A new Economic White Paper sets out a framework for developing and promoting the strengths of different areas across the county.
The west is already known for its creativity and could be identified as a creative and cultural zone under the plans, aimed at improving "social and economic wellbeing", The Cornishman has learnt.
The strategy, which is still at a very early stage, is designed to maximise the opportunities provided by European Convergence funding and other sources of revenue.
A focus on creativity in the west would build on the work being done by the council's creative services team to strengthen institutions such as Porthmeor Studios, the Leach Pottery and Tate St Ives.
It would also look to attract more creative industries to the area in fields such as design and new media.
Julie Seyler, who is leading the council's bid to become a European Region of Culture, says a significant proportion of the 15,000 people employed in the creative industries in Cornwall are based in the west.
She said: "Part of that is the historic legacy of St Ives and Newlyn which has helped to make it feel like a very creative area. The rationale is that if that is where the hub of our creativity is anyway, it would make sense to build on that. If we are trying to celebrate Cornwall as a region of culture, the west is a powerhouse."
Cornwall Council said it was examining the possibilities of area development zones but had taken no decision as yet on the focus for different areas.
Several workshops and exhibitions have been held in Penzance, aimed at giving people the opportunity to say where they believe Convergence funding should be focused in Penwith. The consultations, organised by AECOM, have included suggestions that St John's Hall could be used as a creative hub.
Kevin Brownridge, senior partner with Newlyn-based Perfect Moment, a business consultancy specialising in the creative industries, has taken part in these discussions.
He said: "We wrote a paper on the importance of the creative industries for Penwith District Council in 2003 and it is good to see progress is continuing to be made towards recognising the importance of the creative industries to the economy of west Cornwall."
Ms Seyler said cultural venues, including the likes of the Acorn and the Poly in Falmouth, which have both faced closure this year, were important in attracting creative businesses but funding was increasingly difficult.
"Creative businesses do not want to be in places that don't have things going on culturally," she said. "Despite the difficult financial climate we would want to find ways to support the cultural infrastructure."
A spokesman for Cornwall Council said: "The Economic White Paper sets out the priorities for Cornwall and chief among these is the importance of maximising the opportunities offered by European Convergence funding.
"We are keenly aware of the importance of 'place' in terms of economic regeneration and development and we will be looking at potential opportunities for financing locally driven investment and growth.
"We are examining the possibilities of area development zones but this is at very early stages and no decisions have been taken."
article copyright THE CORNISHMAN