Here’s what you need to know
Huawei Technologies has announced a major new commitment to the UK with a promise of procurement over the next five years of £3billion. On 1st February, Madam Sun Yafang, Chairwoman of Huawei met with the UK Prime Minister Theresa May in Beijing, and reaffirmed the company’s long-term commitment to the UK. Huawei, which is a key investor in Europe, has announced that the company will procure a total of £3billion in the UK over the next five years, helping UK companies to increase exports to China.
This new commitment builds on the pledge made by Huawei in 2012 to invest and procure £1.3billion in the UK over the five years from 2013-17. Huawei announced today that this target was significantly exceeded, and Huawei has invested and procured £2billion in that period. The company now employs more than 1,500 people in the UK in 15 offices, including its head office in Green Park, Reading.
Prime Minister, Theresa May, said: “Thanks to the drive and innovation of UK business, backed by this Government, trade between the UK and China is already at record levels. This visit is an opportunity to further showcase the best of British and boost jobs and prosperity throughout the UK.”
International Trade Secretary, Dr Liam Fox, said: “Huawei’s £3 billion announcement is yet another significant vote of confidence in our world-leading tech industry and I’m delighted to welcome their increased commitment to the UK. With 90 per cent of global growth forecast to come from outside the EU, my international economic department is working to ensure Britain continues to benefit from the vast opportunities available as we leave the EU.”