ZTE invests over US$ 3 billion on 5G product base

ZTE has invested 20 billion yuan (approx US$ 3.16 billion) on a 5G product base in Nanjing, in east China’s Jiangsu Province.

The telecom vendor said that the center will focus on developing 5G products and wireless devices.

“5G technology will be hundreds times faster 4G,” said Pang Shengqing, executive vice president of ZTE, “It is the future of the mobile communication industry.”

ZTE has over 20 partners working on 5G technology across the world, Pang added.

“The project is expected to generate production value of 40 billion yuan after it being put into operation in 2022,” said Pang.

ZTE is trying to build strong repo in 5G space amid tough competition from leading vendors such as Huawei, Qualcomm, Ericsson, and Nokia. It unveiled the world’s first 5G smartphone in Barcelona last year.

The China Academy of Information and Communications Technology has predicted that 5G will drive 6.3 trillion yuan of economic output in China by 2030.

Leave a Reply

Your email address will not be published. Required fields are marked *