The plan's proposals for cross-Border spending have been welcomed by the DUP and the Northern office of the Confederation of British Industry (CBI).
DUP deputy leader Peter Robinson broadly greeted the investment plans, but added: "The proposals in the NDP have, of course, to be discussed and agreed by any Northern Ireland executive, and we will ensure that any contribution would be judged by the benefit that it can bring to the province."
He said his party might oppose some proposals. "We have always insisted that co-operation between Northern Ireland and the Republic must be practically and not politically motivated, and the Irish Government's plans announced today are no different.
"It is also essential that any projects are agreed jointly by the administrations in Northern Ireland and the Republic of Ireland, and their ongoing management must be done jointly by the respective agencies on each side of the Border as is the case with the current construction of the Newry to Dundalk dual carriageway."
The CBI's Northern Ireland director Nigel Smyth also welcomed the plan.
"The business community across Northern Ireland will be encouraged by the announcement by the Irish Government and their commitment to enhance North-South collaboration and investment in infrastructure, science and technology and skills - these our key priorities for the Northern Ireland economy."
He added that projects, funding and other arrangements now should be agreed. "We hope this can be undertaken by an executive-Assembly, and these Irish Government proposals can complement an 'economic package' currently being negotiated by our local politicians."
The SDLP claimed the plan was "undoing the damage of partition". Enterprise spokesman Seán Farren said the plan marked a turning point.
"Budgeted plans are being launched to improve the life of everyone on this island. We are seeing the positive, practical unity programme championed by the SDLP in action."
He added: "The main point of the programme will not be the amount of money to be invested across the Border, but the opportunities that infrastructural investment will make possible in the future.
"The point is not that the Irish Government invests in things that are good for us, but that their investment will also be good for everyone in the South."