The Saudi Arabian government has been approached about funding the entire cost of the €4.7 billion project which aims to create 4,500 pharmaceutical research jobs in County Kerry.

The promoters of this ambitious project, an Irish pharmaceutical company, Pharmadel, say up to 400 jobs will be created in advance of opening and over 4,500 when centre is up and running.

Mr Doyle said the pharmaceutical industry is re-inventing itself by contracting out the big burden that developing new drugs means in pharmaceutical companies overheads. Being Ireland already the home for the most important life scieces, ICT, logistics and services providers companies, an opportunity to carry out this research and development of new drugs for the pharmaceutical industry existed.

The centre would operate as a research and development hub carrying out drug research on contract for individual companies and countries.

If everything goes according to the plan, the centre plans to open in February 2013.