US-based medical equipment manufacturing company DexCom has announced plans to construct a manufacturing facility in Ireland.

The firm intends to invest approximately €300m ($330.8m) over the next five years to build this facility, Reuters reported.

The plant, the company’s first European factory, is expected to create around 1,000 jobs.

Following the announcements of employment layoffs at other foreign-owned enterprises, this proposal brings some positive news for the Irish economy.

Dexcom, which produces glucose monitoring devices for people with diabetes, announced that it will be applying for planning permission to build on land in Athenry, which is owned by the Irish government’s investment agency (IDA).

Ireland Prime Minister Leo Varadar was quoted as saying by Reuters: “This will be one of the biggest single private sector investments ever in the West of Ireland.”

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Ireland depends extensively on multinational corporations, which collectively employ over 275,000 people or one in nine workers and contribute significantly to the income and corporate tax revenues of the nation.

Many of the largest drug manufacturers in the world have facilities in Ireland. Multinational pharmaceutical and biotechnology corporation Pfizer intends to invest over €1.2bn ($1.26bn) to increase manufacturing at its Dublin factory.