A multinational fire protection and security company is to establish a business services centre in Cork where it expects to create more than 500 jobs.
Tyco hopes to hire the new employees over the next three years.
The company closed two manufacturing facilities in Shannon and Cork in 2007 and 2008 with the loss of almost 500 jobs citing a loss of competitiveness.
It moved that manufacturing work to low-cost economies with whom Ireland stood little chance of competing.
The Department of Enterprise and the IDA has pursued Tyco in areas where Ireland does hold a competitive advantage: high-end jobs with a skilled and available workforce.
Minister for Jobs, Enterprise and Innovation Richard Bruton said Tyco's announcement is a major boost for the city and for Ireland.
He said Foreign Direct Investment is a key part of the Government's Action Plan for Jobs and over 13,000 jobs have been added in multinational companies in Ireland over the past two years.
Tyco Business System's Vice President Phil McVey said Ireland was chosen because of its knowledge base as well as the "availability of a strong technical workforce".
The company hopes to fill the jobs over the next three years and recruitment will begin immediately.
Ryanair to create 50 digital jobs
Ryanair is to create over 50 IT and digital positions.
The airline is looking for web developers, designers, analysts, software engineers, SEO and content, CRM and email specialists.
The new roles will be for work on Ryanair's new website, to create a new digital marketing platform and to design a new mobile phone app.
The positions will be on offer at an open day at its Dublin headquarters on Saturday 8 February.
Participants should pre-register on the Ryanair website.
Minister announces new training programme
Elsewhere, Minister for Social Protection Joan Burton has said a new training options programme announced today for people with disabilities will provide a substantial new talent pool to industry.
Speaking at the Longford Development Initiative Centre, Ms Burton said €7m would be spent on the programme over the next two years in the border, midlands and western region, providing training places in Longford, Letterkenny and Dundalk.
The new scheme will provide training with FETAC accreditation and a pool of mentors for disability champions will provide a positive impact to all those taking part.
Responding to calls from ICTU General Secretary David Begg for greater initiatives for inclusive job creation, Ms Burton said there are a lot of young people who may have a specific disability and the Government had to be creative to ensure that everybody had an opportunity to participate in study.