Irish Prime Minister, Brian Cowen

Taoiseach (Irish prime minister) Brian Cowen outlined plans on Tuesday to create an estimated 300,000 new jobs in the country in the next five years.

Cowen’s plan titled, 'Trading and Investing in a Smart Economy', is to create jobs in the fields of tourism, manufacturing and trading.

He also plans to boost exports from Irish-owned companies.

The new jobs plan comes on the back of the news that nearly 200 jobs are to go at an electronics manufacturing firm based in Citywest Business Park in Dublin.

The American-based company manufactures electronic components used in the fire and security systems business.

Operations will be relocated to the company’s sister operations in the U.S. and Mexico.

"This proposal comes as a result of the decision to simplify the organization's structure and take advantage of existing manufacturing capacity to improve productivity and remain competitive in the global marketplace," the company said in a statement.

John Brocke, the company's director of operations said: "Our leadership team constantly reviews the company's operations, organization and products to ensure we remain competitive while meeting customer needs.

"The proposed actions are necessary to realign our business for today's market realities."

However, former Labour Party leader Pat Rabbitte called the job losses a "massive blow to the local economy".

"This area has lost many jobs in recent years in the construction, retail and manufacturing sectors, and these job losses are the last thing that local communities need,” said Rabbitte.

"Already the unemployment rate in Tallaght is at crisis level, and joblessness among young people is spiraling out of control.

"Losses of this scale in this sector would indicate that the government strategy of developing and supporting employment is now in disarray."

On a positive front, a new Tesco store opened in Co. Westmeath creating 80 jobs this week.

 The company plans to open more Tesco’s around the country with the potential to create 748 new jobs.

And an electronics firm VisionID in Clonmel, Co Tipperary, boosted its workforce from 16 to 20 on Monday.