The founder of Chinese telecommunications giant Huawei has reportedly announced plans to invest €1.5 billion in France to develop smartphones, reports ZDNet.
Ren Zhengfei, who met French prime minister Manuel Valls in Paris, said Huawei's plan would be carried out over three years, the online edition of Les Echos business daily reported.
"Our investments will have a significant impact on our global innovation, while boosting France's competitiveness in new technologies and creating jobs for French talent," Ren said, according to the report.
Huawei is looking to increase the number of its European providers, and is already working with some major French groups such as STMicro, which provides components for its smartphones, Les Echos reported.
The announcement comes on the heels of Huawei's opening on September 12 of a new European research and development centre at the Sophia-Antipolis technology park near Nice in southern France.
Read more of this report from ZDNet.