MADRID, May 24 (Xinhua) -- Huawei Spain and the University Politecnica de Madrid (UPM) on Thursday signed an agreement for the creation of HUAWEI-UPM5G Chair in Business at the educational institution.

The Chair is the first ever created around 5G technology in Spain and aims to promote closer ties between the university and the Chinese telecommunications giant, which has long shown its commitment towards finding and training the best talent in Spain.

It is hoped the Chair will help generate and spread knowledge in the area of 5G technology, as well as in the analysis of its impact in the development of the digital economy.

Tony Jin Yong, the CEO of Huawei Spain, said at the event that 2018 saw the celebration of five years collaboration between both institutions.

He added that the creation of the Chair showed Huawei's commitment towards developing vanguard technology for the digital transformation as well as the company's desire to lead 5G development worldwide.

UPM Rector Guillermo Cisneros said the agreement was an excellent opportunity for both institutions to work together and to allow the students to participate in the coming changes.