A man walking past a Huawei P20 smartphone advertisement is reflected in a glass door in front of a Huawei logo, at a shopping mall in Shanghai, China December 6, 2018.

The German government is considering banning Huawei from providing 5G equipment in the country saying security concerns are of "high relevance."

The German Federal Foreign Office confirmed to CNBC an internal meeting about Huawei was held on Thursday.

"The security of the future 5G network is of high relevance to the Federal Government. The Federal Government will be guided by this in connection with the establishment of a future 5G network," The Federal Ministry of Economic Affairs and Energy told CNBC via email. It added no decisions have been made at this point.

German newspaper Handelsblatt first reported on Thursday that Chancellor Angela Merkel's administration is actively considering ways to exclude Huawei from the country's 5G networks. The decision would mark a shift from Germany, which has been less vocal than its Western allies, including the U.S. and the U.K., about Huawei security concerns.

Huawei is facing mounting fears that its 5G technology will enable Chinese espionage through the super-fast mobile networks. Both Australia and New Zealand have banned the telecommunications giant from supplying 5G equipment in their countries citing security concerns.

Huawei said in a statement Thursday evening, "we also welcome the approach of verification and standardization of technological solutions publicly communicated by the German Federal Government."

"We see no rational reason to exclude Huawei from building the 5G infrastructure in any country in the world," the statement said.