A new £38m business park is to be built in Newry, Enterprise Minister Arlene Foster and Environment Minister Edwin Poots announced on Friday.
The park will be built beside the town's Carnbane Industrial Estate where Invest NI has acquired 73 acres of land.
Construction is due to begin in late September.
Making the announcement Mrs Foster said the investment would provide "essential business infrastructure".
"The provision of industrial land is an integral part of support for economic development in that it ensures that local and foreign investors have access to the high-quality serviced sites that they need to support the setup and growth of sustainable businesses," she said.
"The facilities offered by this new business park will help Newry continue to develop as an attractive and successful business hub. In addition, it will provide a significant boost to the construction sector and associated supply chain as the necessary infrastructure works commence."
Invest NI is finalising its plans for the park and it is anticipated that the first phase will be available for companies from early 2013.