Huawei also plans to increase the company's workforce from the 800 it currently employs in the UK, to 1,500 over the same period.

Currently based in Basingstoke, Huawei will take up residence at the 140,000 sq ft building in Reading as of April 2013.

Alok Sharma, MP for Reading West, also welcomed the news.

He said: "I am very pleased that Huawei has chosen to base its headquarters in my constituency in Reading and I look forward to welcoming them to the area.

"Huawei is providing important investment to the UK and creating hundreds of new jobs for Reading and Green Park, demonstrating once again that Reading is an economic powerhouse in the south-east."