LONDON -- Chinese company Huawei Monday signed a three-year Memorandum of Understanding (MoU) with UK Trade and Investment (UKTI), which aims to enhance the two sides' cooperation on business development.

UKTI is the British government department responsible for encouraging investment in the country by overseas businesses.

The agreement, signed at Huawei's UK and Ireland Partner Convention held in London, focuses on identifying the best UK technology partners for Huawei's global supply chain and support Huawei's investment and business development in the UK.

As a Fortune Global 500 company, Huawei is a leading provider of global information and communications technology (ICT) solutions. The Chinese company has played an active part in rolling out high-speed broadband across the UK, and developing 4G and 5G networks.

"By working closely with over 200 UK suppliers and partners, we aim to foster a healthy and robust ICT ecosystem, which helps to build a Better Connected UK. Our new agreement with UKTI will help continue this development alongside key partners in the UK, an important market for us," said Chen Lifang, Huawei's group board director.

In 2012, Huawei announced its intention to invest $2 billion in the UK over the five years from 2013 to 2017. Huawei said it is on track to meet this spending commitment, making it one of China's largest inward investors in the UK.

The company has opened a new R&D center in Bristol, and investing in joint project work with leading British universities, such as the University of Surrey's 5G Innovation Center.

"Huawei has operated in the UK for fifteen years and in that time we have grown to employ 1,100 people across 15 UK locations," said Chen.