Industry Minister Tony Clement announced a $300-million investment in a massive aerospace industry project on Monday, saying it will create thousands of jobs in the Greater Toronto Area.

The money will go to Pratt and Whitney Canada as part of a $1-billion engine research and development project, Clement said.

"The government's $300-million repayable investment is expected to create and maintain an average of 700 highly skilled jobs during the project work phase and more than 2,000 jobs during the 15-year benefits phase," he said during the announcement at the plant.

The project's research and development work will take place at Pratt and Whitney's plants in Mississauga, and Longueuil, Que. -- both areas where the Conservatives are striving to make inroads.

Clement said the project will focus on the creation of lighter aircraft engines with more power, better fuel consumption and improved durability.

Clement said Canada's aerospace industry is the world's fifth largest, and employs over 80,000 people, most of them in highly skilled, high-paying jobs.

"Across our nation there are over 400 aerospace companies and last year those companies generated more than $22 billion in earnings with almost 80 per cent of those coming from exports," Clement said.

John Saabas, president of Pratt and Whitney Canada, said the investment will help the company stay on the cutting edge of the highly competitive industry.

"We are currently recruiting more than 200 engineers to support our development programs, which will bring our engineering workforce to more than 1,500 in Canada," he said in a release.

"This investment, and the support of the Government of Canada, allows us to maintain and create high-quality jobs while positioning Pratt and Whitney Canada for long-term growth."

CTV's Ottawa Bureau Chief Robert Fife said the timing of the announcement is strategic on the part of the Conservatives.

"None of this surprises me at all. They are laying the table so to speak in case they are defeated on the budget in February or March," he said.

Fife added that past Liberal governments have also poured cash into Canada's valuable aerospace industry.