In its statement said on Wednesday, Huawei Technologies Co said it would be pouring USD600 million to improve mobile connections for consumers in the next four years.

Huawei's current rotating chief executive Eric Xu, said on the company's site, "While we continue to evolve our existing 4G network capabilities, we plan to invest a minimum of $600 million over the next five years on research and innovation for 5G mobile network technologies to ensure that we are meeting consumers' demands for increasingly faster and better connections."

Xu clarified in his statement that the amount would not go towards investments in 5G products.

5G , or 5th generation wireless networks, is a term used by research and development to describe the next phase in wireless communication. It is believed that 5G networks would be much more faster than current available wireless networks.

According to Huawei, it foresaw the commercial deployment of 5G networks by 2020. Huawei promised that the new wireless networks could deliver data speed 100 times faster than current 4G networks.