COPENHAGEN - China's high-tech powerhouse Huawei on Monday announced an investment of $500 million to develop Denmark's next generation mobile network over next six years.

"Our ambition is to build one of the best and the most modern networks in the world, enabling over 99 percent of the Danish population to enjoy the benefits of high-speed internet access," said Victor Wang, president of Huawei Europe.

Since 2007, Huawei has steadily expanded its business in Denmark in cooperation with local operators, Wang said at a ceremony in Copenhagen to celebrate the fifth-anniversary of the establishment of Huawei Denmark.

In September, Huawei sealed a milestone six-year contract with Denmark's biggest telecom service operator TDC to build and manage a new nationwide mobile network, he said, adding Huawei Denmark is investing in a Nordic Network Operation Center in Copenhagen.

Denmark, a country with a high degree of digitalization and a strong industry chain, offers exciting opportunities for win-win cooperation between Chinese and Danish enterprises, Wang said.

Growth and innovation topped the agenda of Monday's Huawei Denmark celebration themed "Embrace The Future", which brought together high-profile officials, businessmen, experts and media representatives.

In the last five years, Huawei has managed to establish itself as a key player in growth and innovation in Europe, which has become Huawei's second key market and the center of its future investment strategy.

Currently, Huawei spends significantly in its European operations, employs over 7,500 Europeans and another 6,000 people indirectly. It also plans to expand research and innovation efforts across Europe, while leading the European research of 4G and 5G technologies.

Huawei is working to set up the next generation network that is 100 times faster than today's 4G network, and in the coming five years it will invest $600 million in developing the 5G technology.