A new peace monument to mark the end of the Troubles is to be constructed at Carrickcarnan, Co Louth.
The Government will hold an international competition to select the design of the monument and €5 million has been allocated to the project.
It is hoped that the monument will act as a symbol of hope and promise for current and future generations like the Spire of Dublin or the Angel of the North in Britain.
Speaking at the proposed site at near the Louth-Armagh border, Minister for Foreign Affairs Dermot Ahern said it is the appropriate moment to mark "the dramatic strides" that have been made in building peace on the island of Ireland.
He said: "Many people from a wide range of backgrounds have contributed to the ending of conflict and the realisation of peace, and it is fitting to honour and recognise that collective achievement through public art in an appropriate setting."
The final design will be decided by an jury with representatives from both North and South.