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A new joint Israeli-Palestinian industrial park will be built next year in the northern Gilboa region, Army Radio reported on Monday.

The enterprise, which will cost $200 million and occupy some 350 acres of land, was approved on Monday by a joint Israeli-American committee, and will be built under the auspices of the American ambassador to Israel James Cunningham, the U.S. special envoy to the Mideast General James L. Jones and the U.S. Security Coordinator for Israel and the Palestinian Authority Keith Dayton.

The industrial park is said to offer 10,000 jobs for Palestinians and 2,000 for Israelis.

On his visit to Israel in May, U.S. President George Bush said Washington would invest $48 million in joint Israeli-Palestinian projects. The European Union, German government and other foreign bodies have shown interest in sponsoring the project.