Oxford Economics has released a report today bearing the title “The Economic Impact of Huawei”. The report which we can’t verify if it wasn’t sponsored by Huawei, gives an insight into the brand’s contribution to the European economy in terms of job creation and revenue generation. Huawei is found to have contributed a staggering EUR16.4 billion to Europe’s GDP in 2019 alone.
In addition, the company’s growing presence in Europe led to the creation of 224,300 jobs within the same period. Huawei also generated EUR6.6 billion in tax revenues for European authorities last year.
In addition, the report reveals that Huawei has equally played an active role in R&D across Europe. Huawei is ranked as the world’s fifth-largest R&D investor by the 2019 EU Industrial Investment Scoreboard. Further, the Chinese tech giant is also ranked as the number one brand in terms of patent applications in 2019 by the European Patent Office. “Investment in R&D—like that undertaken by Huawei—is crucial to a general increase in the productive capabilities in the European economy,” said Pete Collings, Director of Europe and Middle East Economic Impact Consulting at Oxford Economics.
Abraham Liu, Huawei’s Chief Representative to the EU Institutions equally disclosed that in 2019, the brand’s operations generated a direct contribution of EUR2.8 billion to European GDP, an average growth of 11.4% annually over the past five years. “In this unconventional year, Huawei has ensured stable, secure network operations to help people work and learn online. Huawei has operated in Europe for 20 years and has worked hard to deeply integrate into local communities to jointly promote industry development. In the future, we will continue to work with our partners to overcome new challenges and create more value,” he added.
The report comes at a time more European countries are starting to bow to pressure from the US authorities to ban Huawei from providing their 5G infrastructure, the latest being Sweden.
You can read the full report from here.
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