German company Bosch has decided to expand its investments in Turkey’s northwestern Bursa province, the country’s industry and technology minister announced Tuesday.
The company will begin producing a next-generation high-pressure pump in its Bursa plant after an additional investment of 500 million Turkish liras ($75 million), Mustafa Varank said on Twitter.
A presidential decree on project-based support of Bosch’s latest investment, which is part of its ongoing efforts for the high-pressure fuel injector, was published in the country’s Official Gazette on Monday.
Bosch’s existing investment of 1.24 billion Turkish liras ($180 million) in Bursa will increase to 1.74 billion liras ($255 million) with the number of employees reaching 606, up from 314.
The facility is expected to produce 900,000 next-generation high-pressure pumps per year and cut down the current account deficit by $85 billion.