Monmouthshire could be the host of the 2016 National Eisteddfod if a bid submitted by Monmouthshire County Council (MCC) is successful.
Cabinet met on Wednesday 6th November to make an 'in principle' decision to host the 2016 Eisteddfod in Monmouthshire.
The National Eisteddfod celebrates and embraces Welsh culture and language bringing visitors from across Wales to its chosen location.
The Eisteddfod was held in Monmouthshire 100 years ago in 1913, when the event took place in Abergavenny.
According to a report published by MCC the Eisteddfod welcomes up to 160,000 visitors annually and it is estimated that the total spend for day and evening visitors on local goods and services, comes to £4,302,000 for the week.
Cabinet leader Peter Fox said: "Monmouthshire is the gateway to Wales and I believe the Eisteddfod will be a great thing for this part of the country. The spend that comes with something like this in the area is huge.
"If the bid is successful then there is a requirement for communities in Monmouthshire to get animated and motivated to make sure the Eisteddfod is a success."
Labour leader, Cllr Dimitri Batrouni, said: "The Eisteddfod is an important cultural event for Wales, which aims to bring communities together to celebrate and learn this culture through literature, music, dance and drama.
"As such, the Eisteddfod would be most welcome in Monmouthshire as it strengthens the traditions Monmouthshire already holds dear: culture and strong communities.
"It will also provide an opportunity for Monmouthshire to showcase the many amazing things to see and do in this county to people from other parts of Wales, helping our tourism industry and local businesses."
Councillor Phil Hobson said: "In the discussions we've had, everyone accepts that Monmouthshire is different and will hold the Eisteddfod in a different way.
"The host town in Monmouthshire will play a key part in the Eisteddfod.
"Every school will be integrated in some way, and we will make sure all local businesses are involved. Hopefully the Eisteddfod will change the perception of Monmouthshire nationally and internationally, and expose who we are as a county. There has been some hostility towards the Welsh language recently and hopefully the Eisteddfod will change that.
"The benefits of hosting the Eisteddfod are immense. It will give a multi-million pound boost to our economy; it will put us on both the Welsh and international stage for the duration of the festival, it will bring Welsh and international movers and shakers to our county and we will be left with a cultural, economic and infrastructure legacy that will serve us for generations to come."
Councillors were presented with financial figures for the Eisteddfod. The MCC report said: "The National Eisteddfod will secure independent funding for the operation of the festival and part of this will be a requirement that the communities within the host county contribute £330,000 towards these costs.
"The Eisteddfod will put in place a network to support the community with their fundraising activities, however they have indicated that they will be expecting MCC to underwrite the community sum.
"Monmouthshire will be required to find a suitable host site(s), secure any planning or other statutory consents required and undertake any works on council land to render the site suitable for the event.
"Monmouthshire will be expected to fund these costs, which are currently estimated to be in the region of £180,000. This is likely to increase as site constraints for the chosen site are clarified."
A further report will be presented to seek the approval of council to host the 2016 Eisteddfod, which will confirm the preferred location and clarify the full costs of hosting the event.