SEOUL (Reuters) - Hynix Semiconductor, the world's No.2 memory chip maker, said on Wednesday it would spend 637 billion won ($567.7 million) by March to expand and upgrade its existing plant and conduct research and development.

The investment was aimed at coping with market demand and strengthening cost competitiveness, Hynix said in a regulatory filing.

(Reporting by Hyunjoo Jin; Editing by Jonathan Hopfner)