The massive boost is being delivered through a masterplan drawn up by the county council and the Welsh Development Agency.
Its aim is to create almost 5,000 jobs and safeguard another 2,000, along with building new homes, businesses, commercial and leisure projects.
Key towns including Carmarthen, Llanelli and Ammanford are in line for improvements to stimulate more business investment and tourism.
Cash for the five year programme has been identified through Objective One, the Local Regeneration Fund, the Wales Tourist Board, Heritage Lottery Fund and the private sector.
Carmarthenshire CC is committing£29m and the WDA a substantial sum to fund the projects.
Detailed plans have been drawn up with both rural and urban areas set to benefit.
Talks are already taking place with some developers and specific sites have been identified.
Officers from both the county council and the WDA have been working on the masterplan for over a year, and will continue to work together to deliver the projects.
Council chief executive Mark James said: 'Our people in Carmarthenshire are some of the worst paid in Europe. We need to act now in order to reverse the trend and that requires a huge investment in the economy by the public sector to kickstart the process and give Carmarthenshire the chance to have a viable and self-sustaining economy.
'Our young people often leave to seek opportunities that lie elsewhere - we must provide those quality employment and lifestyle choices here in Carmarthenshire if we are to change that pattern.'
Regeneration executive board member Huw John said: 'This is a tremendous opportunity which will reap huge rewards for Carmarthenshire. It is a unique partnership which aims to regenerate the whole county, provide more and better jobs and facilities, particularly for our young people, and revitalise towns and communities.
'In five years time, I am confident Carmarthenshire will be a thriving county, the envy of most, with a sound economy, good quality jobs, successful businesses and a range of high standard leisure facilities.
'It will be the place everyone wants to be and reverse our fortunes from being among the poorest in Europe to one of the most successful.'