The Federal Government has already promised $180 million to the project.

The total investment will mean about half of the important bush highway will be sealed, meaning better access for residents in communities like Nhulunbuy, Gapuwiyak and Bulman.

Central Arnhem Road, or the Bulman Road, has long been known as one of Australia's must-do 4WD tracks although it cuts through Indigenous lands.

The 650km road, which begins 50km from Katherine, is often impassible during the wet season.

Chief Minister Michael Gunner is visiting Nhulunbuy today to announce major plans for the economic future of Northeast Arnhem Land and the Gove Peninsula.

The Paspalis Innovation Investment Fund has announced they will make an investment into the Arnhem Space Centre, which will be launching NASA rockets in 2020.

This investment will be key to getting the project off the ground and creating long-term jobs in the Nhulunbuy, Yirrkala and Gunyangara communities.

PIIF's investment will enable Equatorial Launch Australia to undertake planning for NASA's launches from the site in 2020.

Mr Gunner said most of the Territory Government's investment in the road upgrade would be delivered by dry season 2021, with an early works package to be delivered in the dry season 2020.

Sealing the road, and making it more accessible for more of the year will mean more long-term investment into the region and create jobs in industries Traditional Owners want to pursue including tourism, space and primary industries like forestry, fisheries and aquaculture going forward.

Mr Gunner said: "The Arnhem Space Centre is a sign of things to come for the future of the Nhulunbuy and the North East Arnhem economy, and PIIF's investment into the project is a show of confidence in the Territory's economic future.

"The $225 million investment into the Central Arnhem Road will enable businesses in the region to create jobs in tourism, resources and space for years to come."

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