Huawei to deposit £1.2 billion in UK economy by 2017

Written on:September 12, 2012
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Huawei

Huawei intends to invest £1.2 billion in the UK indicating the company’s growing strength

Huawei, the powerful Chinese company specialising in the building of telecommunications equipment, intends to spend £1.2 billion ($2 billion) in the UK over the next five years for investment and local acquisition. This indicates that Huawei observes copious growth opportunities in the UK notwithstanding Europe’s wobbly and sluggish economic forecast.

Huawei spokesman Scott Sykes has confessed that Europe’s macroeconomic situation is unsteady. But Huawei has undergone robust growth in Europe. Also, Sykes opined that the uncertain economic condition in Europe doesn’t automatically mean that there will be a reduction in purchase of telecommunication technology. Demand for technology is heightening as it helps people and governments manage their information efficiently.

Huawei has mentioned that £650 million will be released for investment in the UK, which would involve research and development like a global audit facility and a design hub for mobile phones. Another £650 million will be released for obtaining components. The company’s UK staff, which is 800 currently, is likely to increase to over 1500 by 2017, which is Huawei’s plan.

Ren Zhengfei, Huawei’s CEO and founder, has praised the UK market as an open market. Ren has referred to the UK market as a vital European market, in which Huawei has invested.

Ren had a meeting with PM David Cameron, after which the Huawei CEO profusely lauded the UK for its highly proficient workforce and innovative talent. Ren asserted the global respect for the UK because of the UK’s first-rate academic and legal structures. Hence, the UK has been elected by Huawei as the site for Huawei’s hubs of excellence.

Cameron emphasised the significance of UK’s economic relationship with China, uttering that both the nations have a lot of expertise to give each other. The business climate in the UK is being rebuilt to enhance the potential of UK-China economic ties.

Huawei, whose earnings in Europe climbed up 29% in 2011, functions with principal UK telecommunications operators and broadband service providers.

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