A series of grim predictions about the economic future of the midlands has spurred six chambers of commerce to come up with a plan to attract investment to the region.
The plan proposes that Longford, Westmeath, Roscommon and Offaly be turned into an "empowerment and enterprise zone".
The private sector would be encouraged to provide accommodation for high-tech industries in exchange for capital allowances and tax benefits.
The chambers of commerce drew up the plan after CSO statistics indicated that the midlands would be the only region to experience depopulation in the next 20 years.
Other statistics showed that the region had the lowest percentage of jobs gain between 1995 and 1999 and would have the highest dependency ratio of any region by 2020.
Mr Healy Hynes, president of Athlone Chamber of Commerce said the survival of the midlands was crucial to the entire State, not just those in the region.
The continuing gridlock of Dublin meant that other viable centres had to be established outside the capital. Athlone was ideally placed for such development, he said.
"Rents are lower, the cost of living is lower. A plan like this would improve the quality of life for everyone."
If the private sector was encouraged to put the infrastructure in place, the midlands would become a major attraction for industries seeking a location.
"It would make the job of the IDA and enterprise companies much easier," he said.
"And with the private sector providing the facilities, the cost wouldn't be coming from the public purse."
The plan is aimed at attracting high value business, such as electronic, chemical, pharmaceutical and healthcare industries.
The chambers of commerce in Longford, Athlone, Roscommon,Mullingar, Tullamore and Portlaoise are now calling on the incoming government to support this plan.
This week's news of 150 job losses at the Ericsson plants in Athlone and Dublin was further proof that more energy needed to be put encouraging a strong industrial base in the midlands, Mr Hynes said.
Other recent job losses in the midlands includes William Hill in Athlone, Lowe Alpine in Tullamore, Avon in Portarlington and Tarkett in Mullingar.