Huawei boosted Europe’s economy by €12.8 billion

Huawei boosted Europe's economy by €12.8 billion through its economic activity in 2018, according to a study by Oxford Economics.

Huawei supported a total of 169,700 European jobs in 2018 either directly or through the supply chain, said a press release.

Huawei's direct contribution to European GDP of €2.5 billion in 2018 is more than double what it was back in 2014, representing annual growth of 19 percent a year in real terms.

Over the same period, the total employment supported by Huawei rose by an average of 13 percent a year, and the total tax revenue it generated increased by 17 percent a year.

"The new European Commission wants to deliver digital sovereignty for the EU by establishing a strong technological ecosystem across the continent. This report clearly shows Huawei to be among the top companies in Europe offering innovative products and services that will help the EU accomplish its targets," Abraham Liu, Huawei's Chief Representative to the EU Institutions said.

Huawei's Director of the Board and President of the Institute of Strategic Research, William Xu presented the keynote address at the event.

Xu said, "Europe has long been one of the world's foremost innovation hubs. To continue holding its own in an increasingly competitive global market, we believe stakeholders across the region need to unite to establish some key initiatives."