Biscuit manufacturer Burton's says it will invest £4.6m at its factory near Cwmbran.
The Llantarnam site, which makes brands such as Maryland Cookies, Wagon Wheels and some Cadbury's products, employs 800 people.
The money will be used to install 'cutting edge' control room technology to help monitor the baking process.
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The peer will attack Prime Minister Theresa May for failing to represent the 48% who voted in favour of Remain.
Paul Flynn, MP for Newport West, will open the debate in Westminster Hall.
It will represent another boost to the region, after the announcement Deca Sealand was chosen for a repair hub for defence aircraft.