Panasonic Holdings will boost its investment in China significantly, bucking the growing trend of foreign companies reducing their exposure to the country as geopolitical tensions rise and the domestic economy slows.

The company will invest more than ¥50 billion ($373 million) in China through the end of 2024 to build and expand factories making home appliances for the local market, the Nikkei newspaper reported Friday, without citing any sources. The company will allow key decisions to be made locally and develop products tailored for the Chinese market in a bid to boost sales, the Nikkei said.

A Panasonic spokeswoman confirmed that the company will invest more in China, adding that the Nikkei story was based on an interview. However, she couldn’t confirm the amount of the investment, saying it was based on the Nikkei’s own reporting.