particularly important feature is the masterplan which identifies potential future developments in the wider Ardyne Point area.
''The plan is flexible but includes areas for tourism, business, leisure, housing, marine and aquaculture developments.
"Masterplans are key documents which describe and map an overall development concept, providing a clear and consistent framework which ensures future projects complement each other.
"This site can now be developed in a sensible and sustainable way, benefiting both developers and the wider community.
''The council's planning service is focused on making things happen, supporting sustainable economic growth and regeneration.''
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