Chinese telecommunications giant Huawei will invest $3.1 billion in its business in Italy over the next three years, according to the chief executive of the company,

The media on Monday reported the chief executive of the company’s unit in Italy, Thomas Miao as saying this at an event in Milan.

U.S. media reported over the weekend that Huawei was planning large-scale dismissals in its U.S. division.

There are a total of about 850 employees working at three of Huawei’s observatories in the states of Washington, California, and Texas.

The exact number of cuts is still unknown, but according to sources, hundreds of people may lose their jobs.

The U.S. and several other countries have accused Huawei of spying on behalf of the Chinese government through its devices.

U.S. allies, including Australia, Japan, and New Zealand, also banned the company from participating in government contracts due to security concerns.

However, Huawei has repeatedly refuted all the accusations.

In May, the U.S. Commerce Department blacklisted Huawei and 68 of its non-U.S. affiliates, banning them from importing U.S. hardware amid a long-ongoing trade dispute between the two countries.

At a news conference at the G20 summit in Osaka in late June, President Donald Trump, however, said that the U.S. would allow its companies to sell their equipment to Huawei if this did not threaten U.S. national security.

On July 12, Chairman of Huawei’s Board of Directors Liang Hua reaffirmed the company’s readiness to conclude a “no-spy, no-backdoor” agreement with countries to guarantee that its equipment would not be used for any espionage activities. (Sputnik/NAN)