A 22-acre site at Annahagh in Monaghan has been earmarked for enterprise development.
Senator Robbie Gallagher says that if the project secures finance under the Share Island Fund, five hubs will be developed on a cross border basis at sites in Monaghan town, Cavan town, Omagh, Portadown and Cookstown.
He said the project seeks to invest in strategic infrastructure that will support, promote and facilitate enterprise development through SME innovation clusters.
Senator Gallagher also highlighted how the effort would increase cross-border network collaboration; foster integrated all-island supply chains; and deliver economic advantage for this rural region.
He added that the need for the project was "clearly evident" and it would be a "game-changer" in supporting jobs into the future.
"We are hoping here in Monaghan and Cavan that a development plan led by the local authorities across the mid Ulster region will happen," he added.
"All will have to put forward a site for development on a cross-border basis."