Huawei to spend $2 bn on cybersecurity over next 5 years

Beijing:Telecom giant Huawei is set to invest $2 billion in cybersecurity over the next five years as part of its efforts to ease security concerns, the state-owned China Daily reported on Wednesday.

Through the investment, the company will hire more people and upgrade its laboratories, after several governments expressed doubt over the safety of its products, Efe news reported citing the newspaper.

"We will open a security transparency centre in Brussels in the first quarter of 2019 to assure clients that our products are reliable," said Huawei's rotating chairman Hu Houkun.

The announcement came weeks after the detention of Huawei's Chief Financial Officer Meng Wanzhou in Canada for alleged violation of economic sanctions imposed by the US against Iran.

Hu said the firm was waiting for a "just conclusion of Meng's case", according to the daily.