Harvard University has teamed up with NUI Maynooth and University of Ulster to establish a major new international centre for local and regional development in Athlone, Co Westmeath.
It's hoped the centre will promote greater co-operation between the public and private sectors on both sides of the Border as well as increase trade with Eastern European countries.
According to the Clonmacnoise foundation, a not-for-profit organisation aimed at forging closer ties between communities throughout Ireland and internationally, the centre will boost both jobs and investment in Athlone.
But a spokesman for the organisation said it was "impossible at this stage to put a figure" on the level of investment or the number of jobs expected to flow from the centre.
Professor Alastair Adair, Head of the School of the Built Environment at the University of Ulster and a key driver of the project said the centre would have two principle concerns: generating research on urban regeneration and offering "executive type" short courses on local and regional development.
He said the idea for the centre originated from Harvard University's concern over the declining numbers of European delegates at its local and regional development courses.
"Harvard were keen to establish a European outpost and Ireland was the right choice because of the traditional ties between our two countries and the common language," he said.
However, he denied the centre was primarily an opportunity for the university to export its brand throughout Europe and claimed Harvard would enhance the professional and governmental skills base in regional and local development through its knowledge of "best international practice".
Clonmacnoise said the proposal will be thrashed out in more detail over a one-day Workshop on regional and local development issues on Thursday, May 27th , in the Radisson SAS Hotel, Athlone.