Switzerland-based technology giant ABB announced one of its most ambitious expansions into China on Saturday. The company plans to build the world's most "advanced, automated, and flexible robotics factory" in the country's financial hub Shanghai, thepaper.cn reported.

The move is part of a strategic cooperation agreement signed between ABB and the Shanghai municipal government, in which the Swiss tech giant will invest $150 million expanding its business in what is the world's largest robotics market.

Covering an area of 60,000 square meters, the new plant will feature cutting-edge technologies such as machine learning, which will enable it to manufacture a wide range of industrial robots to cater to the need of its customers. It will "utilize robots to make robots", according to ABB CEO Ulrich Spiesshofer, who was quoted by thepaper.cn.

The new Shanghai factory is expected to be put into operation by the end of 2020.

ABB is said to have seen its accumulative investment in Shanghai exceed $2.4 billion since it first entered China's market in 1992.

Shanghai has become the first city in the country to become home to the world's four leading industrial robot makers, namely Switzerland's ABB, Germany's KUKA, and Japan's FANUC and YASKAWA.