It is hoped that a new pharmaceutical facility in Co Roscommon could create up to 300 jobs in the future.
A total of 100 construction jobs will be created in the shorter term at the 'PriMe 6' development, just outside Athlone.
The development could see seven different drug companies sharing a state-of-the-art 'clean room', while also having their own facilities.
Roscommon TD and Communications Minister Denis Naughten said it is a unique prospect for any drug company looking to expand into the EU.
"Not just nationally, I think, internationally there has never been a design like this offered to anyone in Europe, and I think it's a very attractive investment opportunity to bring employment into the Lakelands region, into Co Roscommon, from either the Unites States, or the UK in particular."