It comes as a result of 73 acres of land being acquired by Invest Northern Ireland.
The news comes as the business and retail community in Newry have been working together to discuss strategies going forward to assist the border city in continuing to buck the trend during the current economic downturn.
Conor Patterson President of Newry Chamber of Trade and Commerce said: "We welcome wholeheartedly this investment announcement. Newry is a very enterprising city strategically located on the North South economic corridor.
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"Newry has always had an entrepreneurial spirit with some of Northern Ireland's most successful companies originating in the city.
"This new business space will not only encourage inward investment and offer an attractive proposition for companies wishing to locate in Newry but it offers significant opportunities and growth potential for new and existing businesses already established in the city," he said.
"We are very open for business in Newry despite the difficult trading conditions and we pride ourselves on being a region that works together for the greater economic good.
"This is reflected in the fact that many of our local businesses and retailers have been working together on a series of proposals for the forthcoming year to ensure we stay ahead of the competition in terms of product offering, value and sustainable business.
"We look forward to announcing these measures in the coming months as indeed we welcome the commencement of the construction phase of the new development at Carbane," the Chamber President concluded.
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.
See: Border City Wins Major Business Park Boos
(BMcC/GK)
