Chinese telecoms firm Huawei will operate a $2 billion (around £1.25 billion) investment and procurement fund in the UK, its CEO and founder, Ren Zhengfei has announced on Tuesday.
The company will invest $1 billion and spend another $1 billion in procurement in the UK over the next five years, Zhengfei announced during a meeting with British Prime Minister David Cameron. In addition, Huawei has confirmed plans to almost double its workforce in the UK to over 1,500 by 2017.
David Cameron said that the investment announced by Huawei demonstrated that the UK is open for business before adding "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."
The investment comes at a time when Huawei has come out all guns blazing since the beginning of the year. It hit back over US criticism of its Iranian dealings last week, launched one of the best entry level smartphones, the G300 and arguably one of the very best top-end handsets, the Ascend D Quad and its backend equipment is being used to run EE’s 4G network while its devices are amongst the first wave of 4G devices.