Plans are under way to regenerate the Hillend and Donibristle industrial estates.
Fife Council has commissioned consultants to come up with an action plan for the area.
The move has been welcomed by both the community council and local MP for the Bay, Gordon Brown.
Colin McPhail, chair of the community council, said: “For a number of years, the Community Council has exerted pressure on them to come up with this Action Plan to safeguard the presence of the main employers on the estates look at redevelopment and deal with the derelict and vacant properties. It is important that the estates remain an employment base for the town.
“The Community Council has taken part in a consultation with the consultants and in a workshop that involved various businesses from the estates.
“Besides future planning, the consultants will also be looking to attract and improve business opportunities for the estates.”
Gordon Brown MP said it was time to do more to attract new industry. He said: “Once great employers of labour, the estates have lost a large amount of capacity in the last two years. It is right the Council are considering action.
“I hope that we can make sure people know of the incentives and help available from Fife Council especially for all those interesting in starting up in the area.”