The new School of Biological Sciences, which is being built at Chlorine Gardens area, is expected to generate more than £5.5 billion in sales every year.
The jobs include staff from the main contractor O'Hare and McGovern and a range of other firms.
The school will offer state-of-the art teaching and research facilities for its 750 students and 170 staff.
The building, which is to officially open in 2018, will provide the facilities to help grow the life sciences sector, in areas such as agriculture/food science, food safety, disease/infection biology, diagnostics, waste management, ecosystems and the environment.
Speaking ahead of the unveiling of its Foundation Stone, Queen's President and Vice-Chancellor, Professor Patrick Johnston, said: "Queen's new School of Biological Sciences will be a power-house for these sectors, both of which have been identified as cornerstones of Northern Ireland's future prosperity. From food safety to disease and infection control, the work housed in our new School will not only be of global significance and importance, it will also impact positively on everyone's lives here in Northern Ireland."
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Minister for the Economy, Simon Hamilton, said: "The investment by the Department for the Economy helps to support Queens University in providing modern up to date facilities and will enhance the wider infrastructure within higher education. This development is a key part of the University’s long-term vision to create state-of-the-art facilities and will support research and education into the next decade and beyond. Promoting the growth of our knowledge economy is a key aim of my Department and it is vital we create an environment for students to gain confidence, develop their skills and reach their full potential. It is through nurturing creativity and innovation we are able to support future economic development and employment opportunities."
O'Hare & McGovern Managing Director Eamon O'Hare said: "Our vision for the delivery of this project is to create a catalyst for social, economic and environmental change, providing sustainable employment for local businesses, students, apprentices and long term unemployed."
(CD)
