The current operator of the Greater Western franchise has said it would upgrade rail links in the region – if lobbying from the Westcountry results in the Government increasing the franchise specifications.

A regional task force has now been set up with the aim of securing around £10 million in government investment for a raft of service improvements ranging from more three-hour services between Plymouth and London, the provision of WiFi on services, increased capacity and an upgrade to rolling stock.

A report by consultants Steer Davis Gleave found that such an investment would generate an extra £94 million for the local economy.

The deadline for pre-qualification questionnaires to be submitted by those interested in bidding for the Greater Western franchise passed yesterday.

The franchise became available after First Great Western announced last year that it was exercising a break-clause in April 2013 after seven years of a 10-year deal, saving it £826 million in repayments to Government.

It has already confirmed that it will bid for the new 15-year franchise, with National Express, Stagecoach, Abellio and DB also thought to be contenders.

Companies approved by the Government as bidders for the franchise will be announced in April, with a franchise specification – which sets out minimum service levels – announced in June and final bids due to be submitted in August. The winner will be announced in December, with the franchise starting in April 2013.

David Parlby, chief executive of Plymouth Chamber of Commerce, said the provision of a service from London to Plymouth that arrived before 10.30am was a key aim for the business community, along with the provision of WiFi and more high speed trains.

"We want much-improved mobile phone and WiFi connectivity. It's a nightmare at the moment trying to make calls between Plymouth and Exeter and it's difficult to access emails," he said.

Clive Perkin, assistant director for transport at Plymouth City Council, said: "It's about improved connectivity, with the frequency and speed of journeys increased. Businesses have told us that being able to do business in London in a day is critical and three hours is about the limit to do this."

The task force, which includes MPs, Plymouth City Council, Plymouth University and Plymouth Chamber of Commerce, will now continue its lobbying efforts.

Julian Crow, First Great Western regional manager, praised the way that different organisations had come together to form the task force.

He said that, if improvements were incorporated into the franchise specifications and the company won the franchise, it "would be delighted" to run more three-hour services between Plymouth and London.

"It's all down to what's in the specification," he said. "We're seeing very strong growth in rail services across the region and clearly the specification for the new franchise will be a careful balancing act between the needs of communities across the region."