Chinese telecoms giant to invest £650m in UK
Chinese telecommunications provider Huawei have confirmed they will invest £650m in the UK, creating 700 new jobs along the way.
Ren Zhengfei, founder and CEO of Huawei, met with David Cameron, and Minister of State for Business, Lord Green, where he outlined the company’s intentions to invest in R&D, local procurement and its “centre of excellence” initiatives.
Huawei has been approached with trepidation in the US and Australia over security concerns, as the firm have been rejected a number of times for the takeover of US companies, and has been barred from bidding on work on Australia’s National Broadband Network.
Despite this, the Prime Minister noted Hauwei’s investment showed once again that the UK is open for business.
Mr 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. The British Government values the important relationship with China, both countries have much to offer each other and the business environment we are creating in the UK allows us to maximise this potential.“
Ren Zhengfei, Huawei Founder and Chief Executive Officer, said: “The UK is one of the most important European markets in which Huawei has invested. Over the past eleven years we have found its Government to be transparent, efficient and practical.
“The UK is an open market, which welcomes overseas investment, I am therefore very pleased today, to be announcing the USD2 billion investment and procurement plan, promoting the development of openness and free trade.
Mr Zhengfei previously fought in the People’s Liberation Army, and has grown Huawei into a hugely successful international business, employing around 800 people in the UK.