Huawei to invest $3.1 billion in Italy


LONDON: China’s tech giant Huawei Technologies announced on Monday it would invest $3.1 billion in Italy over the next three years.

Speaking at an event in Milan, Huawei chief executive of the Italian unit, Thomas Miao said Huawei would invest $3.1 billion and add 1,000 jobs in the country over the next three years.

Miao said trade tensions between the US and China were not having an impact on Huawei’s business in Italy.

Rome passed a decree last week strengthening its powers in infrastructure projects that involve the rollout of the country’s 5G telecoms network.

Italy’s ruling coalition endorsed China’s “Belt and Road” infrastructure plan in March, becoming the first major Western power to back the initiative to help revive the struggling Italian economy.

“Over the next three years, we will invest $1.9 billion in Italy for the acquisition of supplies and $1.2 billion in operations and marketing, with $52 million in research and development,” Miao added.