Huawei to invest $2 billion in Britain

  • Chinese group Huawei Technologies is to invest $2 billion in Britain, resulting in the creation of some 700 new jobs over the next five years.

    Huawei founder and chief executive Ren Zhengfei announced the plans on Tuesday after he met with British Prime Minister David Cameron.

    "The UK is an open market, which welcomes overseas investment. I am, therefore, very pleased today to be announcing the $2 billion investment and procurement plan, promoting the development of openness and free trade," Ren said.

    Huawei’s expansion plans have been met with skepticism by Australia and the United States due to concerns over cyber security.

    The world's second-largest telecoms equipment maker was founded by Ren in 1987 after he was made redundant by China's military.

    His background has been seen as a hindrance to the firm’s global progress. However, Ren has repeatedly denied claims he has ties with the People's Liberation Army.