German auto-parts maker Bosch's Korean subsidiary Bosch Korea is planning to invest KRW62bn ($60.6m) to expand its domestic operations.
The amount will be reportedly invested in the company's Daejeon plant for manufacturing direct diesel injection and gasoline direct injection products.
The move follows the company's plans to maintain localization efforts and contribute to Korea's long-term development.
With the investment, Bosch plans to strengthen its operations in the country as well as strive to achieve double-digit growth in 2014.
Bosch Korea CEO Hermann Kaess was quoted as saying that the new investments will bolster core operations and allow it to expand into new fields.
Kaess also noted that 2014 promises robust growth in the automobile industrial sector that is expected to help the company grow as a whole.
The investment is expected to help the company in addressing the growing demand for fuel efficient cars, while the company expects the sales of diesel-driven cars to increase.
