As a major event, Cooktown 2020 will grow the diverse economy of the region through ongoing development of a series of annual festivals and improved economic opportunities through:
- Creation of a permanent place of pilgrimage for reconciliation complemented by a living reconciliation action strategy;
- Indigenous tourism and the development of Indigenous business and ranger programs;
- Tourism growth more generally, including new accommodation and tourist infrastructure and additional ongoing arts and cultural festivals and events;
- Infrastructure developments including improved harbour access and revitalisation of parks, gardens, street signage;
- Major redevelopment masterplan for Botanic Gardens;
- Potential new Indigenous Cultural Centre; and
- Employment and training opportunities in hospitality and events and community legacy.