The construction industry will also benefit from a major jobs boost when the park is built beside Newry's Carnbane Industrial Estate where Invest NI has acquired 73 acres of land once construction begins in late September.
Making the announcement Mrs Foster said the investment would provide "essential business infrastructure".
"This significant investment by Invest NI will 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 set up and growth of sustainable businesses.
-- Advertisement --
"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," she said.
Invest NI is finalising the detailed design plans and has launched the procurement phase of the project. It is anticipated that the first phase will be available for companies from early 2013.
Environment Minister Edwin Poots said: "A project of this size requires the completion of extensive technical, environmental, planning and legal processes before land can be acquired and developed.
"I welcome that this stage has been successfully and expeditiously realised and that work can now begin on developing this substantial business park.
"My Department's aim is to create an environment that supports a vibrant and dynamic economy and I am confident that the flexible property solutions that will be provided by Invest NI in this new development will help to underpin future investment opportunities in the Newry area," he said.
(BMcC/GK)
