The government of Spain has approved the aid package of 3.4 billion euro for the country’s aeronautical industry to fight with the ongoing economic break-down.

While talking to reporter, the industry minister said, “The aeronautical is strategic for Span because it develops products with high added value and it creates high-skilled jobs.”

The aid will be handed over to aeronautical industry between 2010-2014 for the development of new products and maintaining demand as well as aid work in Spain on the development of Airbus’ next passengers jet, the mid-sized A350.

According to the official figures, the consolidated earning of Spain’s aeronautical sector during the last year was 5.1 billion euros, an increase of 25% over the previous year.

The industry offers direct employment in Spain to more than 33,000 people.

The central government has increased its efforts to change nation’s growth model after the Spanish economy faced its first recession in 15 years at the end of last year as the global credit crunch worsened a correction that was already in progress in its key construction sector.

According to the Paris-based CEPII institute, Spain has just three percent of ‘High-Quality’ European exports as compared to 12% for France and almost a third for Germany.