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June 28, 2017

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China's Huawei agrees to US$2 billion, 5-year British deals

BEIJING--Chinese information technology and telecommunications giant Huawei on Wednesday said it had agreed deals worth US$2 billion for investment and spending in Britain over the next five years.

Huawei agreed to invest US$1 billion and spend another US$1 billion for procurements in Britain, the company quoted chief executive Ren Zhengfei as saying on Tuesday during a visit to London.

Ren told British Prime Minister David Cameron that Huawei was committed to long-term investment in research and development, local procurement and building centers of excellence in Britain.

"The UK is one of the most important European markets in which Huawei has invested," Ren said.

"The UK is a center of innovation, has a highly skilled workforce, and is respected internationally for the quality of its legal and educational systems," he said.

"It is for these reasons we have selected the UK as the location for a number of our centers of excellence," Ren said.

The company quoted Cameron as saying Huawei's investment "demonstrates once again that the UK is open for business."

It said Huawei employed more than 800 people in Britain and planned to expand its workforce to some 1,500 by 2017.

It planned to invest in "a number of global centers of technical and financial excellence" in Britain and was working with British firms to provide "ultra-fast, fixed and mobile broadband" networks.

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