German multinational engineering and technology giant, Bosch, has decided to increase its investments in northwestern Turkey's Bursa, Industry and Technology Minister Mustafa Varank announced Tuesday.

The company will begin producing a next-generation high-pressure pump at its Bursa plant after an additional investment of TL 500 million ($75 million), Varank said on Twitter.

A presidential decree on project-based support for 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 TL 1.24 billion in Bursa will increase to TL 1.74 billion with the number of employees reaching 606 from 314, while the number of its qualified personnel will increase from 14 to 100.

The facility is expected to produce 900,000 next-generation high-pressure pumps annually and cut down the current account deficit by $85 billion.

The maximum qualified personnel support for the investment has been increased from TL 40 million from TL 20 million, while the support of up to TL 100 million provided for 50% of the energy consumption expenditures has been raised to TL 140 million.

The Bosch Group first started its operations in Turkey with a branch office established in 1910 and its first factory was established in Bursa in 1972. It is one of the leading providers of technology and services sectors.

Bosch Turkey consists of five different companies that operate in the areas of mobility solutions, energy and building technology, industrial technology and consumer goods.