The world's largest shipbuilder, Daewoo Shipbuilding and Marine Engineering, is reportedly looking to create as many as 500 jobs to establish its North American manufacture centre for wind turbine components in Nova Scotia.

Reports are that the Daewoo Group will spend $20.4 million and buy 51 percent shares due to which the state will be able to cover $19.6 million of the bill and will also be able to buy the remaining stakes. The state will also contribute to the set-up's financial support.

"This is a historic day for Nova Scotia as we welcome another leading international manufacturer to our business community. Nova Scotia's partnership with DSME reinforces the province's position as a gateway to lucrative North American markets", said Nova Scotia's Premier, Darrell Dexter.

Nova Scotia has been looking gain additional foreign investment from up-and-coming markets, more-so from Asia.

The state has been seeking east to announce new markets for its products like lobsters and seafood.

The National Government will spend $10 million in the plant via $5 million loan and a $5 million donation for land development.