Shenzhen-based Huawei Technologies, China’s largest smartphone manufacturer and the world’s third largest smartphone supplier, has pressed on with its GBP 1.3 billion investment in the UK despite uncertainties pertinent to the recent Brexit referendum.
Sajid Javid, UK’s Secretary of State for Business, Innovation and Skills, corroborated, saying at a meeting “Investors have reaffirmed their commitment to the UK. For example, just today Huawei confirmed to the government that its planned 1.3 billion pound ($1.73 billion) investment in the UK will go ahead as planned”.
The abovementioned investment in UK will be stretched out in five years, made up of a GBP 650 million in direct investment and another GBP 650 million in procurement.
According to Huawei, the deal has been struck back in September 2012 after its founder Ren Zhengfei met with David Cameron, and that the company had no intentions to back down despite Brexit. For over ten years, Huawei has served as a strategic telecom equipment provider to UK based Vodafone and BT.