There's a call for Government to fast-track 13 major infrastructure projects across the West and Northwest.
The Northern and Western Regional Assembly says the region is now comparable with the least well-off areas in central and southern Europe.
It comes as the region is classed as a "transition region" by the EU - the only area of Ireland to hold the designation.
The NWRA claims that since 2016, The West and North West received less than 6 percent of investment in infrastructure projects worth more than €20m.
And when it comes to projects costing more than €1m, the region has been allocated less than 10 percent.
It's contrasted those figures with the fact the West and Northwest account for close to 20 percent of the population.
Citing new research, the NWRA is urging Government to introduce a policy of "positive discrimination" to rebalance the scales.
A key part of this would be creating a new Ministry for Regional Development, as has been done in many other countries.
It's also demanding immediate investment in 13 specific projects in the West and Northwest, that could cost up to €7bn.
They include the reopening of the Western Rail Corridor from Athenry to Collooney.
The NWRA says when it comes to transport infrastructure, the West and Northwest currently rank in the bottom 20 out of over 230 European regions.
