Huawei says it plans to invest USD 3.1 billion in Italy

Chinese tech giant Huawei said Monday it plans to invest USD 3.1 billion (2.75 billion euros) in Italy over three years, as the firm looks to strengthen its foothold in Europe after the US labelled it a major security risk.

Huawei -- a leader in next-generation 5G wireless technology -- is subject to US sanctions over concerns about its ties to the government in Beijing and Washington has urged allies to shun the firm.

Announcing the investment plan Huawei's managing director for Italy Thomas Miao said trade tensions between the US and China were not having an impact on Huawei's business in Italy for now.

"The (Italian) government has an open and transparent policy that will not be affected by the problems between the United States and China," he told a press conference in Milan.

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