ICT solutions provider, Huawei, has announced that it has made a $US1 billion investment and will spend another $US1 bn in procurement in the UK over the next five years.
The commitment was made public follow company founder and CEO, Ren Zhenghei’s meeting with UK Prime Minister, David Cameron, and Minister of State for Business, Lord Green, where he outlined Huawei’s long-term commitment to the UK through further investment in research and development, procurement, and centre of excellence initiatives.
Huawei will also invest in a number of global centres of technical and financial excellence in the UK.
“The UK is one of the most important European markets in which Huawei has invested,” Zhengfei said. “The UK is an open market, which welcomes overseas investment. I am therefore very please to be announcing the $US2 bn investment and procurement plan, promoting the development of openness and free trade.”
As a result of the UK’s open economy and foreign investment initiatives, Huawei currently employs over 800 people in the sovereignty, and is set to increase its workforce to over 1500 by 2017.
“The investment announced by Huawei today demonstrates once again that the UK is open for business,” Cameron said. “I welcome this and I want to see more companies invest in the UK as we work to achieve sustainable and balanced growth within our economy.”
Huawei's announcement comes only six months following its ban from the NBN, which it labelled a “setback.”
When the ban was made public in March, Huawei’s corporate affairs director, Jeremy Mitchell, told Sky News that “it’s a new era for everyone, and we’re confident that we can get over this hurdle.”