The 395 hectare precinct, which went on public exhibition last week, is seen as the key to driving investment and growth in the area in coming decades.

It also provides the opportunity for large sections of PFAS contaminated land to be used for light industrial purposes.

Ejection seat company Martin-Baker moved to Williamtown in 2017 and has grown incrementally in recent years. Its most recent expansion has seen it provide final assembly of upgrade kits for the ejector seats in the RAAF Super Hornet, Growler and F-35 aircraft.

Managing director Andrew Eden said the Special Activation Precinct would help the company prepare for its long-term future in the region and the next stage of growth.

"The next stage for our company here in Australia is moving beyond final assembly of upgrade components to indigenous manufacture," he said.

"To do this and maintain the maintenance, repair and overhaul capability we have already established, we need to expand again beyond the facilities we currently occupy to accommodate the production line and the personnel we need to employ."

The company's director of business development Andrew Martin said it had been unable to find available space or suitable development opportunities to support its expansion aspirations without significant upheaval from its current operation.

"The Special Activation Precinct represents an opportunity to establish a long term, permanent home for our family-owned company in Australia and the headquarters for our operations in the Asia Pacific Region for the life of the F-35 aircraft and beyond," he said.

"This will allow us to fulfil our aspirations close to our customer base, commence manufacturing operations in Australia for the first time and expand into a purpose-built facility."

Special Activation Precincts are also being created at Parkes, Wagga Wagga, Moree and the Snowy Mountains from the $4.2 billion Snowy Hydro legacy fund.

The state government estimates the Williamtown Special Activation Precinct has the potential to create 3700 new jobs over the next 40 years in "defence, aerospace, industry, advanced manufacturing, commercial, freight and logistics".

"Creating a well-connected, vibrant employment precinct providing an array of commercial, cultural, social activities and infrastructure which people will want to work, visit and play that is activated throughout the day and evening," the draft master plan states.

Precinct 52 managing director James Garvey said the rezoning of 14 hectares of land that the company controls would create a platform for world class assembly, workshop, commercial and light industrial space, warehouse, logistics and distribution operations.

"The Williamtown Aerospace Centre is continuing to prove itself as the premier Australian destination for Aerospace and Defence Technology companies seeking to expand into Australia and as a gateway to the Asian markets," he said.

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The draft master plan will remain on public exhibition until June 8.

"Feedback received during the exhibition period will helps us better understand the views of the community to inform the final master plan," the project website says.

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