Huawei invests $2 billion in the UK
Chinese telecommunications giant Huawei will invest the equivalent of $2 billion in the UK. During the annual meeting of the World Economic Forum in the Chinese city of Tianjin, the world's second largest networking supplier announced long-term plans to expand its activities as well as its research and development.
According to the announcement, the company will invest $1 billion (approximately £650 million) directly, while planning to procure components to the value of another $1 billion in the UK market over the next five years. The number of Huawei employees in the UK is planned to rise from 800 today to 1,500 by 2017. The company said that the multi-billion dollar investment was the reason for a meeting between prime minister David Cameron and Huawei founder Ren Zhengfei in London.