Devon fish market, tech park and freeport get ?40m
Under the fish market plans, land will be reclaimed to extend the harbour and fish market.
Torbay Council said an extra 7,000 square metres of quayside would be created for extra fishing vessels to off-load simultaneously, along with two new auction halls.
The council said the developments could lead to an increase in landed fish value of up to £20m per year within five years, with about 150 additional year-round jobs.
Torbay Council's Conservative leader, David Thomas, said: “There are significant opportunities in the fishing and hi-tech sectors, and these projects will help drive more high-value jobs, as well bringing in high export potential.”
The council said investment in infrastructure and a new production centre at the Electronics and Photonics Production Park would create an extra 275 jobs.
Luke Pollard, Labour and Co-op MP for Plymouth Sutton and Devonport, said he was "delighted" that the city had been successful in its bid.
He said the focus of the investment in the Plymouth freeport project would be "on waterfront regeneration and job creation".
Freeports offer a number of tax and other incentives to encourage firms to invest in the area.