After winning the $580 million contract of manufacturing plane parts for the Australian air force, engineering firm Quickstep saw it fit to move out of Perth and occupy the site vacated by Boeing in Sydney when the aircraft maker moved to Victoria.

New South Wales Premier Kristina Keneally said on Wednesday that Quickstep's decisions will surely deliver considerable benefits to the economy of the state and sufficient compensate for the loss when Boeing abandoned its place at Bankstown Airport.

Ms Keneally said that the company's multi-million-dollar deal with the US-based Northrop Grumman will fuel considerable economic activities in west Sydney for at least 20 years and will directly employ up to 400 workers, more than enough to recompense for the 350 jobs axed when Boeing transferred its operations to Melbourne.

The Premier told reporters that Quickstep's actions effectively enabled a quick recovery tool for the Boeing loss, even surpassing that letdown, as she asserted that "we're bringing here more jobs, we're bringing a long-term future, and we're bringing the prospect of more contracts coming to the Bankstown facility."

Ms Keneally expressed optimism that the Quickstep initiative would lead to positive snowballing effects for the NSW economy as she stressed that "once you start to attract that sort of investment, it provides a honeypot effect, that is, others seek to come here because of the positive advantages that you gain."

On his part, Quickstep chief executive Philippe Odouard said that his company's move of relocating to Sydney was actually grabbing the opportunity that presented itself when Boeing decided to exit the city.

Odouard said that the company will surely benefit on the available skilled workforce left behind by Boeing as he noted that "the aerospace industry is not extremely widespread in Australia," but the aircraft manufacturer's moving out gave Quickstep the luxury of utilising high-trained and skilled workers.

The air force deal was partly realised through financial assistance provided by both the NSW and federal government, with Quickstep securing some $10 million from federal authorities that would initially fund the aerospace company's task of producing parts for the estimated 3000 planes that would see assembly on Bankstown.