China's Huawei set to announce $2.37b UK investment
(REUTERS) - China's Huawei Technologies, the world's second-biggest telecommunications equipment maker, is set to announce a 1.2 billion pound (S$2.37 billion) investment in Britain in a bid to accelerate growth of its business there, Sky News reported.
Huawei, whose expansion plans have been met with some suspicion in the United States and Australia over concerns about cyber security, aims to create at least 700 jobs over the next five years while directly investing 600 million pounds, it said.
A further 600 million pounds in investment would be generated through procurement activity.
Huawei was not immediately available to comment. The United Kingdom (UK) government declined to comment.