The 20-year initiative outlines how the region will achieve 'strong, sustainable and balanced growth' and create over 18,500 local jobs.
A number of developments are included in the Investment Framework, such as London Luton Airport's £110 million redevelopment which is set to increase annual capacity by 50%, from 12 to 18 million by 2020.
The 24-hour light railway system will link between Luton Airport Parkway station and the airport terminal.
Other projects include multi-million pound mixed-use developments at Napier Gateway (J2 Global), Butterfield Business Park (Henry Boot Developments), High Town, Sloane International luxury apartments and Power Court (British Land).
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2020 Developments also presented plans for a new football stadium and associated schemes to regenerate the town, while Capital & Regional also showcased their development proposals.
Deputy Council Leader Sian Timoney said: "The ongoing decrease in funding for local authorities across the country is impacting on local services and residents' lives, which is why we have stepped forward to take the lead on encouraging growth and creating quality jobs for local people.
"The time is absolutely right for Luton following significant investment in supporting infrastructure at Junction 10a, the Luton Dunstable Busway and the Luton Town Centre Transport Scheme.
"We have partnered with a number of respected international developers and investors in ambitious and state-of-the-art development plans with more than £1.5 billion investment potential."
(Pictured: Design for Luton Airport's light rail link project)
(LM)
