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Huawei unveils major Italy investment worth US$3.1 billion

BEIJING (CHINA DAILY/ASIA NEWS NETWORK) - Chinese telecom major Huawei Technologies Co plans to invest US$3.1 billion (S$4.2 billion) in Italy over the next three years, making its latest move to leverage European technologies for future growth amid challenges from the US government, analysts said on Monday (July 22).

Mr Thomas Miao, Huawei's Italian unit chief executive, said the investment plan would create 1,000 new direct jobs from 2019 to 2021, Italian news agency Ansa reported.

Specifically, the plan would consist of US$1.2 billion invested in operations and marketing, and US$1.9 billion in direct supplies of Huawei's products, while US$52 million would be added for research and development activities, Ansa added.

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