Huawei has pledged to invest a further £3 billion into the UK, Reuters reports, as the company looks to expand into non-US markets.
The procurement deals, made during Theresa May’s visit to China last week, will include the global risk management and forex trading services Huawei operates in London, as well as patent licensing fees to British tech firms such as ARM.
Huawei is currently the world’s largest telecom equipment manufacturer, and third by sales volume. Following repeated rejections by lawmakers to set up new operations in the US on grounds of national security, Huawei have decided to take their business to other major consumer markets, such as the UK.
Liam Fox, the UK’s International Trade Secretary, thinks the deal will be a boost to the post-Brexit economy. “I’m delighted to welcome their increased commitment to the UK,” he was quoted as saying in a Huawei statement, “with 90% of global growth forecast to come from outside the EU, my international economic department is working to ensure Britain continues to benefit from the the vast opportunities available as we leave the EU.”