BEIJING – Chinese technology company Huawei will invest $100 billion in its network systems, the state agency Xinhua reported on Friday.
“We plan to invest greatly on research and development in the next five years to build the world’s best network,” Huawei founder and president Ren Zhengfei was quoted as saying.
Huawei’s strategy has various goals, including achieving the highest cybersecurity and protecting privacy according to the General Data Protection Regulation, an EU standard on data protection.
The founder of the company said that the company is trying to be “as aware as possible” about cybersecurity because it is a key factor for the development of “the future of cloud computing.”
In recent times, the technology company has been involved in several controversies about the security of its devices and about alleged espionage for the Chinese Government.
Huawei is also at the center of the latest diplomatic crisis between Beijing and Washington DC after Ren’s daughter and company financial director, Meng Wanzhou, was arrested in Canada at the request of the US, which accuses her of fraud in violating economic sanctions imposed on Iran.