The Welsh Government says there's been 'incredibly positive feedback' from the transport industry on plans for a Metro system.
It would involve a combination of heavy and light rail, and bus transport across South Wales.
Today a publicity campaign's being launched on the Valleys lines.
Chris Sutton, a chartered surveyor with Jones Lang LaSalle, said the metro would provide benefits to Cardiff, but could also transform the economic fortunes of towns like Pontypridd.
"If we can improve the infrastructure to a town like Pontypridd, then we can help regenerate it."
A conference on 'Making the Metro Happen', organised by the Metro Consortium is due to take place next Monday.
The report identifies a number of transport developments, including:
- A Valleys Circle Line to transform the Cardiff city region's transport geography - this could be achieved by linking the Rhymney and Merthyr lines via Nelson to allow Pontypridd to play a more pivotal role in the region's economy
- A Cardiff Crossrail using tram-train technology to fully connect the city centre, the bay and to the wider the region, and to unlock development opportunities - especially housing to the north west of the city, the Enterprise Zone between the bay and city centre and places like St Mellons
- A cross valley Bus Rapid Transit system to address poor connectivity between places like Merthyr and Ebbw Vale
- A major upgrade of connectivity between Newport and Ebbw Vale to help the regeneration of both
The Metro Consortium, which includes Admiral insurance, British Gas and Cardiff Business School, says the transport system is an opportunity to rethink the role of towns and communities across the Valleys.
The report's author, Mark Barry, said the metro would simply connect connect the region, and "give the region the opportunity to be more economically effective."
A metro system for Cardiff and the Valleys would make the region more competitive with other European cities, according to a new report published today.
The Metro Consortium, which is made up of a range of stakeholders from the business community in Wales, commissioned the report which suggests a Valleys Circle Line to transform the city region's transport geography.
It says the metro should be far more than a rail project and that regeneration and economic development should be at its heart if it is to be a catalyst for a modern city region economy.