MILAN (Reuters) – China’s Huawei Technologies will invest $3.1 billion (£2.4 billion) in Italy over the next three years, the chief executive of the telecoms giant’s Italian unit, Thomas Miao, said on Monday.

Speaking at an event in Milan, Miao said Huawei would add 1,000 jobs in the country over the next 3 years.

Italy recently beefed up its “golden power” over the private sector partly due to concerns over the potential involvement of Huawei and fellow Chinese company ZTE Corp <000063.SZ> in the development of 5G networks, a government source said on Friday.

(Reporting by Elvira Pollina, writing by Giulio Piovaccari)